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Secrets to a Successful Sales Recruitment Process

| 4 minutes

On paper, most recruitment processes look pretty similar: create a job description, attract candidates, go through a series of interviews to figure out who’s the best fit. 

But what seems like a simple process, can easily go wrong. Underestimating the recruitment process can lead to a bad hire, high turnover, and a lot of wasted time and money. 

Here’s how to go beyond the fundamentals of the sales recruitment process to boost your chances of finding the perfect new hire.  

Thinking time

The most important part of the hiring process starts before you’ve even written a job description. 

As well as defining the role and recruitment process in detail, invest time thinking about skills gaps and perspectives you’re missing in your team. 

Think about the types of challenges and ways of working that your new team member will need to enjoy, as well as any shared values you want to see. 

Having that clarity before you start the process will enable you to recognise the perfect person when you meet them, leading to faster, better decision making. 

Research the market 

Before going live with your vacancy, spend time understanding how your role, salary, and job title compare to the rest of the market. 

Not only is it a useful sense check, it will also help you understand how you can present and differentiate your organisation in order to attract top talent. 

Job ads that emphasise work-life balance, for example, have increased by 65%, with vacancies that mention culture, flexibility, and wellbeing receiving three times more views and twice as many applications, according to data from LinkedIn. 

Set aside enough time 

Recruitment is time consuming, and HR Directors spend about a month (27.59 days) recruiting for open positions. 

From reviewing CVs to arranging convenient interview times, make sure you and any other key stakeholders set aside enough time to manage the recruitment process successfully.

If that’s not possible, look for a trusted recruitment partner with expertise in your sector to ensure you can focus only on the most promising people and that candidates have a positive experience that protects your employer brand. 

Target passive candidates

If you’re relying on exactly the right person finding your job listing at exactly the right time for them, you’re going to be severely limiting the pool of potential candidates and missing out on talking to people who could be a great fit. 

Across the workforce, passive candidates make up 37% of the US job market, rising to 45% in the UK. Engaging passive candidates is especially important when you’re hiring for senior roles where there’s less turnover. 

Reaching out to passive candidates is time intensive, so allow extra time in the recruitment process for outreach and work with employees and specialist recruiters to tap into existing networks. 

Be prepared to act quickly

Top candidates will quickly find themselves in multiple recruitment processes, and leaving too long between rounds or taking a long time to make a decision risks losing out to competing firms. 

Half of all candidates have turned down a job offer because the recruitment process was too long, with as many as two-thirds of employers saying they missed out on their top candidate because they moved too slowly. 

If you talk to someone that ticks all the boxes and you’re already imagining them in your next team meeting, make that offer quickly to avoid missing out. 

Though the stages of the recruitment process are simple, getting it right can be hard and a bad hire is a serious drain on energy, time, and budgets. 

From defining who you’re looking for to reaching out to passive candidates, you’ll need to ring fence enough time throughout the recruitment process to give you the best chance of finding your ideal candidate. 

We’ve invested 20 years in understanding the market and building a network of top Fintech talent, getting to know the people behind the CVs and the culture behind the companies. Then we find the perfect match. 

Fintech sales hiring is what we do, what we know, and what we love. Find out more about how we create efficient, successful recruitment processes that help your business grow. 

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Nurturing Talent Even in Goodbyes: Finiti’s Guide to Positive Candidate Exits

| 5 minutes

In the rush of finding that perfect candidate and the busy back-and-forth about contracts and start dates, it can be easy to overlook a really important part of the recruitment process: unsuccessful candidates. 

Every aspect of the recruitment process is a reflection of your brand – both as a business and as an employer. 

Though someone may not have been the perfect fit this time, a positive exit makes sure candidates only have good things to say to other job hunters and peers, leaving the door open for a positive return tomorrow. 

Here’s how to build your talent pipeline by handling goodbyes with grace and empathy. 

Insightful Constructive Feedback 

One of the biggest questions a candidate is left with after a rejection is “why?”. But few businesses provide an answer: 94% of candidates say they’d like interview feedback, but only 41% have actually received it. 

