Brex, a San Francisco digital banking platform company, has submitted an application with the Federal Deposit Insurance Corp. (FDIC) and the Utah Department of Financial Institutions (UDFI) to establish Brex Bank, an industrial bank to be located in Draper. The proposed Brex Bank will be a wholly owned subsidiary of Brex.
According to Brex officials, Brex Bank will be an extension of the company’s suite of financial services offerings that includes operating systems, payment programs, corporate credit cards and cash management. The bank will offer credit and deposit products to small and medium-sized businesses (SMBs).
Brex has hired Bruce Wallace as the proposed CEO of Brex Bank. Wallace previously served as chief operations officer, chief digital officer and head of global services of Silicon Valley Bank. With more than 30 years of experience in the financial services industry, Wallace has worked closely with the SMB community. Jean Perschon, the former CFO for UBS Bank USA with more than 25 years of banking experience, will be chief financial officer of Brex Bank.
“Brex and Brex Bank will work in tandem to help SMBs grow to realize their full potential,” said Wallace.