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.”
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