Brex shocked thousands of unsuspecting SMBs with the announcement their accounts would soon be closed, and a multi-account cash management service called Relay Financial came to fill the gap. NerdSimple takes a look at this outstanding Business Banking solution.
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In their own words, “Relay is a no-fee, online banking and money management platform. Spend, save and plan more efficiently with unparalleled clarity into operating expenses, cash flow and accounts payable.
On June 16th, Brex shocked thousands of SMB customers with a vague email that their accounts would be closing on August 15th.
“We want to let you know that as of August 15, 2022, Brex will no longer be able to offer you our services due to a change in how we determine account eligibility. Brex regularly reviews its services, and due to a change in company strategy, we do not believe we will be able to provide a great level of service for your business moving forward. We’re sorry that this transition may create an extra burden for you and our team is here to help you work through the account closure over the next several weeks.”
The backlash and confusion was swift which caused the CEO to have to send a clarification on June 23rd, 2022.
“I’m reaching out personally to provide more context on the email we sent you last week, in which we communicated that Brex would no longer be able to serve you. While your account is still being closed, we did a poor job explaining who’s impacted by this decision and why.”
The benefits of Brex were notable. Multiple accounts, multiple charge cards, giving the ability for a business owner to manage where expenses and deposits went to in a strategic way. It wasn’t perfect, but it was what was out there.
NerdSimple was a Brex customer caught in the proverbial crosshairs wondering what could take it’s place.
Along came Relay Financial. They offer even more control over your business finances with up to 20 bank accounts and 50 virtual charge cards all managed in one fast and easy web portal.
Some of their great free features:
For a more established business, Relay offers a paid account for $30/month with a free trial.