Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits Thursday, source says

Fintech startup Brex received billions of dollars successful deposits from Silicon Valley Bank customers connected Thursday, CNBC has learned.

The company, itself a high-flying startup, has benefited aft task superior firms advised their portfolio companies to retreat funds from Silicon Valley Bank this week.

Brex opened thousands of caller accounts totaling billions of dollars successful inflows connected Thursday, said a idiosyncratic with nonstop cognition of the situation. By midday Friday, regulators unopen down SVB and took power of its deposits, according to the Federal Deposit Insurance Corp.

Other companies including JPMorgan Chase, Morgan Stanley and First Republic besides saw heightened inflows Thursday, arsenic SVB's banal tanked amid VC-fueled concerns of a slope run. The melodramatic diminution successful SVB shares sparked a sectorwide sell-off that reminded immoderate startup founders of what happened during the 2008 fiscal crisis. Earlier this week, crypto-focused slope Silvergate said it was winding down operations.

Brex declined to remark connected its inflows.

The exodus of deposits Thursday enactment accrued unit connected SVB, which attempted to rise equity backing earlier this week and had turned to a imaginable sale, CNBC reported.