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Ex-Andreessen Horowitz partner launches $20m fintech fund
The prominent West Coast fintech community member is spearheading a new fund earmarked for fintech investment.
Ex-Andreessen Horowitz partner Rex Salisbury has launched a new $20m fintech investment fund as part of venture capital firm Cambrian Ventures.
Backers of the new fund reportedly include founders of Nerdwallet, Plaid, Simple, Alloy, Modus, SentiLink, Jeeves, Betterment, Blend, Routable, Trim, LendUp, One, SoFi, Moonpay, LoanPro, Altruist, and Melio.
Salisbury founded the San Francisco-based Cambrian fintech community in 2016, which Cambrian Ventures is the investment arm of, which claims to have over 15,000 subscribers, 4,000 meetup attendees, and a Slack community of 1,100+ fintech founders
Cambrian said it plans to invest in 30 companies within the fintech sector, with investments of up to $500K at the angel, pre-seed, and seed stages.
The venture capital firm has made five investments over the last few months, including employee lending start-up Keep Financial’s recent seed round.
Prior to working at Andreessen Horowitz, where Salisbury was between 2019 and 2021, he spent four years working in investment banking for Merrill Lynch in North Carolina.
The executive also spent two years stints working as a product engineer for mortgage approval start-up Sindeo and background checking automation firm Checkr.
“In seeing the positive and meaningful impact this community of experienced fintech founders and investors has had thus far, Cambrian's venture fund was a logical next step. There is a unique opportunity to mobilize the Cambrian community to facilitate vital connections while adding operational expertise and capital at the earliest and most critical stage of founder-market fit,” said Rex Salisbury, founder and general partner of Cambrian. “The fund aims to leverage the entrepreneurial experience, subject matter expertise, operational expertise, and industry insights within the Cambrian community to support the next generation of fintech entrepreneurs.”
It’s unknown whether any of this capital will make it to the UK, but the UK fintech sector is continuing to attract outside investment, growing 24 per cent year-on-year despite a wider global slowdown in investments.
Innovate Finance reported that UK Fintechs have raked in £7.6bn in funding in the first part of 2022, exceeding the rest of Europe combined.
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