TLDR:
– Fintech company Brex is planning to close its Israel R&D center as part of its global layoffs, which were announced last week.
– The center, which was established two-and-a-half years ago after the acquisition of Israeli startup Weav, employs around 20 people.
Fintech unicorn Brex is set to close its Israel R&D center as part of its global layoffs. The center, which employs around 20 people, was established two-and-a-half years ago following Brex’s acquisition of Israeli startup Weav for $50 million. Last week, Brex announced that it was cutting 20% of its global staff, or 282 employees. The San Francisco-based company offers credit cards, business cash accounts, spend management, and bill pay software through a single dashboard. Since its founding in 2017, Brex has raised a total of $1.2 billion from investors.
