Is an FS background necessary to succeed in fintech?

Which kinds of roles are most likely to result in hires from outside the sector?

Alex Speedie

December 24, 2024

The phrase "Industry experience required" is a familiar one, and in certain roles—such as risk, compliance, or other specialist positions—it is undeniably relevant. For example, mastering the complexities of a blockchain application without prior experience in the field would present significant challenges. However, the critical question remains: when should exceptions to this requirement be made?

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This topic was a key focus at our recent talent insights breakfast event. Several attendees, now senior leaders in fintech firms, shared their experiences of entering the sector without prior fintech backgrounds. They highlighted the challenges of shifting perspectives and overcoming the entrenched belief that the best candidates must possess fintech experience.

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In today’s market, where vacancies in the fintech sector are at record highs and demand far exceeds supply, organizations willing to consider candidates from outside the industry have a distinct advantage. By broadening their search criteria, these companies gain access to a deeper talent pool and are often able to fill roles more quickly. In some cases, hiring from outside the sector can even yield better results.

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Consider a Project/Product Management role. The core competencies required are team-building, fostering a productive culture, and ensuring projects are delivered on time and within budget. These skills are not exclusive to fintech. What matters most is the candidate’s ability to demonstrate success in meeting deadlines and managing budgets in their current role, coupled with a strong cultural fit. Fintech experience becomes secondary, if not irrelevant.

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The same logic applies to Account Management (often referred to as Customer Success). This role demands relationship-building with clients, translating feedback into actionable improvements, and negotiating contracts effectively while safeguarding value. For a fintech SaaS firm, the ideal candidate may come from a SaaS customer success background, with fintech experience as a secondary consideration, or even unnecessary.

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Now consider marketing roles. A candidate from a media agency background—who has worked with diverse brands, is proficient in a wide range of marketing tools, and understands how to deploy them effectively—might bring a significant advantage. Their exposure to varied strategies shortens the time needed to craft a marketing approach for fintech. Given the challenges the media sector currently faces, there has never been a better opportunity to recruit marketing talent from this field.

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At Rex Machina, we take a broad approach to talent acquisition. We do not limit our candidate searches to those already working within the fintech sector. Similarly, for professionals in other industries aspiring to enter fintech, we are excited to announce a new exclusive partnership with a client seeking sales and marketing talent. They are open to interviewing candidates without prior fintech experience.

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If you have experience in B2B sales and marketing and are curious about these roles or other opportunities in fintech, we would love to hear from you. Please get in touch to learn more.

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Is an FS background necessary to succeed in fintech?

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