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Brex ditches SME clients

Brex ditches SME clients

Corporate spend management decacorn Brex is ditching its SME clients, notifying them that it will close their accounts in August.

In a notice on its web site, the fintech giant says: "Brex is constantly evolving our business, and after changes to our strategy, we are less suited to meet the needs of smaller customers."

Clients are being given until 15 August to reroute all funds from their Brex Cash accounts to another provider.

Brex launched in 2017 with a corporate card for venture backed businesses, specifically focusing on startups and SMEs.

It has since expanded to offer SMEs and larger organisations cash management services and has introduced an all-in-one platform that adds spend management and bill pay software together in a single dashboard for a $49 a month fee.

Attracting larger clients, earlier this year it signalled a "big push" into software, rolling out the all-in-one Brex Empower package.

It is unclear how many SME clients are affected by the latest move by Brex, which last October saw its valuation hit $12.3 billion off the back of a $300 million funding round.

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