The COVID-19 pandemic has caused significant economic challenges around the world, including layoffs in various industries.
Fintechs, in particular, have not been immune to this phenomenon, with many companies also laying off employees.
However, it is important to note that not all fintech companies are struggling. In fact, some are seeing opportunities in the current climate.
Fintech Founders are Winning
According to Rex Salisbury, a founding partner of Cambrian Ventures and formerly on the fintech investment team at Andreessen Horowitz (a16z), early-stage fintech founders, especially those at the pre-seed and seed stages, are among the biggest winners in the current job market.
These companies are attracting top talent that would have been inaccessible six months ago. Salisbury notes that the buzz and momentum for these companies are unlike anything he has seen before, which is incredible.
Lee Hower, a co-founder and partner at NextView Ventures who was on the founding team of LinkedIn, believes that even in the current downturn, some fintechs are “thriving.” He cites the example of PayPal, which he was an early employee of, and which grew during the dotcom bust and was a rare IPO in 2002. Hower believes that the brightest stars in fintech today are succeeding because they are solving real problems that consumers, businesses, and financial institutions face every day.
Fintechs That Are Hiring
Despite the challenges, there are fintechs that are hiring. Here are a few examples:
- Lula: An insurance infrastructure startup that has raised $18 million in funding from the likes of NextView Ventures, Founders Fund, and Khosla Ventures. Lula is currently hiring 10 people across engineering, product, and sales.
- Unit: Another infrastructure startup that is hiring nearly a dozen people across the U.S. and Israel. Unit last year closed a $100 million Series C round of funding led by Insight Partners at a $1.2 billion valuation.
- Synctera: A BaaS startup that raised $33 million in 2021 and is currently hiring across nine roles.
- Array: A New York-based fintech that provides consumers with financial, identity, and privacy protection tools. Array is currently hiring eight engineers for its new product, Hello Privacy. The company has raised $67 million from Battery Ventures, NextView Ventures, and General Catalyst.
- Public.com: A trading app that is currently hiring 14 people across engineering, supporting, operations, marketing, product, and design. The company last raised in 2021 — a $220 million Series D funding round at a $1.2 billion valuation.
- Securesave: An emergency savings fintech that is hiring for at least five roles over the next few months across sales and operations.
- Setpoint: Currently hiring for five roles in sales, finance, operations, and engineering. Setpoint recently raised a fresh $43 million led by Andreessen Horowitz.
- OatFi: A B2B BNPL fintech that recently raised an $8 million seed from QED and Rex Salisbury of Cambrian. OatFi is currently hiring for four roles.
While many fintechs are indeed struggling and have had to make difficult decisions regarding layoffs, there are still many opportunities to be found in the industry.
Early-stage fintech founders are winning, and some fintech companies are thriving, thanks to their ability to solve real-world problems.
For job seekers, there are still fintech companies hiring, and the above examples are just a few of many. It is important to stay informed and up-to-date on fintech news and job opportunities to find the right fit for you.