Hello and welcome back to Equity, TechRush's flagship podcast about the business of startups.

I'm Hyacamps and this is our Wednesday episode where we hone in on a trend in the startup world and dive deep.

And I'm not alone. As always, I'm joined by my co-host

Mary Ann Acevedo. Mary Ann, how are you doing today? I am good, Haya. It's been a hectic

start to the week, but it's good, lots going on on happy to be doing this today with you it's always good to see your face

We've got a lot to get into today last week Rex announced that they would be ditching its co-cee. And that got us wondering about co-ceo teams

in general and the effectiveness of the structure overall.

So to start, Marianne, can you kick us off

with what happened at Brex and what's new and what's different?

Yeah, so Brex started in 2017 and from the beginning they've operated under this co-CEO model

and for the unacquainted Brex isa rather large FinTech, last valued at about 12.3 billion dollars

a couple of years ago.

It was started by a pair of young Brazilians who actually were friends as teenagers and started a different company prior to Brex that ended up getting acquired and with that company they were also co-ceeos.

So interestingly, I talked to the two founders Pedro Francescie and

Enrique Dubigross. They were telling me about how it came about in general. The point is that they were both coders, they both coded, but they realized that Pedro was the better

coder. And also, so he kind of just led the development of the company's core financial infrastructure from scratch.

Pedro also led what they describe it as the entire organization over the last

six years. It's grown to over 30,000 customers, larger products sweet, and Enrique was more of the face of Brex.

Whenever I conducted interviews I was usually talking to Enrique.

He was the one that I think spent most of his time talking to

investors trying to win over the larger customers. Brex had raised over 1.5 billion

in both

...