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 permanently eliminated its physical headquarters in 2020, adopting a virtual-first model. Employees can work from home globally or use city hubs in San Francisco, New York, Salt Lake City, and Vancouver at their discretion with no required office days. CEO Henrique Dubugras has consistently framed remote-first as a talent and productivity advantage, maintaining the policy through 2024-2025 despite broader fintech industry RTO pressure.
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Brex — Remote Work: SUPPORTED Brex permanently eliminated its physical headquarters in 2020, adopting a virtual-first model. Employees can work from home globally or use city hubs in San Francisco, New York,… https://reciepts.tech/stance/1253