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Brex drops tens of thousands of small business customers as Silicon Valley adjusts to new reality

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Brex, the Silicon Valley lender to start-ups, is dropping tens of thousands of small business customers to focus on bigger venture-backed clients, according to co-founder Henrique Dubugras.

The company began informing customers this week that they have until Aug. 15 to withdraw funds from online accounts and find new providers, Dubugras told CNBC Friday in a Zoom interview.

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