Brex, the $3 billion fintech startup, is laying off 62 workers and restructuring to focus on 'building over growing'
another $150 million in funding earlier this month, boosting its valuation to around $3 billion.
But Brex's main source of customers — other startups — have been slammed by the coronavirus and the accompanying downturn. As of Friday, 467 startups had laid off over 61,000 tech workers, according toTaking a leaf from Airbnb's book, Brex's founders have announced the support that laid-off employees will receive from the startup.
Besides eight weeks of pay, Brex said it would waive the equity cliff for laid-off workers who have been at the company for less than a year. The startup extended the exercise period of the stocks for a year, for workers who've been at the company for more than two years. And the employees who spent more than two years at the company have seven years to exercise their options.
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