TechCrunch
3 months agoInside Brex's efforts to burn less cash | TechCrunch
Brex announced a restructuring that resulted in laying off 282 employees, or nearly 20% of its staff, as it tries to preserve runway amid reports of burning $17 million in cash each month during Q4 of 2022.
Fintech investing in 2023 saw a significant drop in funding and valuations, with a -43.8% and -32.4% YoY decrease, respectively. However, Q4 saw positive growth with eight new unicorns and double-digit percentage increase in equity funding. [ more ]