Radius Bank Partners with Brex to Offer First-of-its-kind Corporate Cash Account that Earns Rewards
Brex Cash allows companies to store their capital and earn points on any type of payment
BOSTON, Oct. 3, 2019 /PRNewswire-PRWeb/ -- Radius Bank, a forward-thinking digital bank, today announced its partnership with Brex, the financial technology that helps ambitious companies scale. Together, they have created Brex Cash, the first corporate cash management account that earns a company rewards on more than just credit card payments.
Brex Cash offers rewards to users on every payment type, including ACH, wire transfer or their Brex credit card. Through this account, users earn a 1.6% yield or more on their balance, while getting the full liquidity of a cash account. Additionally, Brex Cash eliminates fees associated with wire transfers, ACH payments and payroll runs and does not charge interest fees for credit card payments.
"Typically, a business would need to open a savings or money market account to earn interest, apply for a credit card with rewards, as well as maintain an operating account to conduct day-to-day business in order to receive all of the benefits offered by Brex Cash, but this product empowers businesses to manage one account that handles it all," said Mike Butler, President and CEO of Radius Bank. "We're proud to play a role in the simplification of business banking, and this product we've created with Brex allows us to take that to a whole new level."
Radius has provided its innovative banking as a service (BaaS) platform to Brex through this partnership, allowing them to quickly and easily access the Bank's features and offer clients access to the checking product that fuels the Brex Cash account.
"Radius Bank's commitment to innovation in the business banking sector is unparalleled. We knew there was an opportunity to collaborate and bring something truly unique to market for both startups and established businesses alike," said Henrique Dubugras, Co-Founder and Co-CEO of Brex. "Brex Cash is breaking the mold for corporate cash accounts, and we're excited to embark on this new direction of empowering businesses alongside Radius."
Brex Cash will be available to existing Brex customers on a rolling basis with public availability coming soon. For more information about Brex Cash, visit http://www.brex.com/cash.
For more information about Radius Bank and its strategic partnerships, visit http://www.radiusbank.com/company/partnerships/.
About Radius Bank
With assets of approximately $1.4 billion, Radius Bank is a forward-thinking digital bank committed to providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. Radius provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations. The Bank's award-winning digital banking platform allows consumer clients to bank from anywhere with a computer or mobile device and provides convenient features such as check deposit, bill pay, card management, and a personal financial management dashboard. Business clients enjoy a wide array of award-winning deposit products, advanced treasury management services, and loan and payment solutions. In addition, Radius' suite of open APIs deliver a robust banking-as-a-service (BaaS) platform for fintechs to quickly access core banking features and build best-in-class financial solutions. Radius specializes in partnering with forward-thinking fintechs to provide white-label deposit products, cards, digital onboarding, and account management. Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank's website at radiusbank.com, or follow the Bank on Twitter, LinkedIn, Facebook, and Instagram.
About Brex
Brex is transforming B2B payments by creating corporate cards, rewards, and travel programs that are tailored to specific industries. In 2018 Brex launched the first corporate card and rewards program specifically designed for startups. By rebuilding the credit card tech stack from the ground up, Brex is able to reimagine every aspect of corporate cards, including underwriting, transparency, and approvals, to create a radically better experience for customers. Brex is backed by Y Combinator Continuity, Peter Thiel, Max Levchin, and more, and has raised $315M in equity and $100M in debt capital. The company's headquarters are in San Francisco with an additional office in the Salt Lake Valley.
SOURCE Radius Bank
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