Rex Salisbury’s Cambrian Ventures raises new fund, bucking fintech slowdown

Rex Salisbury, the founder and general partner of Cambrian Ventures, reflects on his early passion for the fintech industry, which ignited in 2015. After transitioning from investment banking to an engineering role at a mortgage startup in San Francisco, he witnessed the rise of fintech pioneers like Stripe, Plaid, and Wealthfront. The excitement within the sector peaked in 2021, but the landscape shifted dramatically with the rise in interest rates the following year, leading many to perceive a downturn in fintech. Despite the prevailing skepticism, Salisbury's enthusiasm remains undiminished. He argues that the belief that the fintech space is saturated is misleading. "If you’re a specialist and you know where to look, you’ll realize that only 1% of global financial services revenues has been captured by fintech," he asserted. His conviction is mirrored in his investment activities through Cambrian’s first $20 million fund, where he has actively supported pre-seed and seed-stage startups. Out of the 33 companies he has backed, about half have already achieved Series A funding—significantly exceeding the typical 15.4% graduation rate tracked by Carta. Among his notable investments are Simple Closures, which aids startups in winding down operations, and Keep, a Canadian platform for credit card payments. Salisbury attributes the success of his initial fund to his talent for identifying exceptional founders capable of executing their visions effectively. This success has paved the way for a second fund, also launching with $20 million in committed capital. Salisbury stands out in the fintech landscape, having previously been a key member of Andreessen Horowitz’s fintech practice. His experience includes investing in Deel, a company that has since become a leader in payroll and HR tools. Beyond his investment ventures, he has cultivated a fintech community through monthly meetups, a popular newsletter, and a Slack group that connects over 1,800 founders. His extensive network has attracted prominent fintech figures, such as those from NerdWallet and Plaid, to invest in both his first and second funds, which now also include institutional backers like a bank and a life insurance firm. Salisbury's investment strategy remains focused on discovering innovative founders with fresh ideas. He emphasizes the transformative potential of AI in the industry, stating, "AI lets you build multi-product companies from day one," highlighting his investment in Every, a company that integrates various financial services into a single platform.