In a financial landscape where fintech investments have cooled significantly, Rex Salisbury’s Cambrian Ventures has defied industry trends by securing a new $20 million fund. This achievement marks a significant milestone for the solo general partner, whose passion for financial technology has remained unwavering since 2015, despite the sector’s recent volatility.
Bucking the fintech investment slowdown with strategic focus
While many investors have retreated from fintech opportunities, Salisbury maintains a contrarian perspective that has proven successful. “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 explains. This viewpoint has guided his investment strategy through both market peaks and valleys.
The current fundraising climate for emerging venture managers has been particularly challenging. According to PitchBook’s industry analysis, the first half of 2025 saw fundraising by newer venture firms (those managing their first three funds) hit its lowest point in a decade. Against this backdrop, Cambrian’s ability to secure $20 million in committed capital for its second fund represents a remarkable achievement.
Salisbury’s investment approach centers on identifying talented founders with innovative ideas. His portfolio from the first Cambrian fund includes 33 companies, with approximately half already advancing to Series A funding rounds—significantly outperforming the industry average of 15.4% tracked by Carta. Notable investments include:
- Simple Closures – A platform helping startups navigate shutdown processes
- Keep – A Canadian credit card and payments solution
- Every – An AI-powered multi-product financial platform
For his second fund, Salisbury plans to maintain this successful formula, continuing to focus on “finding great founders who have new ideas for unique products” while leveraging advancements in artificial intelligence.
From fintech enthusiast to specialized investor
Salisbury’s journey into fintech began in 2015 when he left investment banking to join a San Francisco mortgage startup as an engineer. He witnessed firsthand the rise of industry pioneers like Stripe, Plaid, Credit Karma, and Wealthfront during a time when Lending Club’s successful IPO signaled growing investor interest in financial technology.
His career trajectory includes serving as the founding member of Andreessen Horowitz’s fintech practice, where he made a particularly prescient investment in Deel—now a major player in global payroll and HR tools. This experience at one of Silicon Valley’s most prominent venture firms provided valuable insights that would later inform his approach at Cambrian Ventures.
Beyond his investment activities, Salisbury has built a substantial community presence within the fintech ecosystem:
| Community Initiative | Scale | Purpose |
|---|---|---|
| Fintech Meetups | Monthly events | Connecting founders, builders and enthusiasts |
| Industry Newsletter | ~20,000 subscribers | Sharing insights and trends |
| Slack Community | 1,800+ founders | Facilitating collaboration and knowledge sharing |
This extensive network has proven invaluable for fundraising. The investor base for Cambrian’s funds includes founders from successful fintech companies like NerdWallet, Plaid, Betterment, and Melio, who participated in both the first and second funds. The newer fund has also attracted institutional investors, including a bank and a life insurance company.
Leveraging AI to transform early-stage fintech startups
Salisbury sees artificial intelligence as a game-changer for fintech startups. “The biggest thing AI lets you do is build multi-product companies from day one,” he notes. This technological advancement enables small teams to develop comprehensive product suites that would have previously required significantly more resources.
His investment in Every exemplifies this approach. The company has leveraged AI to simultaneously offer banking, accounting, finance, corporate tax, treasury, HR, HSA, FSA, and other services within a single platform. This integration represents a fundamental shift from the single-product focus that characterized many earlier fintech startups.
The timing may prove advantageous for Cambrian’s second fund. While the broader fintech investment landscape has cooled since its 2021 peak, the sector’s foundational promise remains strong. Salisbury believes current market conditions create opportunities for discerning investors who understand where genuine innovation can occur.
With rising interest rates and changing economic conditions, the fintech landscape has evolved from the exuberance of previous years. Yet Salisbury’s specialized knowledge and established network position Cambrian Ventures to identify promising opportunities that others might overlook. His continued success demonstrates that even in challenging market conditions, focused investment strategies can deliver exceptional results.
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