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Fintech startup Brex was among the bidders for SVB’s early-stage and growth portfolios

Variety

15-05-2023 | 07:56

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Fintech startup Brex was among the bidders for SVB’s early-stage and growth portfolios

The FDIC finally released the various financial institutions that bid for parts of Silicon Valley Bank’s portfolio. There was one name that stood out on that list for being “not like the others”: fintech startup Brex.

TechCrunch spoke with Brex co-CEO and co-founder Henrique Dubugras, who confirmed that the company did in fact put its name in the hat for SVB but only for the early-stage and growth portfolios within its business.

The idea actually came from a customer, he said, who thought Brex “could handle those customers better than big banks.” The first week after the SVB meltdown, the FDIC was not going to accept any bids from entities other than banks. During that time, Brex worked to step up for SVB customers in other ways. Then the following week, the FDIC said it was open to selling it by parts — and also open to non-banks submitting bids.

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