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Archivo del Autor: Belen De Leon

Brex wants to replace startup bank accounts with Brex Cash

Brex, a Silicon Valley fintech darling, has lofty plans to battle big banks —and Stripe.

Code-named “Gemini,� Brex today announced a new product designed to replace and improve the functionality of traditional bank accounts. Brex Cash, as it will be known publicly, is a business cash management account integrated with the Brex Card, a corporate card for startups launched in 2018.

Brex tells us they’ve built the core banking infrastructure from scratch, allowing the company to forgo third-party processing fees and provide a much-needed tech infusion to antiquated banking systems. In partnership with Boston’s Radius Bank, Brex Cash will allow customers to send payments quickly and easily with no fees attached. Rather, Brex plans to reward its users for making or receiving payments using Brex Cash with points redeemable for cash back, travel and air miles. Customers will also receive 1.6% interest on deposits.

It’s not a bank, but in practice, it can replace a bank, says Brex co-founder and co-chief executive officer Henrique Dubugras .

“Our idea is that new businesses —the new Y Combinator companies —we hope a big percent of them never open a bank account,� Dubugras tells TechCrunch.

Brex now has many similarities to a bank. What differentiates it is its lack of physical branches — it’s exclusively digital — and it’s insurance. Traditional banks are insured by the Federal Deposit Insurance Corporation (FDIC), which protects up to $250,000 per depositor. Brex Cash is backed by the Securities Investor Protection Corporation (SIPC), a nonprofit agency overseen by the U.S. Securities and Exchange Commission that insures up to $500,000 and specializes in protecting customers of brokerage firms from the loss of cash and securities.

We think we’ve won a lot of credibility. Before, who was going to give their money to a random-ass startup called Brex? -Brex co-CEO Henrique Dubugras

Additionally, Brex invests its customers’ money in a money market mutual fund of U.S. treasury bonds. “If Brex goes out of business, customers’ money will be safe,â€� the company writes in a press statement. “The only scenario where money could be lost is if the U.S. government defaults.â€�

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Brex Cash user interface

“It’s not that we are inventing this — this model exists with Fidelity,â€� says Dubugras. “Fidelity isn’t necessarily a bank — we are bringing that concept to businesses to give lower fees, better interest rates, better experiences and more security.â€�

Brex, a graduate of the winter 2017 Y Combinator cohort, has quickly become a Silicon Valley success story for the ages. The rapid adoption of its startup credit card, which doesn’t require a personal guarantee, and its ability to issue cards instantly and provide higher limits than other options on the market has attracted thousands of customers and venture capitalists. The business, led by a pair of young Brazilian repeat entrepreneurs, including Dubugras and co-CEO Pedro Franceschi, has collected more than $300 million in equity funding, including a $100 million C-2 financing that valued the company at $2.6 billion earlier this year.

“There will always be customers that are skeptical, but I think by starting out with a card, we built a lot of trust,” Dubugras said. “It was us giving them money instead of them giving us money. A few years in … We think we’ve won a lot of credibility. Before, who was going to give their money to a random-ass startup called Brex?”

In the weeks ahead of TechCrunch Disrupt San Francisco, where Dubugras announced Brex Cash on Wednesday, the CEO told TechCrunch that Brex had no immediate fundraising plans and that they were “waiting for the right timeâ€� to raise again. As for what’s next, he said the company is discussing the launch of a debit card and plans to add another 100 employees in the next year, bringing the Brex headcount to 400.

The Brex news follows the launch of Stripe Capital, a new offering from payments behemoth Stripe that will make instant loan offers to customers on its platform, and the announcement of the Stripe Corporate Card. Akin to Brex, Stripe will issue a no-fee, no interest rate credit card intended for Stripe customers. Brex and Stripe, two Y Combinator grads, will go head-to-head in a battle for customers, particularly YC grads looking for friendly financial tools.

Immediately following Stripe’s announcements, the business announced a $250 million funding at a $35 billion valuation. Brex may be following a similar playbook, announcing a major product on the heels of a large capital infusion.

Brex Cash represents a new era for the company. Though the product may be costly for Brex, it opens the business up to thousands more potential customers. Now, any startup, regardless of funding, can create a Brex account to store cash, explains Dubugras, and all companies using Brex Cash will be immediately issued a Brex corporate credit card.

“If you’re starting out, if you don’t have funding yet, you can still receive your payments using Brex,” Dubugras said. “That’s a super big deal for us.â€�

Brex Cash was built under product lead Ritik Malhotra, who joined the team as part of an acquisition of his startup, Elph. Brex poached the company, which was focused on blockchain infrastructure, right out of YC for an undisclosed amount. In retrospect, the deal looks much more like an acqui-hire of Malhotra, who had the digital payments infrastructure acumen necessary to complete this project.

