Why did Brex decide to focus on startups and scaled companies?
When Brex introduced its software platform Empower, we made the decision to focus our service on startups and scaled companies. We realized we couldn’t successfully serve companies of all sizes at the same time. Unfortunately, this means some of our Brex customers’ accounts will be closed.
Our products are designed for companies that have or will soon reach some level of scale, and who inevitably face challenges such as fast-growing headcounts, global workforces, or significant cash to manage.
We understand changes in financial services can be disruptive and are deeply sorry for the impact this may have on those businesses affected. We want to help make the transition as smooth as possible and have outlined additional context and next steps below.
If I received a message that my account will be closed, what are the next steps?
Your account will remain active and you can continue transacting on your Brex cards until August 15, 2022. We encourage you to transfer your Brex Cash account balance to a connected bank account or alternative platform before that date.
For instructions on transfers, please read How do I send a payment with my Brex Cash account?.
We ask that customers with a negative account balance initiate a transfer from an external account for the amount owed before August 15.
Rewards points need to be redeemed as soon as possible as unused rewards will be lost after accounts have been closed. To learn more about redemption options, please read How do I redeem my Brex points?.
How can I appeal this decision?
The customers who get the most value from Brex are the ones that have (or will have) the challenges of scaled companies. 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
If you meet any of these criteria, please send us any documentation that confirms your eligibility to email@example.com.