Mitigate potential concerns from the legal team by keeping feedback factual, constructive, and forward looking. Communicating any feedback in writing can also help avoid miscommunication and give candidates time to reflect before responding. 

Timely and Transparent Communication

Hiring is a time-consuming process, particularly when you’re inundated with applications. 

Increasingly, that means communication slips. The latest Talent Board report found that over a third of candidates were waiting several months or more to hear about next steps, a 48% rise from 2021. 

Whether it’s good news or bad news, responding to candidates quickly goes a long way towards building a positive employer brand. 

Personable Rejection Messages

Words matter, especially when you’re communicating something you know will be disappointing. 

This isn’t a job for ChatGPT. Make sure the messages you send are warm and personable. Although it might just be one of hundreds of template-based rejection emails for you, it’s a big deal to hopeful candidates. 

If you’re using templates, work with your brand or marketing team to spend time crafting ones that convey the key information and fit with your employer brand. 

It’s their last point of contact with you, so make sure they leave the process with a positive impression. 

Encouraging Future Applications

Be clear that just because someone wasn’t right for this particular role, you’d still consider them for future opportunities. 

Show you really mean it by including a link to your current vacancies page; you could even consider starting an email list to alert them to new opportunities with your organisation. 

Not only are you leaving that candidate with a positive impression, you’re building a talent pipeline of candidates you know are interested in working for you. 

Networking Opportunities and Resources

Whether it’s an online event that you’re hosting or a course you know is particularly useful for your team, consider sharing ways a candidate could usefully progress their industry knowledge to make them an even stronger candidate next time. 

Not only will this attention to detail set you apart from other potential employers, it also shows that you’re invested in your team’s learning and development – even before they’ve started. 

Rejection in Context

Rather than thinking about an unsuccessful candidate in isolation, put it in the wider context of the value of building and maintaining your employer brand. 

A positive employer brand can speed up the hiring process, decrease your average cost per hire by 50%, and significantly boost the number of strong candidates applying for your roles. 

If your team is short on time, find a recruitment partner that’s able to ensure candidates have a positive experience. 

Remember, candidates often won’t differentiate between internal recruitment managers and external recruiters, so make sure you work with someone that knows your industry and business to leave a positive last impression. 

From curating a short list to handling goodbyes, Finiti Search is the only recruitment company specialising in Fintech sales roles. 

We get to know candidates and companies inside out in order to find the perfect match. Learn more about our talent network or get in touch with the team today about your vacancy. 

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Strategies for Maximising Job Packages: Navigating Salary Constraints

| 5 minutes

You’ve done it. You’ve found that next big hire for your Sales Team. They’re perfect for the role. Job done, right? 

Finding the right person isn’t the end of the recruitment process. Before you start planning their induction and forwarding meeting invites, there’s still the delicate process of finalising the job package. 

But what happens when you don’t have any wiggle room on salary? 

Here’s our five top tips for taking a more holistic approach to job packages that can make all the difference between losing top talent and making sure they sign on the dotted line. 

  1. Unlocking hidden benefits 

When there’s a lot to communicate in a job spec, benefits are often the first thing to get condensed or cut. 

Two-thirds say benefits are as important if not more important than salary, with a similar percentage saying benefits will be a key priority when applying for their next role.  

Whether it’s tangible benefits, like healthcare or an on-site gym, or culture-based benefits, like team events and remote working, make sure you communicate the full breadth of benefits the job package includes. 

  1. Tailoring bonus structures

There might not be any stretch when it comes to base salary, but there are many different bonus structures out there that can help attract and retain top sales talent. 

Think about which activities drive sales for your business and get creative with a tiered bonus structure. You could also add in activity-based bonuses for the initial few months to make sure the candidate’s take-home gets a boost right from the start. 

What’s great about generous bonus structures is that when they win, so do you. 

