Brex Launches Brex Cash to Replace Bank Accounts

One of Silicon Valley’s hottest startups is now launching an alternative bank account; Brex Cash is designed to replace traditional bank accounts and will be integrated with the Brex corporate credit card; the company built their banking infrastructure from scratch to ensure no third party fees and they have partnered with Radius Bank to allow for customers to send payments quickly; the account will be protected by the Securities Investor Protection Corporation (SIPC) and Brex will invest the money through a money market mutual fund of U.S. treasury bonds; “Our idea is that new businesses —the new Y Combinator companies —we hope a big percent of them never open a bank account,” Brex co-founder and co-chief executive officer Henrique Dubugras tells TechCrunch. Source.