EXCLUSIVE: The inside story of how $3 billion Brex went from a $150 million raise to layoffs in 10 days

Business Insider spoke to eight current and former Brex employees to get a sense of what the run up to the layoffs was like.

EXCLUSIVE: The inside story of how $3 billion Brex went from a $150 million raise to layoffs in 10 days On May 19, Brex, one of the hottest fintechs in the world, announced it had raised $150 million, bumping its valuation to $3 billion, a feat reached in just over three years' time. The news was viewed as a bit of positivity at a time when young and old companies alike were struggling to keep their heads above water due to the rough economic conditions that had taken hold in the wake of the coronavirus pandemic. But 10 days later Brex, which markets corporate charge cards to early-stage companies, would have much different news. The company was laying off 62 employees as part of restructuring "to better align our priorities with this new reality." Business Insider spoke to eight current and former Brex employees to get a sense of what the run up to the layoffs was like. Insiders revealed a fast-growing company that was already grappling with employee turnover and aggressive financial targets in early 2020. Read now on BI Prime → Email sent to: ipat39@gmail.com   |   Unsubscribe Terms of Service   |   Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006