Brex CEO Henrique Dubugras found himself playing an important role during the Silicon Valley Bank collapse.
Brex is what you might call a neobank — not a traditional bank but rather a financial services provider that helps companies manage how they spend money, corporate cards, travel expenses and the rest. In the middle of the SVB collapse, Brex was more than just a spending management company. It was also a safe place to park money.
Brex saw billions of deposits in a very short period of time, giving Dubugras a bird's-eye view of what was happening — and what was happening was not great for the banking system, especially in Silicon Valley. (Our own Liz Lopatto has been covering this in depth.)
I wanted to hear Dubugras' perspective on SVB both as a fintech CEO and a founder himself, whether he thought the crisis was rational or just a panic caused by group texts and easy-to-use mobile banking interfaces, what he thinks will happen to the startup ecosystem next, and how much of an opportunity all this was for Brex.
Dubugras is a young CEO. He just turned 27. He really surprised me with his depth here, and he will probably surprise some of you as well.
Okay, Henrique Dubugras, CEO of Brex. Here we go.
Links:
The tech industry moved fast and broke its most prestigious bank
Liz Lopatto - The Verge
A fintech CEO is trying to raise more than $1 billion to fund bridge loans for startups impacted by the Silicon Valley Bank collapse
Robinhood Users Say The Trading App Won’t Cash In Their Profitable Bets Against Silicon Valley Bank
What Is A Neobank? – Forbes Advisor
Transcript: https://www.theverge.com/e/23433504
Credits:
Decoder is a production of The Verge and part of the Vox Media Podcast Network.
It was produced by Creighton DeSimone and Jackie McDermott and it was edited by Callie Wright.
The Decoder music is by Breakmaster Cylinder. Our Editorial Director is Brooke Minters and our Executive Director is Eleanor Donovan.
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