Brex

Brex was already in the midst of a dramatic reinvention when Silicon Valley Bank collapsed in March 2023. The spend management platform, founded in 2017, had spent the prior year pivoting from a focus on offering corporate credit cards to startups to a software-as-a-service model encompassing a more holistic spend-management platform designed for enterprise customers. But Brex didn’t hesitate to rapidly spin up solutions for fleeing SVB customers, increasing FDIC insurance on its business accounts and offering a safe…

Welcome to TechCrunch Fintech (formerly The Interchange)! In this edition, I’m going to look at Brex’s latest round of layoffs, the state of fintech investing in 2023 and more! I may be taking some time off in coming weeks but never fear, TechCrunch Fintech isn’t going away. We’ll be back soon! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:30 a.m. PT, subscribe here. The big story What goes up must come down. For spend…

Brex, the fintech startup that made a splash with corporate credit cards and moved into cash management accounts for tech companies, has cut its staff by 20%. Some 282 people were laid off Tuesday amid reports of heavy cash burns in the final three months of last year.It was just under a year ago that Brex saw a huge influx of customers and deposits, as Silicon Valley Bank collapsed. As the panic over that bank’s implosion spread, Brex saw billions of dollars pour in and over 4,000 new customers sign up, thanks to its…

Welcome back to The Interchange, where we take a look at the hottest fintech news of the previous week. If you want to receive The Interchange directly in your inbox every Sunday, head here to sign up! This week, we dig into spend management companies’ AI aspirations, and one U.K. fintech’s recent growth. AI ambitions At one time, there was a running joke that every company would become a fintech. But now one has to wonder, will every fintech become an AI company? This week, we reported on Ramp’s new integration with…

Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, we’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s our job to stay on top…

Brex CEO Henrique Dubugras is currently working to raise over a billion dollars in a weekend to help fund an emergency bridge credit line that he believes will help startup customers impacted by Silicon Valley Bank’s collapse be able to make payroll next week. Dubugras declined to comment on how much capital has been committed for the credit line thus far, but said he’s on back to back calls trying to get funds locked down. “We’re working with a lot of lenders this weekend, to basically raise as much money as we can…

Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Every week, I’ll take a look at the hottest fintech news of the previous week. This will include everything from funding rounds to trends to an analysis of a particular space to hot takes on a particular company or phenomenon. There’s a lot of fintech news out there and it’s my job to stay on top…

Brex’s decision to largely exit the SMB market has caught its customers, market observers and even its competitors by surprise. And while the affected customers scramble to move their assets off Brex’s platform, its rivals are taking aim at the fintech and the market it’s leaving behind. The decacorn’s decision puts a potentially material customer cohort into play, meaning that Brex’s rivals are likely gearing up to try and attract the accounts left adrift. TechCrunch heard from a number of Brex rivals on the matter,…

TikTok says it has completed migrating its US users' data to Oracle's servers in the US  —  TikTok has completed migrating its U.S. users' information to servers at Oracle Corp (ORCL.N), in a move that could address U.S. regulatory concerns over data integrity on the popular video app, the company confirmed to Reuters. TikTok says it has completed migrating its US users' data to Oracle's servers in the US  —  TikTok has completed migrating its U.S. users' information to servers at Oracle Corp (ORCL.N), in a move that…

Founders: Henrique Dubugras, Pedro Franceschi (co-CEOs)Launched: 2017Headquarters: Remote-firstFunding: $1.2 billionValuation: $12.3 billionKey technologies: Cloud computing, machine learningIndustry: FintechPrevious appearances on Disruptor 50 List: 1 (No. 6 in 2021)Brex offers start-ups credit lines and software to manage their finances. While its main product – an unsecured, high-limit charge card for start-ups – exposes it to high-risk companies that could fail, the company manages risk by using real-time data on…