Brex underwent a major internal overhaul to strengthen its focus on startups after encountering challenges post its shift to a broader financial platform aimed at mid-market and enterprise clients. The decision to pivot alienated some early customers, sparking criticism from the market. Co-founder Henrique Dubugras stated that a choice was necessary to prevent compromising service quality for both startups and larger entities. The company aims to streamline operations as it competes against firms like Ramp in the corporate card space while retaining clients with backing from various investment sources.
"We got to a situation where we realized that if we didn't choose one, we would do a poor job for both [groups of clients]," Co-founder Henrique Dubugras told CNBC.
Brex's rapid expansion led to internal, operational inefficiencies and overcomplicated management structures.
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