Brex’s New Vancouver Office Proves Canada’s Fintech Strength

Need to Know

• US fintech Brex announced international expansion plans into Canada with an office in Vancouver. 
• The office will initially be staffed with around 40 employees focused on software engineering and customer experience functions and will expand as the operation grows. 
• Brex is transforming B2B payments by creating industry-specific corporate cards, cash management accounts, rewards, and travel programs. In 2018 the fintech launched the first-ever corporate card and rewards programs designed for startups. 
• In June of 2019, Brex closed its series C funding, raising $315M in equity and securing $510 million of debt capital.

Analysis 

Brex’s move north reaffirms analyst’s claims—the Canadian fintech market is innovative, expanding, and full of top-tier talent. 

“The phenomenal growth of Vancouver’s technology industry and its embrace of skilled immigrants are inextricably linked,” said Henrique Dubugras, co-founder and co-CEO of Brex to the Financial Post. “Brex’s growth and the global diversity of its workforce share a similar connection. We’re thrilled to announce our new office in a location that is so rich in global talent.”

Brex has transformed B2B payments by creating corporate cards, cash management accounts, rewards, and travel programs tailored to specific industries and startups. By building credit card tech from the ground up the startup is able to reimagine how corporate cards function and create a better experience for customers. The fast-growing fintech startup was founded in 2017 and has already progressed to closing series C funding, raising $315M in equity and securing $510 million of debt capital. 

The move north showcases just how strong Canada’s fintech market is. Not to be outdone by smaller competition, big banks are looking to cash in on the rapid expansions happening in the sector. Just this week, RBC announced a new technology and innovation group focusing on delivering unique financial solutions and scale-up recommendations for Canadian fintech’s.

Canada’s largest bank also grew its Ventures portfolio, acquiring smaller startups that help round out value-added services for its customers, the most recent being its Dr.Bill acquisition. 

In 2018 CIBC launched innovation banking, a full-service business that offers advice and funding to North American technology and innovation clients making it easier for them to grow and achieve financial independence.

Brex is hiring for a number of roles and opportunities for its Vancouver office starting with software engineering and customer experience functions and building as the office grows.