  1. Negotiating equity and stock options 

An alternative to a bigger salary in the short term is to offer new starters a stake in the company. 

The exact amount you’re able to offer depends on a number of factors, with the average equity share in startups hovering around 1%. 

Offering equity or stocks shows that you’re committed to both them as a team member and to the company’s growth in the long-term, even if the short term salary might not be what they had in mind. 

  1. Customising benefit packages

There’s much more to a job package than just the salary; the right benefits can be the deciding factor between two similar offers, even when the other salary is higher. 

Over four in ten employees don’t think their current company’s benefit package meets their needs, and half even say they’d accept a pay reduction for a more tailored benefits package. 

To use this strategy effectively, talk to the candidate to find out what they really value. If they have young kids at home, flexible working might be the benefit that wins them over, or if their family is overseas the ability to work from a different timezone for a month a year might suit them best. 

Take the time to understand the things beyond salary that matter to a candidate and create a benefits package that’s perfectly tailored to what works for them. This shows that you’re being as flexible as possible in the areas where you do have stretch. 

  1. Emphasising career growth opportunities

If you’re talking salaries with a candidate, chances are they like you as much as you like them. They’re picturing themselves as part of the team – they’re invested. 

Capitalise on that interest and a great mutual fit by painting a picture of what their long-term career with you could look like. 

Progression could mean a promotion, but it can include other learning perks too. A huge 86% say that they’d change jobs if another company offered more opportunities for development. 

Where possible, share examples of others who’ve joined your business at the same level and have progressed, as well as how you support learning and development throughout your business.  

Communicating your offer

Articulating the full range of what you offer as an employer is crucial to navigating that tricky final stage of the recruitment process. 

Taking a clear, proactive approach to understanding a candidate’s expectations at the start of a process can also avoid losing time or, even worse, a successful candidate at the final hurdle. 

We’ve been curating our network of top Fintech sales talent for twenty years, often placing top talent multiple times throughout their career. 

To learn more about how we ensure a smooth, successful recruitment process by getting to know candidates and their expectations, get in touch with the team at Finiti for a friendly chat.  

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2024 Fintech Market Outlook: Trends, Challenges and Opportunities for CEOs

| 7 minutes

In the ever-evolving world of fintech, CEOs must remain vigilant and forward-thinking to navigate the shifting landscape successfully. 

As we approach 2024, the fintech industry is poised for significant transformations. Let’s see what trends, challenges and opportunities will shape the fintech market in the coming year.

Trends in Fintech for 2024

1. Digital Transformation Acceleration

The pandemic expedited digital transformation across industries, and fintech is no exception. 

A substantial 92% of finance leaders have already recognized the value derived from AI within their business operations. Additionally, a noteworthy 68% express openness to incorporating AI insights when navigating critical business decisions.

As we move into 2024, we anticipate a continued focus on enhancing digital capabilities, improving user experiences, and embracing automation and artificial intelligence to streamline financial services.

2. Blockchain and Cryptocurrency Integration

Blockchain and cryptocurrencies will play a more substantial role in the fintech landscape. 

With growing acceptance of cryptocurrencies, fintech companies are exploring new ways to integrate blockchain technology into their operations, potentially reshaping the financial industry’s infrastructure.

3. Sustainable Finance

ESG (Environmental, Social, and Governance) considerations are increasingly important for investors. 

Fintech firms that can provide sustainable financial solutions and incorporate ESG principles into their offerings stand to gain a competitive edge.

According to a recent Morningstar report, the realm of ESG investing has surpassed $2.5 trillion, marking a notable 12 percent surge from 2021 and is predicted to continue growing in 2024.

4. Open Banking Expansion

Open banking initiatives continue to gain traction, enabling greater data sharing and collaboration between financial institutions and fintech companies.

CEOs should monitor these developments and consider how their organizations can leverage open banking for innovation and growth.

Challenges Companies Will Face in 2024

1. Regulatory Uncertainty

The regulatory landscape for fintech remains dynamic, with governments worldwide introducing new regulations to address the industry’s rapid growth. Companies must stay aware of these changes and adapt their strategies and compliance measures accordingly.

