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Brex cuts 20% of staff amid reports of stalled growth, high burn
Expense management startup Brex, which was valued at $12.3 billion two years ago, has laid off 282 people, or about 20% of its staff today.
Expense management startup Brex, which was valued at $12.3 billion two years ago, laid off 282 people, or about 20% of its staff today. In the note to employees, co-founder and co-CEO Pedro Franceschi wrote that the company was now “emphasizing long-term thinking and ownership over short-term gains” in its comp structure. When asked about financials, a company spokesperson told TechCrunch that the data was “inaccurate,” directed me to the note announcing the layoffs and wrote: “The changes today are driven by a desire to make Brex more agile and accelerate our path to profitability, building on the growth we had in 2023.
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