Three months after announcing it would make a big push into software and enterprise, fintech giant Brex is apparently abandoning the very segment it started out to serve – small and medium-to-sized businesses.
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Brex, which started out serving startups, now says it is ‘less suited to meet the needs of smaller customers’
Earlier this year, five-year-old Brex confirmed a $300 million raise that valued it at a staggering $12.3 billion. The company as of March had about 1,100 employees, saw 100% YoY revenue growth in 2021 and a customer base “into the 50,000s,” according to CEO Henrique Dubugras. He has declined to reveal hard revenue figures, but previously told TechCrunch Brex was still focused on growth and not yet profitable.
