Brex, which makes financial management software for businesses, announced it has filed to open an industrial bank in Utah, according to a press release. Industrial banks are distinct from other forms of banks in the U.S. in that they don’t need to be owned by bank holding companies.
“As proposed, Brex Bank will expand upon Brex’s existing suite of financial products and business software, offering credit solutions and FDIC insured deposit products to [small- to medium-sized businesses (SMBs)],” the release stated.
https://www.pymnts.com/news/banking/2021/fintech-brex-applies-bank-charter