Brex
Two Brazilian teens who sold a payments company before 20 rebuilt corporate cards around startup underwriting.
Corporate cards + banking for startups.
- Who holds it
- A sponsor bank behind the brand — not the app you signed up with — Partner banks.
- The ledger
- Split between a program manager and the sponsor bank — the modular setup that broke in Synapse.
- If it fails
- Any claim runs through the sponsor bank, and only works if the two ledgers reconcile.
Derived from Brex’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | traditional · SMB & startups |
| HQ | San Francisco, US |
| Founded | 2017 |
| Custody | Custodial |
| Regulation type | Partner-bank model |
| License detail | Partner banks |
| Card | MC · Corporate credit |
| Cashback | Points |
| Yield | Yield on idle cash |
| Stablecoins | No |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Henrique Dubugras, Pedro Franceschi |
| Funding | ~$1.5B raised |
| FX markup | Up to 3% FX markup on transactions needing conversion; local-currency cards avoid it (2026-07) · source ↗ |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @brexHQ ↗
Common questions about Brex
What is Brex?
Brex is a fiat neobank built for SMB & startups, headquartered in San Francisco, US and founded in 2017. Your money is held custodially, so Brex or its partner bank holds the balance and you hold a claim on it. It operates on a partner-bank model (Partner banks).
Does Brex have a card, and where can you use it?
It issues a Mastercard corporate credit card. It is available in North America.
Does Brex require KYC?
Yes. Brex requires identity verification (KYC) to open an account, as a partner-bank model.
What does Brex cost?
From the verified fields: FX abroad — Up to 3% FX markup on transactions needing conversion; local-currency cards avoid it (as of 2026-07); cashback Points; yield Yield on idle cash. Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Brex before relying on them.
Early investors
Head-to-head
Brex vs Mercury · Brex vs Ramp · Brex vs Novo · Brex vs Bluevine · Brex vs Relay
Peers
Chime · Wise · Varo · Current · SoFi · Ally Bank
Brex appears in
Neobanks running on someone else’s banking license (81) · Neobanks available in North America (126) · Neobanks for small businesses and startups (33) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.