- Brex, which offers financial services for startups, is reportedly worth $12.3 billion.
- The startup is making a push to win over small businesses in order to expand its customer base.
- After layoffs in 2020, Brex is now hiring. Insider looked through filings to find out what it pays.
The fintech frenzy among venture capitalists has birthed dozens of unicorns in the past few years. Among the buzziest is Brex, the corporate-spending startup that is reportedly now valued at $12.3 billion.
Founded in 2017 by Pedro Franceschi and Henrique Dubugras, two serial entrepreneurs from Brazil, Brex quickly ascended to a billion-dollar valuation. The company, which offers credit-card, cash-management, and expensing services for businesses, became a unicorn just 16 months after its creation.
Now Brex is seeking to expand beyond its initial customer base of startups such as Carta, Thirty Madison, and Room by attracting small businesses to its services. It’s in a fierce battle with rival corporate financial-services startups such as Ramp, itself a $3.9 billion unicorn with backing from the payment-processing decacorn Stripe.
Brex has armed itself with plenty of capital to take on competitors. According to TechCrunch, Brex raised $300 million in October, just six months after a $425 million Series D round led by Tiger Global Management.
With that cash, the company has stepped up its hiring, after having laid off 62 employees last year in the thick of the pandemic. It has since built up its executive suite and poached from Wall Street to expand upon its talent bench. In July, for instance, the company hired Kome Emuh, a Goldman Sachs alum, as its chief of staff for engineering.
Many of its roles, as it turns out, are quite lucrative.
Insider looked through public data released this year on the positions Brex filled through work visas to gain some insight on what the company pays for certain roles, including engineers, data scientists, and risk managers.
Corporations have to disclose to the US government how much they pay employees through the H-1B visa program, which is a major part of Silicon Valley’s workforce. The Office of Foreign Labor Certification makes that information public annually.
Most of the roles Brex sought to fill were based in California, where the company is headquartered, with a few in New York, New Jersey, Utah, Washington state, and Colorado.
This is annual salary information only and does not include other compensation such as stocks or bonuses. Though it’s not a complete picture, the information still represents a rare window into how much the company pays its employees.
Take a look at what Brex pays employees: