Member Exclusive

Brex’s proposed bank is a setback for Revolut’s team building in the U.S.

  • Brex has applied for an industrial bank license.
  • Management conflicts of interest may impact Revolut's U.S. efforts.
close

Email a Friend

Brex’s proposed bank is a setback for Revolut’s team building in the U.S.

Brex wants to be a bank.

What’s happening: The corporate card issuer submitted an application with the FDIC last week to establish an industrial bank in Utah. The proposed Brex Bank would offer credit solutions and deposit products to Brex’s SMB clients.

The interesting bit: As part of the application, Brex put forward Bruce Wallace as its proposed CEO. Wallace previously served as chief operating officer, chief digital officer, and head of global services at Silicon Valley Bank.

“Brex and Brex Bank will work in tandem to help SMBs grow to realize their full potential,” said Wallace in the firm’s press release announcing its application. “We thank the FDIC and UDFI for their efforts and guidance in this process and look forward to the next steps.”

 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Brex’s proposed bank is a setback for Revolut’s team building in the U.S.”

Member Exclusive, Online Lenders

Lending Briefing: Debit cards are taking over

  • This year, debit cards have emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.
  • Younger generations are behind this switch – even though they're also getting credit cards, Millennials and Gen Zers prefer to pay with debit.
Iulia Ciutina | September 28, 2022
Member Exclusive

Why are regulators cracking down on bank-fintech partnerships?

  • A higher level of regulatory scrutiny is on the way for fintechs and the bank partners on which they rely.
  • Increased regulatory scrutiny could result in a safer and more resilient market to the benefit of consumers, says Brian Graham, partner at Klaros Group.
Lindi Miti | September 27, 2022
Innovation, Member Exclusive

Slack and Salesforce launch industry-specific digital solutions – what’s in it for FIs?

  • Slack and Salesforce have built solutions to help their customers make the most of their digital tools.
  • How will these solutions benefit financial firms?
Sara Khairi | September 26, 2022
Data Snacks, Member Exclusive

Data Snack: On messaging and personalization in the financial industry

  • Times have changed and consumers expect more from their FIs. That includes messaging.
  • But when it comes to what messages to send, there’s no one-size-fits-all. That’s where personalization comes in.
Rivka Abramson | September 23, 2022
Member Exclusive, Modern Marketing

Marketing Briefing: The future of NFTs in loyalty programs

  • Starbucks has been getting a lot of attention for its moves surrounding NFTs.
  • Will NFTs find their home in loyalty programs?
Rivka Abramson | September 22, 2022
More Articles