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Brex drops tens of thousands of small business customers as Silicon Valley adjusts to new reality

CNBC Finance LogoCNBC Finance1w ago

Brex drops tens of thousands of small business customers as Silicon Valley adjusts to new reality

Quick Summary

The move is the latest sign of a sea change occurring among start-ups as an abrupt shift in market conditions is forcing a new discipline on companies.

While business leaders have been warning of an impending recession in recent weeks, the decision wasn't based on concern that small businesses would default on corporate cards, the co-founder said.

That meant that some of Brex's biggest customers began to request solutions to help them control expenses and hire cheaper international workers, Dubugras said.


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Author / Journalist: https://www.facebook.com/CNBC

Category: MarketsFinanceInvesting

Topics: CNBC Disruptor 50 Venture Capital Investment strategy Banks Finance PayPal Holdings Inc Small business Financials Venture capital FinTech Investing Technology Small Business Source:tagname:CNBC US Source Cnbc Breaking News: Investing Articles

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-17, 22:22:21

News Timezone: GMT -5:00

News Source URL: cnbc.com

Language: English

Reading Time: 4 minutes read

Article Length: 683 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 514

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Official Website: cnbc.com

Update Frequency: 3 posts per day

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Last Updated: 22h ago

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