Staff
Brex is moving to a single-CEO model, with co-founder Pedro Franceschi serving in that role and fellow co-founder Henrique Dubugras becoming board chair.
Dubugras, who has served as co-CEO alongside Franceschi since Brex launched in 2017, said sharing leadership duties worked well when the company was smaller but became more difficult as the fintech grew.
Dubugras cited the company’s goal of launching an initial public offering in 2025 as a factor in the decision, saying “the business requires us to evolve our model.”
“The changes today are driven by a desire to make Brex more agile and accelerate our path to profitability, building on the growth we had in 2023,” a spokesperson for Brex told TechCrunch at the time. “We grew our revenue 35%+ in 2023 while gross profit increased by 75%. This reduction in force puts us on a clear path towards profitability.”
In 06/2024 Ali Rathod-Papier stepped down from her role as global head of compliance to join venture firm Andreessen Horowitz (a16z) as a partner and compliance officer, TechCrunch exclusively learned. Another Brex exec, Sam Blond (former chief revenue officer), also left the company to become a venture capitalist. But he ended up stepping down from his role at Founders Fund earlier this year, saying at the time “full-time investing / being a VC isn’t the right fit for me.”
Product development
In 06/2024 Brex launched new digital banking products and a number of updates to its flagship business account, giving founders access to capital where and when they need it. This launch makes Brex the only spend management platform to marry corporate cards, expense management, bill pay, travel booking, treasury, and banking into one vertically integrated offering.