As the Intuit Ventures team reflected on 2023 in the startup and fintech ecosystem, one thing is clear: there continues to be a lot of untapped opportunities within fintech for us. We are actively investing in Series A - C startups aligned with our mission of powering prosperity around the world (for more details on how we invest, check out this blog post ). Specifically, we are focusing on finding startups tackling the areas below in new and innovative ways.

Vertical SaaS + Fintech

Vertical SaaS platforms are the operating systems of businesses. We are looking for startups building modern software to help businesses in industries that have been overlooked by innovation over the last few years (think construction, healthcare, manufacturing) – startups that simplify nuanced workflows, leverage data to automate manual processes, and become mission-critical software for business owners. We are particularly interested in companies doing this while embedding custom financial services for their customers. Some of these segments can seem small, but the services can grow by adding on payments, loans, insurance and other financial products.

Consumer Fintech

We’re looking for innovative ways businesses are rethinking consumer fintech - whether it’s through a new business model, product experience, or something else. For example, we’re observing a shift in how consumers are making financial decisions. Finances are a deeply personal experience, however we’re seeing an increased desire and demand for more collaborative fintech tools for use among partners, parents, children, etc. We’re interested to understand how fintech can become a collaborative tool that empowers consumers and their families, partners, etc. together rather than individually; as well as other ways in which startups are rethinking consumer fintech.

AI for Main Street

One of the most exciting things about the newest wave of AI is that small startups and even non-technical business owners can now take advantage of incredibly powerful capabilities and automation. Large language models (LLMs) are now offered via a simple API, thus offering intelligent automation to SMBs and consumers at a low price point. This will have a profound impact on small business owners who will now have intelligent assistants and better tools for saving them time and money. However, most of these business owners don’t know where to start, so founders will need to figure out how to bring AI to the processes and tools they are already using in a natural way. We are excited to meet companies experimenting with new user experiences for interacting with AI and enhancing existing workflows.

Employment Tech & Benefits

The connection between HR tech and fintech is one we’re deeply interested in, given its relevance to the well-being of both employees and businesses. Payroll, benefits, timekeeping, etc. are complicated processes with outsized impact on all parties involved. While larger companies have personnel dedicated to managing these processes, small and medium businesses (SMBs) as well as mid-market companies naturally see these areas as a cost center vs. an opportunity to drive efficiency and employee engagement. There has been a lot of exciting innovation in this space from new benefits and earned wage access to ‘employer-of-record’ providers for global companies. We are continuously on the lookout for the next leaders in this space.

Commerce 

Commerce can encompass everything from marketing tools driving customer conversion to back-end solutions helping businesses forecast demand and plan inventory. Today commerce largely equates to e-commerce; however, we also consider services-based business within our definition of commerce. E-commerce brands have been under strain in the past year due to a variety of macroeconomic factors and need tools that help them increase profits and reduce cost. We are already seeing increased efficiency from marketing tools leveraging generative AI by helping brands write content for customers, updating product descriptions, and generating beautiful product photography. We are excited to evaluate and invest in companies leveraging data and AI to drastically improve the shopping experience for consumers and make brands even more efficient. 

Meet the Intuit Ventures Team 

If you’re building in or interested in any of these areas, we’d love to chat! Please share more information about your company with us here (we check this regularly) or reach out to ventures@intuit.com .

• Adam Coccari , Managing Director
• Selina Troesch , Principal
• Michael Vuong , Principal
• Tanvi Lal , Senior Associate