The San Francisco fintech is hoping to obtain an Industrial Loan Company (ILC) licence from the Federal Deposit Insurance Corporation (FDIC).
This is the same licence US digital payments firm Square landed just shy of a year ago. Square had also applied for the licence in the Beehive State.
Silicon Valley Bank’s former chief digital officer Bruce Wallace will head up Brex Bank as its CEO. Whilst Jean Perschon, UBS’s former chief financial officer (CFO) for its US arm, will now serve as Brex Bank’s CFO.
