Brex Announces 20% Workforce Cut Amid Financial Struggles

The fintech giant's CTO transitions to advisory role as the company seeks to reduce its $16 million monthly cash burn.

Brex, a US fintech firm valued at $12.4 billion, is laying off 20% of its workforce, marking the third round of layoffs in recent years.
The company's CTO, Cosmin Nicolaescu, is transitioning to an advisory role.
Brex is also focusing on hiring outside the US, particularly in Latin America, Israel, and Canada, as it seeks to cut costs.
The layoffs come as the company struggles with a high cash burn rate, reportedly losing $16 million a month.
Brex's previous layoffs included an 11% cut in late 2022 when the company's then-CFO joined competitor Rippling.