Brian Milton, who ran MUFG Union's digital bank, was named head of banking and would become CEO of Thrivent Bank, a digitally focused platform that plans to operate as an industrial loan company.
Brex currently relies on bank partners to offer credit cards and cash management accounts to small and midsize businesses. It is looking to charter its own FDIC-insured institution to be a direct provider.
The Detroit automaker says it will stick to car loans and steer clear of mortgage lending if regulators approve its application to establish an industrial bank.
