FinTech Brex has applied for a bank charter

FinTech Brex has applied for a bank charter

Brex, which makes financial management software for businesses, has filed to open an industrial bank in Utah. Brex’s bank, if approved, would be based in Draper, Utah, and would be called Brex Bank, 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.

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