Brex lays off 11% of staff as part of its restructuring; & more!

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NEWS HIGHLIGHT

Brex lays off 11% of staff as part of its restructuring. The startup said it initially tried to “repurpose” as many roles as it could before ultimately deciding it had to let some people go. Also, the startup's CFO is departing to join Rippling, which recently entered the spend management space. Link here

BREAKING NEWS

Flux to close down its network. They are unable to share details on what's next for Flux right now but will put out a fuller statement in the coming weeks. Link here

Wise suspends money transfers to Nigeria. They decided to suspend transfers into Nigeria to enable it to address issues disturbing the process of sending money to the country. “We’re doing this because sending money to Nigeria hasn’t been as fast or reliable as we’d like. We want to fix this before your next USD transfer to Nigeria,” their statement disclosed. Link here

Modulr joins DPF Steering Committee. In addition, Modulr will be joining the Digital Pound Foundation’s Payments and Use Cases Working Groups, taking a leading role in both groups in driving the foundation’s agenda and thought leadership in these two key areas of their work. Link here