FinanceUS

Brex Layoffs

October 2022

Brex announced a layoff affecting 136 employees (11% of its workforce) in October 2022. The company operates in the Finance sector.

People Affected

136

Percentage

11%

Announced Date

Oct 11, 2022

About

In October 2022, fintech decacorn Brex, a corporate spend management startup valued at $12.3 billion, laid off 136 employees, representing 11% of its workforce, as part of a restructuring effort. This reduced its total headcount to just over 1,150. The layoffs, affecting all departments, stemmed from the company's strategic pivot earlier in the year to focus exclusively on enterprise clients and early-stage startups, abandoning its small business segment. This shift, combined with a challenging macroeconomic and fundraising environment in 2022, rendered certain roles redundant. The company's CFO also departed during this period.