In a message to staffers shared on the company’s blog, co-CEO Pedro Franceschi says the restructuring will "create more focus and financial discipline for the company, and put us on a path to sustainable profitability over the next few years".

Valued at over $12 billion in its most recent financing round, Brex launched in 2017 with a corporate card for venture backed businesses, specifically focusing on startups and SMEs.

However, in June the firm changed direction, ditching its SME clients. Franceschi says that the job cuts are a continuation of the decision to "sharpen our focus and serve fewer customers really well".