2022-06-23 20:19:03
I'm reaching out personally to provide more context on the email we sent you last week, in which we communicated that Brex would no longer be able to serve you. While your account is still being closed, we did a poor job explaining who’s impacted by this decision and why.
Who will Brex continue to serve?
There are many ways to characterize businesses, and we focused on criteria that align to the customers we serve best. Our products are designed for companies that have or will soon reach some level of scale, and inevitably face challenges such as fast-growing headcount, global workforces or significant cash to manage. We feel confident in delivering a best-in-class service to customers who meet any of the following criteria:
Received an equity investment of any amount (accelerator, angel, VC or web3 token);
More than $1 million a year in revenue;
More than 50 employees;
More than $500k in cash;
Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner.
It’s impossible to perfectly apply these criteria across tens of thousands of customers, and I know we made mistakes along the way. If we’ve mistakenly indicated your use of Brex will be discontinued, please send us any documentation that confirms your eligibility to reopen@brex.com.
Why did we change who Brex can serve?
We designed Brex for companies that reach some level of scale, with a white-glove onboarding, implementation, and support experience. Our goal is to give all customers the same level of service that a large company receives from day one, and it’s hard to make the economics of this business model work for companies of all sizes.
Many customers asked us why we couldn’t keep smaller businesses and charge for a premium service. The answer is more complicated than costs – the needs of smaller businesses are fundamentally different from scaled companies. Our decision wasn’t driven by financial constraints, but by how many things we can do well at once.
Lessons learned
Last week’s announcement was an incredibly disappointing moment for Brex. I signed off on the email that went out, which lacked the transparency you deserved. As someone whose dad was a small business owner, the way we communicated this decision weighed heavily on me.
As a next step, we will be holding a webinar on Wednesday, June 29th at 12pm PT to help make the migration process as smooth as possible. You can sign up here, and we’ll make the recording available after. We’re also including below the actions you should take to migrate your account.
We set a high bar for ourselves, and we didn't live up to those standards last week. I profusely apologize for not being able to serve you anymore, and I wish you best of luck in your journey. Thank you for the trust you deposited in Brex.
Pedro
For your account offboarding, you should complete the following actions:
Proactively close your account through your Brex dashboard.
Withdraw any funds in your account before August 15, 2022, by following these steps.
Update any outstanding instructions or recurring payments that use your Brex account details.
Provide new and updated bank instructions to your vendors and other payment recipients.
Redeem any available rewards points prior to your account closure. As a reminder, unused rewards are lost when your account is closed.
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