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 abruptly discontinued service to small businesses and most non-VC-backed startups in June 2022, giving customers 60 days to find alternatives. Move criticized as betraying core users.
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Brex — Worker Treatment: OPPOSED Brex abruptly discontinued service to small businesses and most non-VC-backed startups in June 2022, giving customers 60 days to find alternatives. Move criticized as betraying … https://reciepts.tech/stance/1163