San Francisco: US-based fintech company Brex has laid off about 20 per cent of its workforce, or 282 employees, in a restructuring exercise.
"Today we’re restructuring Brex to become a high-velocity company. Sadly as part of those changes, 282 people (roughly 20 per cent of the company) will be leaving Brex today," Brex Founder and co-CEO Pedro Franceschi said in a message to employees on Tuesday.
Explaining the reason behind the decision to reduce the workforce, Franceschi said while the company's spend management solutions have a "massive opportunity ahead," the Brex organisation had grown too quickly and was not operating as quickly as it had in the past. "Looking inward, I realised we grew our org too quickly, making it harder to move at the speed we once did. This year, we decided to take a hard look at our current structure, and reduce the number of layers between leaders and the actual work that affects customers," he wrote.
