out Brex Lays Off 20% of Employees Amidst Stagnant Growth and Burnout Concerns
Expense management startup Brex, which was valued at $12.3 billion two years ago, laid off 282 people, or about 20% of its staff today.
The once high-flying fintech startup sent a note to employees (that was also published on the company’s website) today, announcing the news.
In addition, Brex announced that its COO, Michael Tannenbaum, is transitioning from his role to become a board member.
It is not clear how many employees Brex has today, though its layoff indicates the figure at around 1,400 before its latest cuts.
But that growth has since slowed, largely due to the hike in interest rates and resulting slowdown in VC funding.
