Buzzy insurtech Corgi is hiring experienced investment bankers. The catch? The pay is commission-only.

Corgi launched as an insurance startup, but it’s been rapidly expanding into new businesses like thematic ETFs and 24/7 cafe/coworking spaces.

A job filing posted this month suggests it’s now eyeing M&A investment banking.

The company, valued at $5 billion, is hiring for a “Managing Director, Investment Banking” role, according to the posting.

It says the company is “seeking experienced Managing Directors with established client relationships, deep sector expertise, and a proven track record of originating and closing transactions.” The company says it’s seeking someone with more than five years of experience.

Unlike traditional investment banking jobs, which typically pair a hefty base salary with performance-based compensation, this job is “commission only, with no base salary.” “Payouts are tied to collected transaction fees, with terms based on origination and execution responsibilities and agreed upon before joining,” the listing says.

Investment banking managing directors across the industry made a median of $1.1 million a year in 2025, according to Prospect Rock Partners, and in previous years, bonuses made up more than two-thirds of total compensation.

A commission-only contract could be seen as a hard sell for your average banker, but Corgi’s prolific fundraising — $266 million this year and $431 million in total since its 2014 launch — and its vision of “building an AI financial infrastructure company” may be attractive to an ambitious young banker.

The company did not respond to a request for comment about its plans or the job posting.

Corgi was founded by Emily Yuan and Nico Laqua in 2024, offering a range of insurance products for startups.

Its recently opened cafés are positioned as a marketing tool for startup founders.

While an investment banking platform may seem to be an odd choice for an insurer, it is a clue that this is part of the firm’s vision to serve startups by helping them sell their businesses.

The posting said candidates should have relationships with “founders, sponsors, and referral partners” — in other words, those who can connect startup founders with private equity investors that could buy their companies.