Brex (Project Exit) to Expand Utah’s FinTech Footprint

The Utah Governor’s Office of Economic Development (GOED) and the Economic Development Corporation of Utah (EDCUtah) have announced that Brex, the financial technology company that helps emerging companies scale, will open its new location in the Salt Lake Valley, creating up to 1,000 new jobs over the next seven years.

“Utah is the place for technology and our fintech industry continues to expand,” said Val Hale, executive director at the Utah Governor’s Office of Economic Development. “We’re pleased that Brex has chosen Utah, and we wish them the best as they continue to grow as a company.”

Brex was founded in San Francisco in 2017 with its first corporate card designed for startups, determining credit limits based on non-traditional metrics like real-time monitoring of businesses’ bank accounts and transactions. 

“Brex has grown tremendously over the last year and we’re excited to play a part in creating more opportunity for Salt Lake City’s thriving workforce,” said Henrique Dubugras, co-CEO and co-founder of Brex. “We recognize the incredible talent working in Utah and look forward to continuing scaling alongside Utah’s Silicon Slopes.”

Brex may earn up to 25 percent of the new state taxes it will pay over the seven-year life of the agreement in the form of a Utah Legislature authorized Economic Development Increment Finance (EDTIF) tax rebate. 

Gopika Parikh of Ernst & Young managed site selection services for Brex. 

“The Brex project is notable for two reasons. First it confirms Utah’s position as a national center for fast-growing, financial technology companies,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “Second, the opportunity to compete on the project is the culmination of a long-term, relationship-building effort with a prominent site selector.”

To learn more about Brex, visit brex.com

Erin Farr, business development manager, led this project for EDCUtah.

For other inquiries about this project, please contact:

Mike Flynn, chief operating officer, EDCUtah
(801) 328-9742, mflynn@edcutah.org

 

 

 

 

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Thu, 09/12/2019 - 13:15