You can now replace your bank account with Brex Cash. It’s designed to be the primary operating account for your business, gives you free ACH & wire transfers, and your cash earns a yield of 1.6% or more.
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
Hey Product Hunt -- I lead the Brex Cash product, and excited to have @chrismessina hunt this for us! Read on for the details... Tl;dr: You can now open an account with Brex and replace your bank account. It’s designed to be the primary operating account for your business, gives you free ACH & wire transfers, and your cash earns a yield of 1.6% or more. _____ Brex Cash is a business bank account replacement which you can set up online within minutes. Brex Cash benefits: --- 🆓 Zero fees on transactions including wire transfers (no limit) 📈 Earn a yield of 1.6% or more on your cash deposits (no minimum), where 1.6% is calculated as the 7-day yield as of 10/1/19 💰 Get Brex reward points every time you do a transaction (ACH, wire, card) 🏦 One account for your deposits (no transfer limit of 6 transactions/month unlike typical savings accounts) 🖥️ Beautiful and intuitive UI that gives you back time to run your business, not muck around with your online bank interface What can I use this for --- Brex Cash is designed to be the primary operating account for your business: • You get a dedicated account and routing number that you can hook up with your payroll, expense management, invoicing provider, etc. • You can send and receive ACH and wires (no fees, no limit) to pay your vendors and receive money from others. • It works seamlessly with the Brex Card; spend and earn rewards while also transacting from Cash. Users of both Card and Cash products get up to 50% higher spending limits. How can I get it: --- Go through the ProductHunt link and we'll get you priority access!
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Paul Shuteyev
Experienced Digital Marketer
@ritikmalhotra Hey Ritik, Brex Cash looks real good! Similar to N26 or Revolut? How about an interview about it at StartupRadius.com? Send me a message to paul_AT_startupradius.com if interested.
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@paul_shuteyev Thanks! Similar in that we're also taking a digital-first approach, but different in that we're addressing a different market (business vs. consumer accounts).
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Dalton Caldwell
Partner - Y Combinator
I got a chance to check out the beta a few days ago and am very excited to see it launch. I really like the way Brex implemented the integration of Cash with the card - they made made some design decisions which make it as simple as possible which I think was the right call.
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@daltonc Thanks for all the support! Our goal is to give time back to companies so that they can run their business, not muck around with online banking portals.
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Love it guys, so far a happy customer and keep it coming.
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@jqvist Thanks for the support Jesper!
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Caelan UrquhartGrowth at Kite
Brex is taking over! Appreciate the rewards still + some yield. Can't wait to get started and pull more of my money out of big banks. If only I could personally bank with Brex, too!
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@caelanu Thanks for the support! We think that the rewards part is pretty unique, glad to see that you like it. No plans on personal banking with Brex though, but there are several other digital-first, high-yield banking options out there that might work for you!
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Ellen Choi
Entrepreneur
zero fees is a game changer! bank software with a well-designed UX is also a oxymoron but amazinf that you're changing that 😂
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@lnchoi Thanks! And we agree, it was crazy to us that no one had paired the two together in the corporate cash management industry so we decided to go ahead and build it ourselves :).
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How could I trust this? you can loose your all company money as they invest your money on money market. There is a chance of going bankrupt just because of that. You can only cover 500k USD of funds and we can loose all money if it is more than that. It is not stable. Imagine having 10m in a Brex Cash and loosing all on their investment and end up with 500k How could we trust with our investors money?
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@alex_roberson Totally understand your concern. I responded below with a comment that might help alleviate some of the concerns you brought up in your post: https://www.producthunt.com/post...
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This is very exciting!!
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@muno04 We agree :), thanks for the support!
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Im a bit concerned with your disclosures. “Brex Treasury is not a bank and funds are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You could lose money investing in a money market mutual fund. Brex Treasury LLC is not a bank and the cash you deposit into your Brex Cash account will not be stored at a bank.” From what I gather, you're putting the funds into a mutual fund in order to pay that 1.7% yield. Does this mean if the market tanks our funds are at risk?
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@filepass Totally understand your concern. To be clear, we are not investing your funds into arbitrary mutual funds that have managers with all kinds of investment strategies. We put the funds into a government money market mutual fund, which is invested in securities backed by the U.S. Government. Theoretically there is a possibility that the money market fund could drop in value (as an example, one case would be if the U.S. Government defaults/goes under) hence why we have that disclosure on our website. This kind of structure is referred to as an "MMF sweep" at some institutions and is a common way to do corporate treasury management when a company has lots of cash sitting around ($10M+) -- we simply took the model and made it available in a much easier way, with no minimum deposit amount.
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BoramHead of Product, EOSeoul.io
@filepass @ritikmalhotra so your business model is taking investment profits from US gov securities and give 1.7% to your users right? do you have any state-issued security trading licenses?
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@filepass @bkim9324 Brex primarily makes money via card interchange (i.e. whenever you spend money on the Brex Card). On Brex Cash, the money market fund that the cash sits in charges the customer an expense ratio, of which a portion of it goes to Brex. The Brex subsidiary from which Brex Cash operates out of, Brex Treasury LLC, is a registered broker-dealer and we do have state-issued licenses. You can find out more about the licenses here: https://brokercheck.finra.org/fi...
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Radik ZIllustrator
It looks like an useful service. Well done!
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@bargest72 Thanks Radik!
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Tony Urban
CEO, DeckRobot
Insanely good ideas, I was begging to have it! Can't wait to use
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Ritik Malhotra
Maker
Product @ Brex. YC alum.
@tony_urban Thank you for the support!
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