2. Cybersecurity Risk

With the increasing reliance on digital solutions, cybersecurity threats continue to evolve. Fintech firms must invest in robust security measures and stay vigilant against cyberattacks, which can have severe consequences for both reputation and finances.

Advanced solutions such as tokenization and biometric authentication effectively address these concerns. Features like digital wallets, wallet push provisioning, and card controls enhance security by eliminating the need for sharing physical banking information.

3. Talent Shortages

As the demand for fintech talent remains high, companies may face challenges in recruiting and retaining top talent. Developing comprehensive talent acquisition and retention strategies will be crucial for staying competitive.

Opportunities on the Horizon

1. Strategic Acquisitions

Decreasing valuations in some fintech sectors open doors for strategic acquisitions. 

Traditional financial institutions are eyeing fintech startups that have weathered the changes and can offer innovative solutions. Companies should consider their organization’s position in this acquisition landscape.

2. Market Resilience

Just as HR and payroll-focused fintech firms have seen steady valuations, companies can identify resilient, growing sectors within fintech and position their companies to thrive. 

Fintech firms in Q1 2022 peaked at a whopping $600.0 million, but saw a decline to $90.0 million by Q1 2023. This suggests a significant shift in investor sentiment, with an increased focus on profitability over growth, and a potentially challenging fundraising environment for growth-stage startups.

By aligning with market trends and focusing on business efficiency, companies can increase the likelihood of success in 2024.

3. The Shift in Hybrid Work Models

The traditional notions of work and office dynamics are undergoing a transformative shift. The rise of hybrid work models, incorporating both remote and in-office work, became the norm rather than the exception after the pandemic.

However, as we approach the new year an impressive 90% of businesses intend to introduce return-to-office guidelines by the conclusion of 2024, as indicated by a report from Resume Builder in August 2023. The survey, which involved 1,000 corporate leaders, revealed this widespread trend.

By aligning recruiting strategies with the principles of flexibility, technology adoption, employee well-being, clear communication, and professional development, fintech companies can not only attract top talent but also build resilient and high-performing teams in the evolving landscape of candidates returning from remote work.

Building the Right Team

Building a team that can adapt to a changing market and achieve sustainable growth is a CEO’s priority.

This upcoming new year promises to be a year of both challenges and opportunities in the fintech industry. CEOs who proactively address regulatory changes, invest in cybersecurity, seize acquisition opportunities, and focus on market trends and efficient operations will be better positioned to succeed. 

In a dynamic environment, having the right talent is crucial. Finiti Search specializes in recruiting top fintech sales talent, ensuring a perfect match between preferences, personalities, and job specifications.

At Finiti, we understand the unique talent needs of the fintech sector and are here to assist you in building the team that will drive your organization’s success. To discuss your sales leadership recruitment or chat about shaping your Sales division, reach out to the Finiti Search team.

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5 resolutions to help grow your sales team in 2024

| 5 minutes

Forget going to the gym more often or cutting down on the chocolate biscuits. We’ve been talking to some of our clients about how they’re approaching Fintech sales recruitment in the new year and the changes they want to make. 

Here are our top resolutions Chief Revenue Officers need to put in place to make sure they’re securing top sales talent in 2024.

1. Have a clear budget (and some contingency) 

Budgets are stretched at the moment, but with candidates entering more recruitment processes than ever before, you don’t want to miss out on a top sales performer because of a relatively small amount of money. 

Extending the recruitment process or hiring an underperformer will almost certainly cost more — as much as three times their salary according to the Recruitment & Employment Confederation. 

If there’s no wiggle room on base salary, really think about what you could offer around equity, commission structure, health and wellbeing and short-term guarantees. 

Clear, compelling incentives not only set you aside from the competition but will make sure your new hire is motivated from the moment they start. 

2. Plan out the recruitment timeline and process

A candidate-rich market has given some companies a false sense of security. 

