The San Francisco-based fintech, which offers corporate credit cards for startups, has 40 employees in the city and is looking to expand further. The Vancouver office is its first international location. (The Logic)
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The San Francisco-based fintech, which offers corporate credit cards for startups, has 40 employees in the city and is looking to expand further. The Vancouver office is its first international location. (The Logic)
Talking point: Brex, which is valued at US$2.6 billion and backed by Y Combinator and entrepreneur Peter Thiel, is the latest U.S. tech firm to set up shop in Vancouver. Grammarly, Tile, Slalom, DataCloud International and Tigera all announced plans for new offices in the city last year, while Amazon and Microsoft have been expanding in the city for years. It’s not just U.S. firms: in January, Shopify said it’s looking to hire 1,000 people for its new office in the city. Brex is trying to compete directly with American Express by targeting new companies without the credit history to get a traditional corporate card, but the cash on hand to be able to pay regardless. The company has managed to grab enough of the market that American Express launched a similar product in October 2019. In Brex’s push to expand in Vancouver, it’ll also be up against Mastercard, which plans to create 270 jobs within the next nine years.
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