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 + reimbursementsPay 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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