We’ve seen CROs take their time with the final stages of recruitment only to miss out on their frontrunner because they’ve been snapped up by a competitor. 

Before going live with your recruitment, have the full process and timeline mapped out. Make sure you, and any other decision makers, have key dates in your diary — in pen. 

Having that clear plan will help maintain momentum, avoiding the stop-start stalling that risks candidates losing patience and losing interest. 

3. Ignore resolution number 2

As important as the process is, you sometimes need to be opportunistic when it comes to hiring top sales talent. 

If you’re confident you’ve found a great fit and you’ve covered everything you wanted to… end the recruitment process and make them an offer. A strong offer. 

It shows the candidate how serious you are and how good a fit you think they’ll be for your team, helping you get ahead of other offers and avoid missing out.

It’s also more respectful to other candidates in the process; they may not have been your top choice this time, but if they’re strong enough to be on your shortlist, you want to leave them with a positive impression of your company as an employer. 

4. Apply your sales mindset to the recruitment process 

Before thinking about the job description or where to advertise, make sure you’re clear on the selling points for your company and the role. 

Try to go beyond generic perks or statements everyone’s heard before about growth and being ambitious — be specific. 

Just as you think through what you want from a candidate for the job spec, have a clear list of what your Sales Team and business offers candidates that you can weave into your comms throughout the recruitment process. 

5. Find the right partner

Making a successful hire relies on having the best, most relevant candidates in the recruitment process from day one. 

Rather than hoping your dream candidate just happens to stumble across your ad amongst the 58 million other companies posting on LinkedIn, working with the right recruitment partner can make the process quicker and more successful. 

Industry expertise is critical. The right recruitment partner will be able not only to identify the best-fit candidates but to sell your opportunity to them based on their knowledge of the candidate, the business, and the industry. 

It’s something we do a lot with our Fintech talent network. Very often we’re able to draw passive candidates who weren’t job hunting into the recruitment process by matchmaking their strengths and motivations with the hiring company. 

For help finding your perfect fintech sales hire and making these 2024 resolutions a reality, get in touch with the Finiti team to tell us more about your vacancy, your business, and your dream candidate.

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12 days of Rising Fintech Stars

| 5 minutes

Leave the French hens, turtle doves and partridge to someone else. 

For our Christmas countdown, we’re looking at 12 of the rising Fintech stars that have made waves in 2023 and look set to continue their meteoric rise in the new year. 

  1. Fiserv

A global fintech and payments company, Fiserv offers solutions for banking, global commerce, merchant acquiring, billing and payments, and point-of-sale. With revenues at $17.7 billion (2022), they are set to do big things in 2024.

  1. Prism Data

A big-data- and AI-powered crystal ball for banks and financial institutions, Prism Data helps them make more informed decisions and mitigate risks. Products like CashScore aim to predict default risk and problematic customers ahead of time. With 2023’s focus on regulation and compliance set to continue, Prism could be ones to watch in 2024. 

  1. FERO Payment Science

By combining automation, machine learning, and alternative data sources, FERO provides faster and more accessible credit solutions to individuals and small businesses. Their focus on financial inclusion and using technology to expand lending opportunities sets them apart and saw them win over Coatue, Volta Ventures, and Antler in their seed funding round to take home $3m. 

  1. Flanks

This wealth tech app enables clients to get one single view of their investment portfolio in real time. Integrating with more than 300 banks, it provides an aggregated view even across different providers and products. Securing $8 million in Series A funding, they have big growth plans for 2024 with a focus on automating manual wealth management processes. Watch this space. 

  1. Carefull

The global elderly care market is already worth $1,100 billion and set to rise to $1,800 billion by 2030; Carefull is making waves in the fintech industry with its unique solution for elder care and financial management. The platform enables caregivers and family members to monitor and protect the financial well-being of aging loved ones, helping to prevent fraud and financial exploitation. The potential is huge, and investors agree: Carefull secured $16.5 million in Series A funding earlier this year. 

