Founders can now access banking services
through Brex* as soon as they've incorporated with Stripe
Atlas
SAN
FRANCISCO, June 18, 2024 /PRNewswire/ -- Brex, the
leading all-in-one financial stack supporting 1 out of 3 startups
in the U.S.**, today announced that companies incorporated with
Stripe Atlas can apply for Brex business accounts immediately after
incorporation, making it faster for a company to manage their
finances and get their businesses off the ground.
After a company incorporates with Stripe Atlas, for a limited
time, Brex will reimburse 100% of the Stripe Atlas cost for
Delaware C-Corp incorporation for new customers -- a $500 value. Any time a company incorporates
through Stripe Atlas, they will be able to apply for and
immediately start using Brex business accounts while the IRS is
still processing their EIN (Employer Identification Number) filing.
An approved EIN is required to access many essential business
operations and services, like opening bank accounts, obtaining
business licenses, paying federal taxes, and hiring employees, and
can also be required by vendors as proof of legitimacy.
"Founders need a banking partner who is immediately ready to
support their vision while they jumpstart operations, and
international founders, in particular, are at a disadvantage –
non-US founders often have to wait 5+ weeks to receive an EIN from
the IRS, delaying just about every aspect of their business," said
Jason Mok, Head of Startups and
Strategic Partnerships at Brex. "It's critical for startups to
proactively manage their finances, especially at the beginning.
Brex makes it easier for founders to focus on the important work of
getting their business off the ground fast."
For founders looking to take advantage of this new capability,
this is what they can expect:
- Founders use Stripe Atlas to incorporate their business. Using
Stripe Atlas to generate and file incorporation documents takes as
little as 10 minutes, and all Stripe Atlas users get priority
processing with Delaware so
they're incorporated in 1 business day.
- Next, founders can sign up for a Brex business account directly
from Stripe Atlas.
- After a business successfully registers for a Brex account,
Brex will reimburse in full the Stripe Atlas fee for Delaware
C-Corp incorporation, a value of $500.
- Companies can gain approval and then begin using their Brex
business account right away, even as they await their EIN from the
IRS.
This past March marked one year since SVB entered receivership,
serving as a reminder of how Brex has been on the front lines of
supporting startups and enterprises alike in becoming more
intentional and strategic about managing their finances.
Between March 9 and March 16
2023, Brex took in 4,000 customers and $2 billion in deposits, and within 48 hours Brex
established a $1B emergency bridge
loan to help impacted companies make payroll. More than 90% of the
customers that signed up during that week are still active Brex
customers, and more than 1/3 of customers now use Brex business
accounts.
This comes as the latest of Brex's commitment to helping the
fastest-growing startups get the most out of every moment of their
journey from day one. In addition to business accounts, Brex offers
a full financial stack for early-stage companies:
- Unlock operating capital with higher credit limits —
without a personal guarantee — and easily issue corporate cards +
reimbursements
- Pay vendors faster with automated bill pay and simplify
all of your onboarding and payment processes.
- Extend runway with over $400K in discounts, founder-friendly rewards,
exclusive invites to events with VCs in our network, and more.
To learn more about this new capability and how Brex supports
founders throughout their journey, visit:
https://www.brex.com/journal/brex-partners-with-stripe-atlas
Get started here with Brex and Stripe Atlas today to
fast-track your time to market
*Brex is a financial technology company, not a bank.
Checking accounts and banking services provided by Column National
Association, Member FDIC. Treasury and Vault accounts are provided
by Brex Treasury LLC, Member FINRA/SIPC.
** Market share of customers activated on Brex out of all
US-headquartered startups with <50 employees and have raised a
professionally invested round in the last 8 quarters.
About Brex
Brex is the AI-powered spend platform. We
transform finance teams from reactive no-sayers to proactive growth
drivers. With Brex, companies spend with confidence by empowering
employees to make smarter financial decisions from anywhere. Brex
provides corporate cards, banking, treasury, and global payments,
plus intuitive software for travel and expenses, that make it easy
to plan and track all company spend in one place, in real time.
Tens of thousands of companies from startups to global enterprises
— including DoorDash, Flexport, and Compass — use Brex to
proactively control spend, reduce costs, and increase efficiency on
a global scale.
Media Contact: press@brex.com
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SOURCE Brex