Comment by logicallee
19 hours ago
I see you getting downvotes, but can you elaborate a little on what happened? What kind of business did you mean? If you don't want to share more here, you can email me.
19 hours ago
I see you getting downvotes, but can you elaborate a little on what happened? What kind of business did you mean? If you don't want to share more here, you can email me.
In 2022, Brex shifted away from SMB to refocus their offering. They cut "tens of thousands" of SMB customers who didn't fit their new ICP. They announced this in June 2022 and gave all of those customers 2mo to find a new provider and move their funds.
The new qualifications to be a Brex customer at that time were:
> 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.
SMB? ICP?
SMB = Small Business Owner ICP = Ideal Customer Profile
1 reply →
Brex got out of the SMB segment in 2022 and required some sort of "professional funding" for clients (e.g. VC money or sizable angel funding). There was a lot of reporting on it at the time: https://techcrunch.com/2022/06/19/what-was-really-behind-bre...
Typical HNer, started a startup around some tech. Brex refuses to do business, even though I had positive cash flow, they apparently only have clients with VC funding. (at least at the time, I don't know if they later changed their policy.
If you don’t mind me asking, who are you moving to?
(in the industry, but not at a startup)
Probably over correcting to a local bank lol
I'm doing a consolidation / rebrand around the verdverm pseudonym this year