Dive Brief:
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Credit card startup Brex laid off 62 employees as the company restructures over the impact of the coronavirus pandemic, co-founders Pedro Franceschi and Henrique Dubugras announced in a blog postFriday.
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The layoffs make up about 17% of the Silicon Valley-based fintech’s total workforce, according to a Pitchbook estimate, cited by Business Insider. Brex, which is valued at $3 billion, provides credit cards and banking services for startups.
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“As the extraordinary events of the last few months unfolded, it became increasingly clear that our plans for 2020 would have to be different,”Franceschi and Dubugras said. “Today we’re restructuring the company to better align our priorities with this new reality, while simultaneo…
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