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Brex, a Year After Turmoil, has Profits in Sight
Corporate card issuer saw valuation tumble but cut costs and returned to growth
Just over a year ago, Brex had the makings of the latest Silicon Valley trainwreck. The corporate credit card startup was blowing through the billions in venture capital it had raised. Growth had slowed, competition increased and its valuation had tumbled.
Brex named its 28-year-old cofounder Pedro Franceschi as sole CEO. He launched a turnaround, preaching a new less-is-more, command-and-control ethos to stem the bleeding. His cofounder and face of the company stepped aside and Brex cut staff by 20%.