Equity

We've entered an era of Fintech Maximalism according to Mark Goldberg

Apr 16, 2025

In this episode, Mark Goldberg, founder of the early-stage venture firm Chemistry, shares insights from his career at Index Ventures where he backed fintech giants like Plaid. He discusses the shift in fintech towards more tech-driven models and the challenges of consumer vulnerability. Goldberg delves into AI's dual role in enhancing operations and tackling fraud, while also highlighting the slow pace of fintech IPOs. With a fresh perspective on investment strategies compared to chess and surfing, he emphasizes the need for agility in this evolving landscape.

28:20

Episode guests

Mark Goldberg

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Episode notes

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Quick takeaways

Mark Goldberg's new venture firm Chemistry emphasizes personalized investor relationships and a boutique approach in early-stage fintech investing.

The fintech landscape is shifting towards 'tech fin,' driven by AI innovation, while facing challenges like rising fraud and regulatory compliance.

Deep dives

The Birth of Chemistry

A new venture capital firm called Chemistry has emerged, founded by Mark Goldberg, Christina Shen, and Ethan Kurzweil. The firm has raised a $350 million early-stage fund focused on fostering strong relationships between founders and investors. With decades of combined investment experience, Chemistry aims to offer a boutique approach to investing, prioritizing quality over quantity. They emphasize leading seed and Series A investments to work closely with portfolio companies, demonstrating a commitment to direct support and collaboration.

Intro

2min

Navigating Venture Capital and Fintech Evolution

10min

The Dual Role of AI in Financial Services: Innovation and Challenges

4min

Navigating Fintech's Evolving Landscape

10min

Investing Insights Through Chess and Surfing Analogies

2min

After nearly a decade at Index Ventures, where he backed standout fintech companies like Plaid, Persona, Lithic, and Pilot, Mark Goldberg left to launch Chemistry, an early-stage venture firm.

Founded alongside Kristina Shen and Ethan Kurzweil, the $350 million fund is part of a growing trend in venture capital: seasoned investors breaking out from large platforms to build more focused, boutique outfits.

Today on Equity, Mary Ann Azevedo caught up with Goldberg about what led him to make the move, what Chemistry is all about, and how the venture landscape has evolved over the past few years.

Listen to the full episode to hear more about:

The state of fintech, a sector Goldberg has long had his eye on—and why he sees “a lot more tech-fin than fintech” these days
Why those waiting for a wave of fintech IPOs might be in for a long hold
What he’s watching for in 2025 and beyond, from the impact of AI on fraud to shifting deal activity, including a pickup in M&A and secondaries

Equity will be back with our weekly news roundup on Friday, so don’t miss it!

Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday.

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Credits: Equity is produced by Theresa Loconsolo with editing by Kell. We’d also like to thank TechCrunch’s audience development team. Thank you so much for listening, and we'll talk to you next time.

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