“It’s an easy way to move money, which is the lifeblood of a business,� Malhotra tells TechCrunch of the new product.

Brex Cash is itself not a cash cow for Brex; rather, the startup makes money on purchases made on its corporate card, in which it charges the merchant, not the customer. This model is particularly beneficial when its customers are spending a lot of money, growing quickly and raising capital. In a downturn, however, this model isn’t as attractive.

Brex seems unconcerned with the possibility of an impending recession. Brex writes that even in downturns, entrepreneurs will start companies and attempt to raise money. The Brex Cash product, regardless of the economy, will help Brex better underwrite Brex Cards, as it gives them better access to a customer’s financial health.

In a battle against Stripe, Brex is at a disadvantage. At only two years old, the company may have garnered a lot of credibility in a short time but it doesn’t have the decade of experience building fintech products that Stripe has and, more importantly, it doesn’t have 10 years of customer loyalty.


Source: TechCrunch

El Planeta 9 del sistema solar podría ser un agujero negro primordial

Pruebas recientes sugieren que este misterioso y no confirmado objeto transneptuniano podría ser en realidad un agujero negro formado del universo primitivo. De ser cierta, esta hipótesis explicaría por qué las técnicas utilizadas hasta ahora han sido incapaces de detectar el Planeta 9
Source: MIT

Un científico español podría haber encontrado la fuente de la juventud

Juan Carlos Izpisúa Belmonte ha descubierto cómo rejuvenecer animales enfermos y moribundos con una técnica llamada reprogramación. Consiste en editar las marcas epigenéticas, unos interruptores químicos celulares que determinan la actividad de los genes y que van acumulando cambios con la edad
Source: MIT

Cuatro lecciones contra incendios de una ciudad arrasada por el fuego

La ciudad de Paradise acabó reducida a escombros y de sus 85 habitantes fallecieron a manos del Camp Fire el año pasado. Ahora, los expertos plantean nuevas políticas que podrían evitar tragedias similares en zonas con alto riesgo de ser devoradas por las llamas
Source: MIT

Microsoft event 2019: New Surface Duo phone, Surface Neo tablet and every other Surface announced – CNET

Everything Microsoft unveiled at the October 2019 event, including its Surface Pro X, Surface Laptop 3, Surface Pro 7 and Surface Earbuds.
Source: CNET

From SNL to Game of Thrones, the most influential TV shows of the decade, ranked – CNET

The 2010’s blessed us with a wealth of excellent TV. It was tough work, but we chose our favorites.
Source: CNET

Tesla falls short of 100,000 vehicle deliveries in Q3 – Roadshow

However, it still reports a record production number and delivery figure.
Source: CNET

Tesla delivers a record 97,000 electric vehicles in third quarter

Tesla said Wednesday it delivered a record 97,000 electric vehicles in the third quarter, a nearly 2% increase from the previous period, but still short of analysts’ expectations.

Tesla shares fell nearly 6% in after market trading on the news.

The company reported Wednesday that it produced 96,155 vehicles in the third quarter, a 10% increase from the previous period. Tesla has shown steady improvement in its production numbers over the past several quarters. Tesla produced 86,555 vehicles in the fourth quarter of 2018 and then dropped to 77,100 in the first period of the year. Numbers rebounded to 87,048 vehicles in the second quarter of 2019.

Analysts expected Tesla to deliver 99,000 vehicles during the third quarter, according to estimates compiled by FactSet.

Despite hitting record numbers and showing the ability to push production higher, the numbers still weren’t able to meet CEO Elon Musk’s lofty targets. Musk had said in a leaked email that the company could produce 100,000 vehicles in the third quarter.

Tesla said Wednesday it received record net orders in the third quarter and is entering the fourth quarter with an increase in its order backlog. Tesla added that all of their Model 3 orders were received from customers who did not hold a reservation.

Here’s a look back at the past several quarters of deliveries.

Tesla delivered 95,200 vehicles in the second quarter, a dramatic pop from the company’s first-quarter delivery numbers when it reported deliveries of 63,000 vehicles, nearly a one-third drop from the previous period. The low first-quarter delivery numbers signaled what was to come: wider-than-expected loss of $702 million driven by disappointing delivery numbers, costs and pricing adjustments to its vehicles.


Source: TechCrunch

Walmart and Best Buy discount the Microsoft Surface Laptop 2 by $300

The Microsoft Surface Laptop 2 is a portable powerhouse perfect for school, work, and travel. Right now, Amazon is discounting the Intel Core i5 variant for $300 less.
Source: Digital trends

Is Microsoft’s 15-inch Surface Laptop 3 a gaming laptop in disguise?

Microsoft’s Surface Laptop 3 15-inch has an AMD Ryzen processor and AMD Vega graphics. Does that mean it’s a gaming laptop in disguise? We’ll give you our verdict.
Source: Digital trends

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