  1. Brite

This boot-strapped Swedish startup is on a mission to make account-to-account payments faster. Their proprietary network enables merchants to receive funds 24/7 and settle them in any currency. They’ve already reached profitability and expanded to 25 countries, and their latest $60 million funding raise will help them continue that rapid expansion into 2024. 

  1. Stitch

South-African company Stitch has been gaining recognition in the Fintech world for its novel approach to digital wallets and payments. Their platform integrates various financial services, from banking to budgeting, in a single, user-friendly app. This simplifies and streamlines the user experience, appealing to consumers looking for an all-in-one financial solution. With $25 million in Series A funding in their pocket and plans for a spin-out brand, they’re ones to watch in 2024 and beyond. 

  1. Albo

Neobanks aren’t new, but what sets Albo apart is its focus on financial inclusion and providing accessible banking services to underserved populations in Latin America. The company offers a mobile banking platform with features like budgeting tools, savings accounts, and debit cards, making it easier for people without traditional bank accounts to manage their finances. On track to hit profitability in 2024, they gained $40 million in Series C funding earlier this year to help them with their mission.

  1. Apron

The brainchild of a former Revolut and Square product lead, Apron minimises the amount of time small businesses spend processing invoices. The fact that it’s not looking to take on market leaders in this space, but to integrate them into a more effective workflow contributed to its $15 million Series A funding and a bright future next year. 

  1. Globacap

Fresh from a $21 million Series B funding round, Globacap is all about digitising and automating the private capital markets. It focuses on streamlining processes, increasing liquidity, and generally improving access to help private capital markets reach their potential. Their white-label service now powers 15 global institutions, and their quiet rise looks set to continue. 

  1. PaymentWorks

RegTech has been a booming area in 2023 and PaymentWorks are making a name for themselves in digital supplier onboarding and payment compliance. The platform helps organizations securely onboard and verify supplier information, reducing the risk of fraudulent transactions. A growing need in the corporate sector, they’re now connected to eight of the largest US commercial banks with 25,000 vendors joining per month – a strong foundation for 2024. 

  1. Quantexa

For any company operating in more than one market, compliance quickly becomes complicated. Focused on banking, insurance, and government organisations, Quantexa uses advanced data analytics to help businesses navigate different regulatory compliance domains. Growing 124% over the past 5 years, they’re ones to watch in the new year. 

We live and breathe Fintech. As the only specialist Fintech sales recruitment agency, we’ve been matching rising stars to top talent for nearly 20 years. 

To find out more about our unique processes or to access our talent network, get in touch with a team ready to build the perfect team for 2024.

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3 Fintech Talent Themes of 2023

| 5 minutes

Whether you’re a candidate looking for your next role or a business trying to find the perfect new team member, 2023 has been full of challenges and opportunities. 

We look back on some of the main themes that have emerged in the Fintech talent market throughout 2023 and how they might continue to influence and shape the market in the new year. 

Booming sub-sectors offer strong opportunities 

Doom-and-gloom headlines overlook some incredible growth and opportunities in thriving Fintech sub-sectors. 

The challenges and risks of an unstable market are creating strong growth opportunities for Fintech firms that help businesses manage risk, stay compliant, and keep existing customers happy. 

The focus on business efficiencies has seen many businesses look for more automated solutions, and roles in AI-focused Fintechs are likely to continue growing throughout 2024 as currently manual processes, like credit decisioning, gets a mid-decade makeover. 

As well as RegTech, there’s been a drive for more ethical, sustainable investment. The ESG sector has been booming, and with it the chance for top talent with shared values to find rewarding careers. 

The in-demand skills of 2023

Throughout 2023, there’s been a gentle expansion of what falls under the “Sales” remit. 

With all business spend under the microscope, companies are increasingly looking to keep, optimise, and upsell to the customers they already have. 

According to Bain & Company, a 5% increase in customer retention can increase profits by as much as 75%. The result is a surge in demand for  Account Managers with the right skills to build and nurture relationships. 

