Cut 20% of workforce (282 employees) in January 2024, the second major round after October 2022's 11% (136 employees). Co-CEO Pedro Franceschi cited over-hiring and excessive management layers. The Information reported the company burned $17M monthly in Q4 2023 with runway only through March 2026. The cuts "contributed to a lot of the savings" that halved burn rate. Brex reached approximately 1,100 employees by 2026.
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Brex
Brex cut 11% of staff (~136 employees) in October 2022, then another 20% in early 2024. CEO emails cited focus on path to profitability.
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Brex — Layoffs: OPPOSED Brex cut 11% of staff (~136 employees) in October 2022, then another 20% in early 2024. CEO emails cited focus on path to profitability. https://reciepts.tech/stance/1162