Kinetics of Brex’s slash on cash spend
In this edition, I’m going to look at Brex’s latest round of layoffs, the state of fintech investing in 2023 and more!
I may be taking some time off in coming weeks but never fear, TechCrunch Fintech isn’t going away.
While interest rates were low, the company saw a bump in business and VC money was easier to come by.
The move came after reports the company burned $17 million in cash each month during the fourth quarter and that it is trying to preserve runway.
Fintech investors injected $34.6 billion in startups across 2,055 deals in 2023, a –43.8% and –32.4% YoY drop, respectively, according to PitchBook data.
