Welcome back to The Interchange, the weekly TechCrunch series that looks at the latest — and what’s ahead — in the global fintech industry. It’s an incredible time to be a financial technology journalist. Besides the fact that over 20% of all venture dollars last year went into fintech startups, I am particularly excited about the myriad ways that this technology is helping boost inclusion all over the world. While the pandemic sucked on 1,000 different levels, one silver lining is that consumers and businesses have forced more fintech to exist, and that’s a good thing. 

Do you want The Interchange in your inbox every Sunday? Sign up here.

The state of venture

Reporting on startups and the venture world at a time like this is a series of contradictions. One day, we’re reading about investment giants like Tiger Global seeing about $17 billion in losses. Then the next, I open my inbox to see pitches for nine-figure funding rounds (hello, SpotOn) and the birth of new unicorns (looking at you, Unit).

One day, I’m hearing personal accounts of VCs pulling term sheets at the last minute, with some citing that their own investors had backed out of providing funds, leaving founders scrambling to save a round — and face. Then the next, I have a founder telling me their latest round was preempted by a large venture firm in their industry.

One day, I’m having a fintech-focused VC tell me they haven’t invested in any startups since last October. The next, I’m having PayPal Venture alums share news of the closure of a new $158 million fund, ready to back about two dozen early-stage startups through their new firm, Infinity Ventures.

One day, Y Combinator is advising its portfolio founders to “plan for the worst” as startups across the globe scramble to navigate a sharp reversal after a 13-year bull run. The next, Lightspeed Venture Partners is urging founders to "stay optimistic."

The myriad conflicting signals are enough to make anyone’s head spin, but as journalists, we have to take it all in stride. I’ve come to realize, in reporting on startups and venture capital pretty much exclusively for the past 5 years — and for many more before that in one capacity or another — that nothing is black and white, things aren’t always what they seem and they can change in the blink of an eye. For example, that fund I referred to? It actually closed last October.