Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned.
The company, itself a high-flying startup, has benefited after venture capital firms advised their portfolio companies to withdraw funds from Silicon Valley Bank this week.
Brex opened thousands of new accounts totaling billions of dollars in inflows on Thursday, said a person with direct knowledge of the situation. By midday Friday, regulators shut down SVB and took control of its deposits, according to the Federal Deposit Insurance Corp.
Brex, fintech startup, said to have obtained billions in Silicon Valley Bank deposits on Thursday according to source
