Brex, the leading all-in-one financial stack powering 1 in 3 US startups**, today announced that businesses incorporated with Stripe Atlas can now apply for a Brex business account immediately after incorporating, helping companies manage their finances and launch their business faster.
For a limited time, Brex will reimburse new customers for 100% of Stripe Atlas fees for incorporating a Delaware C-Corp after your business incorporates with Stripe Atlas (a $500 value). If your business incorporates with Stripe Atlas, you can apply for and start using a Brex business account right away, even while the IRS is processing your EIN (Employer Identification Number) application. An approved EIN is required to access many important business operations and services, including opening a bank account, obtaining a business license, paying federal taxes, and hiring employees, and can also be requested by vendors as proof of legitimacy.
“Founders need a banking partner that will immediately support their vision while they launch their business, and international founders are especially at a disadvantage. Non-US founders often have to wait five weeks or more to receive their EIN from the IRS, delaying nearly every aspect of their business.” “We’re thrilled to be working with NVIDIA to bring this technology to market,” said Jason Mock, head of startups and strategic partnerships at Brex. “It’s important for startups to be proactive in managing their finances, especially in the early stages. Brex helps founders focus on the important work of quickly launching their business.”
Founders looking to take advantage of this new functionality can expect:
- Founders use Stripe Atlas to form their company. It takes just 10 minutes to generate and file formation documents using Stripe Atlas, and all Stripe Atlas users receive priority processing in Delaware, allowing them to form their company within one business day.
- Founders can then sign up for a Brex business account directly through Stripe Atlas.
- Once your business successfully registers for a Brex account, Brex will fully refund the Stripe Atlas fee for Delaware C-Corp formation (a $500 value).
- Once approved, businesses can start using their Brex Business Account right away while they wait for their EIN from the IRS.
This March marked one year since SVB went into receivership and was a reminder that Brex has been at the forefront of helping both startups and large corporations become more intentional and strategic about their financial management. Between March 9 and March 16, 2023, Brex accepted 4,000 customers and $2 billion in deposits, and within 48 hours, Brex set up $1 billion in emergency bridge loans to help affected businesses make payroll. Over 90% of the customers who signed up during that week are still active Brex customers, and over a third of customers are currently using a Brex business account.
This is the latest milestone in Brex’s commitment to helping the fastest-growing startups make the most of every moment of their journey, from day 1. In addition to business accounts, Brex offers a comprehensive finance stack for early-stage companies.
- Free up working capital Easily issue corporate cards with higher credit limits and reimbursements without personal guarantees
- Accelerate payments to vendors Automate your invoice payments and simplify your onboarding and payment process, all in one.
- Extend the runway We offer a variety of benefits, including over $400,000 in discounts, perks for founders, and exclusive invitations to events with VCs in our network.
To learn more about this new feature and how Brex supports founders throughout their journey, visit https://www.brex.com/journal/brex-partners-with-stripe-atlas .
*Brex is a financial technology company, not a bank. Checking accounts and banking services are provided by Column National Association, Member FDIC. Treasury and Vault accounts are provided by Brex Treasury LLC, Member FINRA/SIPC.
** Market share of Brex-activated customers among U.S.-headquartered startups with fewer than 50 employees that have raised a professional investment round in the past eight quarters.
