Brex Layoffs

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Brex, a San Francisco-based fintech company that provides credit cards to startups, laid off 62 employees, representing 15% of its workforce, on Friday. The layoffs were part of a company restructuring aimed at prioritizing product development over expansion in response to economic challenges from the coronavirus pandemic. With its customer base largely consisting of other startups, Brex has been impacted as these companies reduce spending or cease operations, decreasing revenue from credit card interchange fees. The company is offering affected employees eight weeks of severance pay, health insurance through the end of 2020, waived equity cliffs, extended stock option exercise periods, and the ability to keep their company-issued computers.

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