Brex cofounder Henrique Dubugras details decisions behind pivots, layoffs, going remote

News Summary

  • Years later, newer startups in YC cohorts still tout themselves as the “Brex for X.”At TechCrunch Disrupt 2022, I sat down with a refreshingly candid Dubugras and Anu Hariharan, YC’s managing director for continuity and an early Brex investor, to expose the context around this whirlwind of a year.
  • I believe you were in your early 20s?Dubugras: I was born and raised in Brazil, and out of high school, I started a payments business in Brazil that did payment processing, so kind of like a Stripe of Brazil.
  • It’s been an eventful year for fintech Brex.The year began with confirmation that the startup had raised $300 million at a $12.3 billion valuation.
  • After selling that company, I moved to the U.S. to go to college and then dropped out to start Brex.The first idea that we got into YC wasn’t actually in fintech.
  • But then earlier this year, you had a shift in strategy: You announced that Brex was making a push into software and that you were going to be focusing on the enterprise.
  • By June, it sent shock waves in the startup world when it announced it would no longer serve small businesses funded outside the venture capital structure.
Its been an eventful year for fintech Brex.The year began with confirmation that the startup had raised $300 million at a $12.3 billion valuation. In April, the company announced a shift in strateg [+2964 chars]