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Hello, tech lovers! Today, we’re diving into how Rex Salisbury, a fintech enthusiast at heart, is shaking up the investment scene with his latest fund.
Back in 2015, Salisbury left his banking gig to explore fintech. He was inspired by startups like Stripe, Plaid, and Wealthfront, which were gaining momentum fast. The excitement hit a peak in 2021 but cooled down after interest rates rose, making many think fintech had slowed down.
Surprisingly, Salisbury still believes there’s immense potential. He argues that only about 1% of global financial services revenue has been tapped by fintech, suggesting plenty of room for growth. With his second fund matching the original $20 million, he’s betting on innovative founders who are redefining finance, especially with AI’s help. AI now enables startups to build multi-product companies from scratch, streamlining complex financial services into unified platforms.
Salisbury’s track record is impressive — out of 33 startups funded from his first fund, about half have moved on to Series A funding, far surpassing typical seed graduation rates. His investments include companies like Simple Closures, which assists startups in shutting down smoothly, and Keep, a Canadian platform for credit cards and payments.
Beyond investing, Salisbury is deeply connected: he previously worked at Andreessen Horowitz and launched a fintech community. His network includes top fintech founders, which helped attract significant backers for his funds. Despite the slowdown in tech funding overall, Salisbury’s small but mighty fund continues to thrive, fueled by his focus on founders with groundbreaking ideas.
Looking ahead, AI is here to stay as a game-changer, allowing startups to develop comprehensive financial tools easily. Salisbury’s investments, like Every, show how AI is now pivotal in creating versatile, single-platform solutions that handle banking, accounting, HR, and more from day one.
In essence, while many see fintech as a slow lane, Salisbury sees uncharted territories filled with opportunities. His story reminds us that with the right vision and technology, it’s never too late to innovate and grow.
