The collapse of Silicon Valley Bank had many fintech companies on edge. But one company that found success was B2B global spend platform Brex. Brex Co-Founder and Co-CEO Henrique Dubugras joins Yahoo Finance Live to discuss the success of the company after SVB’s failure and how customer banking behaviors have changed.
Although Brex saw a surge in demand after SVB’s collapse, the company has had “a lot of new demand… because we’ve seen a change in behaviors from customers, from wanting to have one banking partner to having multiple banking partners,” Dubugras says. “We’re seeing this, kind of, distribution of having multiple banking partners and using each of them for what’s their best,” Dubugras explains.Minneapolis Fed President Neel Kashkari warning the banking crisis might not be over.
Now, Henrique, thanks so much for joining us today. So first, let's talk about what Brex is for those who might not know it. What do you all do?Yeah, absolutely. So Brex is the first global unified spend platform. So we have corporate cards, spend management, reimbursements, accounts payable, travel, banking all in one place. So think of a mix of your bank with all the software you use to manage your finances.
Over the weekend, we raised almost $2 billion to do payroll loans to make sure employees were getting paid on that Monday, which turned out to be unnecessary because the government obviously stepped in. So it was probably one of the craziest experience of my professional life. But, you know, nonetheless, I think most customers were OK.So you had a huge surge in demand all at once really around that. But we've seen, you know, kind of the issues within the banking sector grow quiet recently.
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