FinanceUS

Brex Layoffs

January 2024

Brex announced a layoff affecting 282 employees (20% of its workforce) in January 2024. The company operates in the Finance sector.

People Affected

282

Percentage

20%

Announced Date

Jan 23, 2024

About

Fintech startup Brex, valued at $12.3 billion in 2022, laid off 282 employees, representing about 20% of its workforce, on January 23, 2024. This significant staff reduction, affecting roughly 1,300 employees prior to the cuts, is attributed to stalled growth and a high cash burn rate, reportedly $17 million per month in late 2023. The company is restructuring its operations and compensation model to emphasize long-term ownership and financial sustainability. This marks the second major layoff for Brex, following an 11% reduction in October 2022. Concurrently, the company announced executive changes, including the COO transitioning to a board role.