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A message from the founders of Brex

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Earlier today, Brex co-founders Pedro and Henrique shared this message with all Brex employees.

Team,

We started this year with big goals for Brex. As the extraordinary events of the last few months unfolded, it became increasingly clear that our plans for 2020 would have to be different.

Today we're restructuring the company to better align our priorities with this new reality, while simultaneously accelerating our product vision. With that, I have some very sad news to share. 62 people will be leaving Brex today.

This decision is one of the hardest that Henrique and I have made since we started the company, and one that directly impacts the lives of people that have invested their time, energy and passion in getting us to where we are. We’d like to explain how we reached this conclusion and walk you through the details.

Background

Since the beginning of the pandemic, Henrique and I had two priorities. First, to make sure each one of you and your families stay healthy and safe. Second, to understand the real impact of these events on our customers and our business. 

Three months in, it’s clear that the impact of COVID-19 won’t be short-lived. We know that the pace of growth won’t be what we expected for the foreseeable future. This unique situation created the space for us to think about the future of Brex, and how we could use this time to accelerate our mission - to reimagine financial systems so every growing company can realize their full potential.

We are restructuring the company to prioritize building over growing over the next year, and be ready to serve the new businesses that will be created as the economy recovers with a stronger product.

This decision means we will need to revisit investments that no longer make sense in the new reality we now live in. Some teams will unfortunately need to be reduced, some roles changed and some people asked to move teams.

How we’re supporting those affected

  1. Severance. We are providing everyone impacted with eight weeks of pay to help with the transition.
  2. Equity. For those with less than one year at Brex, we’re waiving the equity cliff. For those with less than two years of tenure, we’re extending the exercise period to one year. For those with more than two years, we’re extending the exercise period to seven years.
  3. COBRA. All current healthcare benefits will remain active through the end of June. We will then pay for COBRA health insurance through the end of 2020 to ensure continued access to healthcare, especially during a global pandemic.
  4. Recruiting. We are dedicating part of our recruiting team to help find new opportunities for those impacted. We have built an alumni group to amplify the talent of our team, and, as new roles open over time, will prioritize hiring back our teammates.
  5. Technology. Those impacted will be able to keep their computer or any other equipment provided. We want to ensure they have the tools needed to find their next opportunity as quickly as possible.

Final thoughts 

For those who are leaving, Henrique and I have so many feelings about today, but the one that stands out the most is gratitude.

Building Brex has been an incredible journey so far, and we’re still far from realizing our full potential. But all the progress we have made is because of the talent, energy and ambition each one of you brought here.

Thank you for sharing your greatness with us, and trusting Henrique and me when so many others didn’t. It breaks my heart to see you go through this, and we will have to figure out what Brex means knowing you’re no longer here.

Please continue dreaming big and don’t lose the ambition that attracted you to Brex. Don’t let anything, not even a global pandemic, take that away from you.

I wish we could give each one of you a hug, so instead I’ll end this message like I’d do it in Portuguese.

Abraços,

Pedro and Henrique

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©2020 Brex Inc. “Brex” and the Brex logo are registered trademarks.The Brex Mastercard® Corporate Credit Card is issued by Emigrant Bank, Member FDIC. Terms and conditions apply. See the Brex Platform Agreement for details.Brex Inc. provides a corporate card. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to sweep uninvested cash balances into certain money market mutual funds. Investing in securities products involves risk, including possible loss of principal. Neither Brex Inc. nor any of its affiliates is a bank. Please see brex.com/cash for important legal disclosures.