With over $9 billion in property beneath administration, GGV Capital is one in all enterprise capital’s largest and most outstanding gamers. The 22-year-old agency invests in startups from seed to development levels throughout quite a lot of sectors, together with shopper, web, enterprise/cloud and fintech.

This yr was probably the most tough the startup world has seen in a while, because it pressured buyers and founders alike to adapt to a drastically completely different market than they loved in 2021.

To raised perceive GGV’s place throughout a difficult enterprise surroundings, I sat down with managing companion Hans Tung to get his ideas on the state of investing right now, why he believes that there are “many extra massive fintechs but to be constructed” and that elevating a down spherical “will not be the top of the world.”

Principal Robin Li additionally joined the dialog, sharing why she thinks embedded fintech goes to play a vital position in monetary providers within the coming years.

An investor for over 20 years, Tung has backed the likes of publicly traded BNPL big Affirm, actual property fintech Divvy Houses, IDwall, Karat, Rupeek, Mexico’s Stori and Turtlemint. Having seen a number of cycles, Tung is probably much less spooked by the present downturn than another VCs. Li has led Karat Monetary and Novo.

[Editor’s note: This interview has been edited for clarity and brevity.]

GGV’s Robin Li and Hans Tung. Picture Credit: GGV Capital

How has this yr been for you as an energetic fintech investor?

Tung: We don’t attempt to time the market. So final yr, we didn’t over-invest. There was numerous inside push away from maintaining tempo with others. I feel it labored out nicely since we now have loads of dry powder left and extra time to be deliberate this yr. We even have time to double down on our present portfolio as nicely. That stated, we now have most likely slowed our tempo of investing in our world portfolio by about 50% this yr versus final yr.