Look I know that it's not BB, EB & in many ways it doesn't compete with MM shops. But as someone that's genuinely interested in fintech, I'd love to hear your thoughts on the shop in terms of where people exit, culture, and outlook for the firm.
Also, are there other fintech boutiques that you guys are aware of? -- It's such a small industry, but because my home country is dealing with horrific inflation, I'm passionate about breaking into the space, and one-day trying to innovate in the payments/fintech field.
Extraordinarily good- would take over all BBs , MMs, and some EBs if you are deadset on fintech. Good luck
Are there other boutiques that specialize in fintech?
Actually?
Ardea and broadhaven focus on financial services more generally. If you get an offer from Ardea, this would be on par with any bb or eb offer
Very helpful. Thank you.
They do well for themselves in the MM/LMM space and have been gaining some momentum recently on bigger ticket deals (PWP SPAC deal, Rent-a-Center / Acima, Open Lending SPAC deal). I think their deals are 2/3 cap raises and 1/3 advisory. As the sector matures they'll obviously benefit from that, but not too sure how big the space is to the point that they'll ever become the size of an EB from a headcount perspective. Seems like the place to go if you are dead set on fintech, but don't expect to be working on multi-billion dollar M&A and LBO deals. That is not the space FT Partners operates in.
Lol the raised their base to 140k
If you’re specifically interested in fintech/payments it’s a great place to be. If it’s more of a genuine interest in all things technology you’d be better off gunning for a spot on a TMT team at a better bank
Kills it in fintech, notoriously brutal sweatshop
If you are genuinely interested in FinTech it is probably the best option, just considering how small the teams are at EBs/BBs that cover FinTech. You can look at FT Partners as a small bank, or a large FinTech coverage team. The biggest con is that with such a niche focus exits may become a challenge (more on this in the pro section). They are also notorious for terrible hours, and don't shy away from the perception.
The pros for FT is working on deals 100% of the time (there is a separate team that does pitches) and they do FinTech-adjacent deals (like Rent-a-Center).
Honestly FIG is a dying industry. At this point there are only something like 2,000 community banks left (down from roughly 20,000 in 2000). At this point deal flow is slowing down significantly and most banks are laying off FIG bankers because the fees from FIG account for a scant minority of total IBD revenues.
Source: I went to Harvard (#1 Ranked Undergrad program in US News 2015-2022)
FIG is different than fintech
You're right, because PayPal and Square are not Financial Institutions at all. Where'd you go to school again bubba?
Know this kid's a troll but for the broader community.. FIG is one of the largest coverage groups in banking. Outside of banks (which is known for it's "unique" skill set due to cap structure), there are traditional EBITDA businesses such as insurance firms (MGAs, Auto, P&C, Life, etc.), Asset Managers, Fintech, Specialty Finance & Specialty Lenders... list goes on. Each vertical is extremely different from each other within FIG, and it's certainly not a dying industry if you can even call it an industry as a whole.
Not sure why you are discounting FTP and saying it does not compete with some MMs lol. Despite all the memes, they dominate the FinTech space, and if you are dead set on FinTech, I would take it over most BBs and EBs, I would not even look at most MMs, maybe WB Tech, but do not let WSO's meme form a perception of the firm.
Obviously, people are going to say “They only do cap raises!!! Its a shit firm” um no. The fintech industry itself is still very new, and by the nature of the maturity of the industry, M&A opportunities will be lacking.
Interesting. You seem knowledgeable. Honestly it's hard to truly analyze FTP given all the hate it gets on WSO. How would you compare FTP to lower tier BBs like UBS/DB and MMs like Piper Sandler, BMO, HW, RJ, Cowen, and Stifel?
I would put FTP above all if you are interested in FinTech. If you are interested in pure TMT and exposure to M&A is something of utmost importance, RJ Tech and DB would be above FTO. UBS' tech team got decimated and the others are not even comparable. Maybe Piper Sandler after their acquisition of DBO, but DBO is supposedly looking to recruit their own talent separate from Piper Sandler. BMO’s TBS team just got fucked and a bunch of their core guys have left/or leaving soon. Cowen’s tech team is a joke decent in semis but 0 software and m&a exposure. Idk about stifel but assuming its shit. HW Tech is decent but the quality of the mandates are not comparable to FTP. Even if you want M&A exposure I would not recommend HW over FTP.
Thank you for the insightful response. It's nice to get actual info about FTP for once instead of the constant stevecoin and 140k base an1 memes. Only question I have for you is are you sure DB TMT is that good? Seems absolutely gutted and most seniors are from shitty MM banks. Don't see DB TMT landing big mandates any time soon and seems like focus is the MM space
Yea but you get better all around exposure at DB if you are looking for more pure tech exposure. Tbh, I would take FTP over DB even if I was interested in pure tech (base is crazy), but majority of the people will choose DB for potentially more flexible exit opps.
Fucking hell the only thought that comes to mind is FTP (An 1 $140k btw)
Culture is super sweaty and not very friendly from I gathered
If you want to cover fintech there’s nowhere better. If you don’t love the space, though, you’ll probably be miserable.
Have you considered Qatalyst Partners? Broader Tech focus but still a specialized EB.
Lol most people don't get to "consider" Qatalyst. Qatalyst will consider them, in painstakingly crucial detail, as it ass blasts them with convoluted technicals for 10 rounds
I have no doubt FTPinsider had a Qatalyst offer but turned it down for FTP (you know the line)
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