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Silicon Valley Bank collapses  on March 24, 2023


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4,000 new customers and $2 billion in deposits: How Brex sprang into action as Silicon Valley Bank collapsed

4,000 new customers and $2 billion in deposits: How Brex sprang into action as Silicon Valley Bank collapsed

technology

The fintech startup saw an opportunity to help fellow SVB clients in its own way: through an emergency bridge credit line. Two weeks ago, on what seemed like a typical Wednesday, Brex cofounder and co-CEO Henrique Dubugras discovered something curious: a “weird” amount of inflows to deposits, as Brex’s enterprise customers moved cash onto the platform.

Fast Company     Mar 25, 2023