With firms becoming more risk averse in times of uncertainty, there’s also an interest in hiring people with great data analysis skills. 

Revenue Operations (RevOps) roles have been on the rise as companies look to dig into their data, find efficiencies, and to take a more joined-up approach to sales and marketing. 

A candidate-rich market 

A pause on hiring in some sub-sectors has led to candidates applying for more opportunities than usual. 

The knock-on effect is that hiring companies are receiving many more candidates than they’d expect, giving the impression of a candidate-rich market. 

This can create a false sense of security for hiring employers, and throughout the year we’ve seen firms increasingly miss out on top talent with a drawn-out recruitment process that sees candidates snapped up by the competition. 

Our advice to candidates is to only apply for opportunities that are a great fit with your skills, interests, and values. Reducing the number of applications you’re juggling will free up more time to create high-quality compelling applications. 

For hiring managers, dig into someone’s motivations for applying early on in the application process, or work with a trusted recruitment partner to screen out those who are looking for any job, not your specific role. When you find a great candidate, act quickly to make sure it’s your team they’re joining. 

Our talent network is an incredible source of insight into the perspectives and experiences of Fintech top talent. 

We’re the only Fintech sales specialist recruiters, and over the last twenty years we’ve built up a strong network of candidates and companies who trust us to build their teams and find a great match. 

If you’re interested in becoming part of or tapping into our Fintech sales talent network, get in touch with the Finiti team today.  

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Fintech Valuations: Navigating a changing landscape

| 5 minutes

Sky-high valuations are so 2021. Faced with soaring interest rates and cautious investors, the overnight Fintech unicorn is back to being a myth.

 Fintech firms are facing a new reality, and with it new valuations that cause headaches, create challenges, and present new opportunities. 

The Decline in Fintech Valuations

According to analysts at Jefferies Group, listed Fintech firms saw their valuations plummet by 70% in 2022. 

Even the biggest names aren’t immune. In early 2021, payments giant Stripe achieved a funding valuation of $95 billion, but its secondary market valuation has since dropped by 73% to $52.5 billion. 

Cautious investors, cooling valuations

The changing valuations in the Fintech industry reflect the uncertain economic conditions. As interest rates rise and the global economy remains unsteady, investors are becoming more cautious and reevaluating their strategies. 

Combined with the high-profile collapse of Crypto Exchange FTX and the collapse of Silicon Valley Bank in March, investor confidence in Fintech has cooled and so have the valuations. 

Disaster or recalibration? 

At first glance, it seems like bad news for Fintech. If valuations are down, does that mean Fintech’s heyday is over already? 

Industry thought leaders and some investors see it differently, framing today’s lower valuations as a much needed recalibration. 

At the end of September the European Investment Fund (EIF) held a VC event in Luxembourg. They made it clear that they see the valuations of 2020 and 2021 as the issue – anomalies – and today’s valuations have got things back on track. 

New valuations, new opportunities

Decreasing valuations open up opportunities for traditional banks to enter the Fintech space through strategic acquisitions. 

JPMorgan Chase, the largest U.S. lender, jumped on the Fintech acquisition opportunity early, acquiring Renovite Technologies Inc, a cloud-based payments technology company, in September 2022. 

Traditional banking institutions have seen the demand for more innovative financial services. They’ve seen which startups have flourished, and now they have a chance to snap them up at a bargain rate. 

Bucking the trend

Like every good trend, there are some exceptions. HR and payroll-focused firms have seen their valuations hold or even increase. 

Despite the collapse of their banking partner, Rippling’s $11.25 billion 2022 valuation held steady in their recent $500M series E funding round.

HR-tech unicorn Gusto saw their valuation increase by 5% to £10 billion, and remote-working focused Deel remains one to watch as long as they continue to prioritise compliance.  

Their resilience is down to their focus in an area associated with business efficiency. As companies prioritise digital transformation and remote work, the demand for streamlined HR and payroll services has increased. 

