Recruiting software solutions are nothing new, but untapt has tapped into a network where no recruiting software has gone before, connecting software developers with the world’s leading banks, hedge funds and FinTech startups.
It’s long overdue. The financial services industry has become increasingly tech driven, creating a tremendous need for tech talent to drive innovation. Yet with more than 15 million technologists in the world and over 400,000 tech jobs to fill in FinTech each year, there has been no way to easily connect the two.
untapt is the only recruitment platform that focuses exclusively on this intersection of financial services and technology. UntaptCofounder and CEO Ed Donner talks about how it all got started – and why the investors opened the spigots.
Who were your investors and how much did you raise?
This was Series A financing and we raised $3 million.
The lead investor was Tsai Capital and its affiliates, with participation from SenaHill Investment Group, LLC and Pivot Investment Partners LLC.
Tell us about your service.
untapt was founded by Ed Donner, a former Managing Director in technology at JP Morgan, Geoff Massam, a former CIO at Deutsche Bank, and Max Kantelia, an entrepreneur in recruitment and FinTech. The team has built the first automated recruiting platform exclusively focused on the financial services technology and FinTech space. untapt brings top tech talent togetherwith the leading banks and financial institutions, hedge funds, and startups that need them, making a once-painful process simple. It offers a confidential, automated platform that leverages a proprietary algorithm to intelligently match companies and candidates, then connects them directly. This enables scalability and efficiency in the recruiting process – at a fraction of the cost.
What inspired you to start the company?
I needed to hire Python developers quickly – and was incredibly frustrated. Then I found that software developers were equally frustrated trying to find their dream jobs. Something had to be done. I had an idea. More here on our blog.
How is it different?
untapt is the only digital recruitment platform focused on FinTech, where demand is exploding. We only work with the very best FinTech startups, hedge funds and banks.
With untapt, the candidate is in control of the search process and it’s completely confidential. Your profile is only sent to hiring managers with your permission.
Which skill sets are presently most in demand, that you’ve noticed?
Front End Developer skills are particularly in demand.In FinTech and financial services, there’s a strong need for Python developers and data scientists.Java and C# coders are always in demand.
What market you are targeting and how big is it?
The market is enormous! There are 400,000 job openings in FinTech and financial services technology each year, and 15 million technologists globally.
What’s your business model?
untapt is free for developers to sign up and free for hiring managers to post as many jobs as they wish. We only charge the hiring companies when they successfully hire, and it’s about 3 times lower cost than a traditional recruiter.
What was the funding process like?
It was time consuming and at times grueling. Things seemed to move slowly initially, then suddenly everything moved fast. My advice: be persistent, and learn and adapt from every pitch. Your passion in the business is more important than the ‘deck.’
What factors about your business led your investors to write the check?
Here is a direct quote from our lead investor:
“untapt is a game changer for top tech talent and thousands of businesses around the world. Moreover, untapt has a huge market opportunity, a superb business model and an experienced management team. We look forward to helping the company maximize its potential.”
Where do you see the company going now over the near term?
This Series A financing enables us to scale the business, increasing our membership base while providing an even greater selection of developer roles at banks, hedge funds and FinTechstartups.
What’s your favorite NY spot to hang out and enjoy the warm weather?
Our offices are right by Bryant Park – a wonderful place to grab a coffee and enjoy the Spring. If any of our members are in the area and would like a career chat and a coffee. just reach out.
