To support the health of the startup ecosystem, Brex today announced it has moved $200M of its own corporate funds from big banks to Silicon Valley Bank. With the formation of a newly created, full-service FDIC-operated ‘bridge bank’, Silicon Valley Bridge Bank, N.A (SVBB NA), the bank is open for business and new and existing depositors will have full access to their money.
“Silicon Valley Bank understands the unique needs and nuances of the startup community and has played an important role in driving innovation for the last 40 years,” said Brex Co-Founder and Co-CEO Henrique Dubugras. “With the unlimited FDIC insurance backstop and the criticality of the Bank to the technology ecosystem, we believe it’s safe and wise to deposit part of our funds to SVB as part of a diversification strategy.”
“SVB played an important role in getting Brex off the ground, providing our first credit facility in the early days — which we’re so grateful for. We believe it would be hard for any other bank to support startups and the technology industry better than SVB,” continued Dubugras.