June 17, 2022
Reading time: 3 mins
Earlier today, Brex announced it would no longer serve small businesses. If you’re a small business using Brex, that means you must reroute “all the funds in your Brex Cash account to an external bank account” or another provider of cash account services. Oh, and you have to do it by August 15th.
Finding an alternative to Brex that meets your specific needs on such short notice could be difficult. Hansa is here to help. In this article, we put together a list of business credit cards, banking providers, and spend management tools you can use to replace Brex:
All-In-One Platform (Spend Management + Business Cards)
- Airbase: Airbase includes accounts payable tracking, a business card program, and a tool for employee expense reimbursements. Airbase is a good choice for businesses that want a user-friendly, all-in-one solution
- Divvy: Divvy is a spend management tool that automatically generates expense reports, collects transaction details in real-time, and takes pictures of receipts. Divvy also offers a business card that delivers excellent rewards. In particular, Divvy is best for businesses that can pay off the card each week and spend a lot on travel, restaurants, and hotels
Legacy Business Card Providers
- Blue Business Plus Credit Card (AMEX): The Blue Business card offers 2X reward points on everyday business purchases such as office supplies or client dinners
- Capital One Spark Cash Plus: With the Capital One Spark Cash Plus card, you’ll earn at least 2 percent cash back on all purchases. If your spending varies and you don’t want to think about maximizing rewards by category, this flat-rate cash back card is a good choice
Business Growth Funding
- Blue Vine: Blue Vine provides online banking and financing for small businesses, offering lines of credit up to $250,000. Since you only have to show six months of history, Blue Vine is best for businesses that are just starting and need a line of credit
- Ondeck: OnDeck is another online platform offering financing for small businesses, specializing in short-term (3 to 36 months) loans between $5,000 and $500,000. OnDeck is best for businesses that want short-term loans without an established credit history
- Pipe: Pipe provides instant funding to businesses based on their recurring revenues. Pipe is best for businesses that want to grow without giving up equity or paying high interest on loans
- Camino Financial: Camino Financial is a small business lender offering 24 to 60-month term loans, paid back in monthly installments. Camino is known for its excellent customer service and Spanish language resources. Camino is a good choice for Spanish-speaking business owners that want financial services in their own language
Bank Account Services
- Mercury: Mercury is an online banking platform with a business checking account, a business savings account, and no monthly fees. Mercury is a good choice for businesses that want to handle all of their finances online and transact without having to pay fees
- Relay: Relay is an online banking platform with no monthly fees or minimum balance requirements on checking accounts. Business owners can open up to 20 business checking accounts. Relay is best for businesses that use QuickBooks and Xero for accounting (Relay integrates with QB and Xero software directly). Right now, they’re offering $150 to all businesses that switch from Brex to Relay.
- Chase: Chase offers a variety of accounts and products to small businesses. While Chase is not the cheapest banking provider, it’s more widely available than many banks. Chase is best for businesses looking for an established banking provider that has a lot of experience dealing with small businesses
Hopefully, the list above gives you some ideas for replacing Brex. In the meantime, look out for a follow-up post on why we think this happened and how Hansa can help small businesses make sure something like this doesn't happen again.
If you need further information or advice, reach out to firstname.lastname@example.org and schedule a free consultation (in English or Spanish) with a Hansa expert. Ask as many questions as you want!