Fintech

a16z is zeroing in on the New York fintech scene with a new general-partner hire. He explains why the best minds on Wall Street are pivoting to startups.

  • David Haber is joining Andreessen Horowitz as a general partner on its fintech-investing team.
  • Haber was most recently on Goldman Sachs’ firmwide strategy unit, where he led investing and M&A.
  • He is a16z’s first investor to work in New York.

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Andreessen Horowitz is on a hiring spree, and David Haber is its latest get. He joined as a general partner investing in fintech.

Haber was most recently a vice president in Goldman’s firmwide strategy and corporate-development arm where he fostered many of the bank’s relationships with Silicon Valley, both through mergers and acquisitions and investments.

He’ll be the firm’s first investor to work in New York and join the fintech team alongside fellow general partners Anish Acharya, Alex Rampell, and Angela Strange.

Haber left Goldman Sachs in October and spent some time working with the hedge-fund manager Alexander Klabin on his new fund, Ancient LP, before joining a16z.

Haber and Rampell, a16z’s longest-running fintech investor, had been in conversations for several months before Haber accepted the job.

“It was a long courtship,” Rampell, who has known Haber for years, said.

Haber had previously pitched Rampell as the founder and CEO of Bond Street. Rampell didn’t invest, but the two stayed in touch.

As the latest check writer on a16z’s fintech team, Haber will focus on international fintech opportunities in burgeoning regions like Latin America.

“There’s just so much momentum globally pulling people into the financial economy,” Haber said.

Haber made his way to Goldman by way of acquisition through Bond Street, which the bank acquired in 2017. Haber, who was named to Insider’s 2019 list of rising stars on Wall Street, initially joined Goldman’s consumer division before moving into firmwide strategy and leading Goldman’s investments in Carta and the Argentinian startup Ualá.

Before Bond Street, Haber was an associate at Spark Capital, where he worked on investments in players like Plaid, Twitter, and Warby Parker.

a16z is bullish on New York fintech

Haber will stay in New York and become the first general partner to join a16z without relocating to San Francisco.

“This would have been a harder thing to do two or three years ago without a transcontinental move,” Rampell told Insider. The investing firm has started embracing hybrid work.

Haber will lead the firm’s bullish take on the New York fintech scene. In the coming years, Rampell said he expected to see a larger share of the biggest fintechs coming out of the East Coast. And in many ways, it’s because of the talent pool.

“All the smart people that were going to work at Goldman Sachs’ and D.E. Shaws and the Morgan Stanleys, in many cases, would rather be building things from scratch as opposed to trying to patch up some ancient beings,” Rampell said.

And pitches from emerging fintechs are increasingly coming from New York teams, Rampell said.

“I’m super excited to help expand our presence in New York, which has been a community and ecosystem I’ve grown up in,” Haber said.

With his experience inside one of the leading investment banks and his time as a founder, Haber is leaning into his ability to “speak both languages,” as he understands the challenges and opportunities for both the legacy financial-services industry and the up-and-coming fintechs.

On Thursday, a16z announced the close of its third crypto fund, with $2.2 billion in commitments. It’ll be coled by general partners Chris Dixon, Katie Haun, and Ali Yahya. Andreessen Horowitz has been active in the crypto space, backing well-established players like Coinbase and younger upstarts like Talos.

With the new fund comes a slew of hires on the crypto team, including three advisory partners, the former political advisor Tomicah Tillemann as the global head of policy, and Coinbase’s former vice president of communications Rachael Horwitz as the operating partner leading communications and marketing for the fund.

More: Andreessen Horowitz Goldman Sachs Venture Capital

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Source: https://www.businessinsider.com/david-haber-goldman-sachs-andreessen-horowitz-fintech-general-partner-2021-6?op=1

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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