It came from The 2021 boom in venture capital has shaken up much of the startup world, but the lack of capital has been glaringly obvious in one particular area: fintech.
According to CB Insights, After peaking in 2021, funding for fintech startups worldwide fell 46% to $75.2 billion from $139.8 billion a year ago. In the year The data on early 2023 is still coming in, but we’ve heard from everyone that venture funding for fintech will start again. Yes, the Strip’s $6.5 billion increase may skew the highs a bit, but let’s not forget that it’s also a low round.
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But fintech is broad, encompassing everything from Chime and Alpaca to Brakes. In fact, it’s too broad a group to be used much. You have to dig deeper and be more specific to make his evolving trends clearer.
This brings us to CFOs, everyone’s favorite person on the company’s executive team: the dispatcher, the invoicer, the budgeter.
Call them what you want, CFOs are a critical part of a startup’s evolution. We don’t pay enough attention to CxOs here at TechCrunch, because we tend to focus more on founders, but in the past year, CFOs have been able to breathe their attention into us. It was on the IPO path before the market closed that path or boarded the business.
That’s bad news for CFOs: Valuation changes in many startup categories have taken IPOs off the table, and now they’re tasked with stretching money from a pond in Death Valley to a market where capital is quickly drying up.
But there’s good news, too: Many fintech startups are building tools for CFOs and their back offices, often referred to as the “CFO stack.”