One of the pandemic-era darlings of the fintech sector is stuck in a rut.
Brex, which issues credit cards and manages cash for businesses, burned an average of about $17 million a month in cash in the fourth quarter, the company told staff at an all-hands meeting earlier this month. Brex has enough cash to last through March 2026, according to the data given to employees in early January, although Chief Financial Officer Ben Gammell emphasized to staff at the all-hands meeting that the company had to continue reducing its cash burn.
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