For Fintech firms that can identify market trends and position themselves in resilient, growing sectors, overnight success could still be a dream come true. 

Building the team

Building the right team to navigate a changing market, fluctuating valuations, and even possible acquisitions is hard. 

Creating a sustainable revenue pipeline is key to achieving that all-important growth and maintaining valuations. 

We only recruit in one sector, for one type of role: Fintech sales. With our talent network, we know the top fintech talent personally, taking the time to match preferences and personalities as well as job specs. 

To tell us about a sales leader recruitment brief or just to chat to us about the shape of your Sales division, get in touch with the Finiti Search team.

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Candidates vs. Companies: Navigating a cautious market

| 5 minutes

The current economic climate is influencing people and businesses the world over, and Fintech is no exception. 

It isn’t just the financial pressures that shape the market, it’s a feeling of uncertainty. Workers are questioning their job security; companies are questioning whether it really is the right time to hire and which roles will add value.

With a decrease in funding and a flurry of high-profile redundancies, on the surface it looks like more candidates competing for a smaller pool of jobs. 

But there’s more to it. Here’s what candidates and hiring companies need to keep in mind in today’s market. 

For Candidates: 

  • Nurture your network

Even if you’re not currently job hunting, think long term and proactively build your network. 

Reach out and connect with peers, leaders, and recruiters. According to LinkedIn, 70% of jobs are never published publicly; new roles are often filled via someone’s network. 

Building those relationships when there’s no “ask” will mean you have a ready-to-go network of people you can turn to and who know you when you are looking for something new. 

  • Explore the level of risk

Everyone has a different risk appetite, particularly when it comes to their job. 

For those who are more cautious, mitigate the risk by focusing your search on the most in-demand areas of Fintech, such as anti-fraud, AI, and ESG. 

It can also pay to look more closely at companies that seem like a “risk”. In Fintech, today’s startup, perhaps offering a smaller package, can be tomorrow’s household name. 

  • Avoid knee-jerk applications 

Avoid playing the numbers game when it comes to applications.

Take the time to reflect on your skills, expertise, and interests. Share those preferences with industry recruiters and tailor your applications to the opportunities you’re most passionate about. 

As the only Fintech sales recruitment specialists, we have the largest network of Fintech talent. We get to know candidates, often placing people multiple times throughout their career. Find out more about joining our talent network. 

For Companies:

  • Communicate the long-term vision 

Uncertainty often stems from a lack of clarity or understanding. Proactively communicate your long-term strategy, including funding, internally and externally; this will help reassure and retain existing sales talent as well as attracting new talent. 

This is especially important if you’ve recently made redundancies; sales leaders and their teams will be looking for reassurance, and staying quiet might encourage otherwise happy employees to look elsewhere. 

  • Dig into motivation 

Though it may seem like there are a lot of candidates around, we’re seeing a rise in the “just-in-case” job hunters who dip their toe in the interview process as a safety net just in case they’re made redundant. 

Many candidates are weighing up a whole range of options, including staying with their current company. 

If a candidate’s main or only reason for leaving their current role is money, they’re unlikely to make the jump and take on the upheaval and risk of a new role. 

Partner with a recruitment firm you trust to make sure candidate motivations are properly explored prior to shortlisting and that you’re only spending time talking to people who are really invested in your business and the role.  

  • Act quickly 

With fewer opportunities around, candidates are often involved in many application processes, and top talent can end up getting snapped up by the competition if you move too slowly. 

According to the Jobvite Employ Quarterly Insights Report, the average time-to-hire is four weeks or less. Be flexible and be prepared to respond quickly when you talk to someone that’s perfect for your firm. 

Finding the right person is hard. Finding the right person at the right time is even harder. It’s why we maintain and nurture a network of top Fintech talent, often drawing passive candidates into the process when we see it’s a great match. 

If you’re getting more quantity than quality applications and want to make sure you’re spending your time on the most promising candidates, get in touch with our team today to tell us about your brief and to start the process of finding your dream candidate. 

 

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