Cambrian Ventures Raises New Fund Amid Fintech Slowdown

Rex Salisbury and the Enduring Appeal of Fintech

Rex Salisbury, the sole General Partner at Cambrian Ventures, vividly remembers discovering his passion for the fintech industry.

It was 2015 when he transitioned from an investment banking role to pursue engineering at a mortgage startup located in San Francisco. He shared with TechCrunch that this period coincided with the rapid growth of companies like Stripe, Plaid, Credit Karma, and Wealthfront.

The Rise and Subsequent Adjustment in Fintech Investment

Investor interest in fintech experienced substantial growth in the years following 2015, peaking in 2021. However, a noticeable slowdown occurred the subsequent year as interest rates began to climb.

Despite current perceptions suggesting a decline in fintech’s appeal, Salisbury maintains his strong conviction in the sector’s potential. He believes the notion that most fintech opportunities have been realized is inaccurate.

“A specialist, looking closely, will find that only 1% of global financial services revenue has been captured by fintech companies,” he stated.

Cambrian Ventures' Early Success

Salisbury has been actively investing in startups at the pre-seed and seed stages through Cambrian’s initial $20 million fund. He reports that approximately half of the 33 companies funded have already progressed to secure Series A funding.

This rate significantly exceeds the 15.4% seed-to-Series A graduation rate documented by Carta.

Notable portfolio companies include Simple Closures, assisting startups with winding down operations, and Keep, a Canadian platform for credit cards and payment processing.

Salisbury attributes the fund’s positive performance to his ability to identify and support strong founders capable of effectively implementing their visions.

Securing a Second Fund

This initial success has facilitated Salisbury’s acquisition of a second fund, with $20 million in committed capital.

This achievement is particularly noteworthy given a recent PitchBook report indicating that fundraising among emerging venture managers – those operating their first three funds – reached a ten-year low in the first half of 2025.

A Proven Track Record in Fintech

Salisbury’s expertise extends beyond Cambrian Ventures. He previously served as the founding member of Andreessen Horowitz’s (a16z) fintech division.

During his tenure at a16z, he made an investment in Deel, a company that has become a leading provider of payroll and human resource solutions.

Building a Robust Fintech Network

Before joining a16z, Salisbury established a fintech community, hosting monthly gatherings for founders, developers, and industry professionals.

He also launched a newsletter that attracted around 20,000 subscribers and manages a Slack group with over 1,800 founders.

His extensive network enabled him to attract Limited Partners (LPs) from prominent fintech companies like NerdWallet, Plaid, Betterment, and Melio for his first fund.

These individuals reinvested in his second fund, which also gained support from institutional investors, including a bank and a life insurance company.

Strategy and the Impact of AI

Salisbury confirms that Cambrian’s investment strategy for the second fund will remain consistent, focusing on “identifying exceptional founders with innovative product ideas.”

However, he acknowledges the transformative potential of AI. “AI empowers startups to develop multi-product companies right from the start,” he explained.

“It simplifies the process of creating more comprehensive code,” he added, referencing his investment in Every. “They offer banking, accounting, finance, corporate tax, treasury, HR, HSA, FSA, and several other services, all integrated into one platform.”