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Who thrived in the first of many cold months?

Three fintechs that raised money in Jan and could hire in Feb

2022 was the start of the great reset for fintech firms. The lofty valuations of yesteryear came crashing back down to earth and the firms that overhired massively cut back in a painful way.

At the start of 2023, confidence is low and funding is similar. However, some brave fintechs are still out there, raising money for the future and if you want to work in fintech they're likely to be most susceptible to your CV.

Tranch begins its US expansion

We said in our 2022 fintech roundup that London was the place to be if you're a smaller fintech, and one non-unicorn fintech that's doing well there is Tranch.

Tranch provides BNPL (buy now pay later) services on a B2B basis and raised $100m in January. Most of this was a result of debt financing  though it also received a pre-seed funding round of $5m, over double their £2m ($2.47m) pre-seed round last may in a what was a much warmer climate.

Success in the BNPL space is hard to come by these days, as firms like Klarna have slashed valuations massively. Venture capitalist Shmuel Chafets, CEO of VC Firm Targets Global, spoke of BNPL at the London School of Economics Alternate Investments Conference. He said, "as a trend it just doesn't make any sense" and asked "is there fundamental value in this model for everyone involved?"

Tranch may use its new funds to hire across the Atlantic. CEO Phillip Kelvin said Tranch is "in a great position to continue our growth in the US market out of our New York office.” At present there is only one job listing, but expect those numbers to increase.

The fintech that raised the most was founded by a Goldman Sachs MD

Raising money in the hundreds of millions was an exceedingly difficult task this month. The only firm based in the US or Europe to raise over a quarter of a million dollars was Dailypay, whose funding increased by $260m.

The firm provides an on-demand payments platform and was founded by Jason Lee, who spent over 16 years at Goldman Sachs and was latterly the firm's global head of structured equity.

DailyPay has 16 roles open, 10 of which are New York based. Few are in engineering, but there are director positions in both channel partnerships and enterprise sales which can earn you over $179k in base salary.

Blockstream: crypto unicorn no more?

If the funding for fintech in general was low, funding for crypto was even lower. Nonetheless Blockstream, which was previously valued at $4bn has raised new funds in a novel way.

The Canadian firm raised $125m via a convertible note. These are more common among early-stage firms, rather than a multi-billion dollar company founded almost a decade ago.

However, there have been reports that in its next seed funding round, Blockstream will operate under a significantly lower working valuation that would see them lose unicorn status.

Blockstream is looking to build its crypto mining division, and is currently hiring both a lead engineer and a project manager for remote roles within that division.

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AUTHORAlex McMurray Editor

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