In a blog post, Pedro Franceschi, founder and co-CEO, Brex, regretted mishandling the communication of a sensitive decision.

Last week, fintech Brex caused a stir by announcing it was discontinuing services to thousands of small and medium-sized businesses in favor of focusing on venture-backed or “professionally funded” and larger client accounts.

The company likely received a lot of flak for both the decision and the manner in which it was communicated; hence a conciliatory and apologetic blog post by Pedro Franceschi, founder and co-CEO, issued Thursday. (Brex)

Brex: “About last week’s announcement”

“We did a poor job explaining this decision, which eroded some of the valuable trust we built over the years,” wrote Franceschi. “I want to clarify why we made these changes, who’s affected by it, and what we’ve learned over the past week.”

Brex’s new focus customers

· Received an equity investment of any amount (accelerator, angel, VC or web3 token);

· More than $1 million a year in revenue;

· More than 50 employees;

· More than $500k in cash;

· Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner.

Why the shift in priorities?

· Brex’s service priority – a white-glove onboarding, implementation, and support experience

· Only possible for customers that hit a scale threshold

· The needs of smaller businesses are fundamentally different

· “Our decision wasn’t driven by financial constraints, but by how many things we can do well at once”

Lesson learnt

“We set a high bar for ourselves, and we didn’t live up to those standards last week.”

Going forward

“This change had one goal in mind: serving customers better. We hope this becomes evident by our renewed focus, and the meaningful changes we have coming in our product soon.”

Related Story: Brex Dumps Thousands Of Small Business Customers In Rejig