Brex Cuts 20% of Staff, Suggests It Grew ‘Too Quickly’

Expense management startup Brex is eliminating approximately 20 per cent of its workforce, or 282 jobs.

What’s happening at Brex?

In a note to staff on Jan. 23, co-CEO Pedro Franceschi said the job cuts will help Brex become a “high-velocity company.”

“Looking inward, I realized we grew our [organization] too quickly, making it harder to move at the speed we once did,” Franceschi said.

“This year, we decided to take a hard look at our current structure, and reduce the number of layers between leaders and the actual work that affects customers.”

The reduction comes after The Information reported that Brex incurred an average monthly cash burn of approximately $17 million in the fourth quarter of 2023.

However, a spokesperson told TechCrunch the report’s findings were “inaccurate” — adding that the “reduction in force puts [the company] on a clear path towards profitability.”

Brex layoffs in Canada

It remains unclear if any Canadian employees are affected by the job cuts at Brex.

According to the company’s LinkedIn page, it has more than 250 workers in the country.

are losing their job as a result of this layoff.

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