As smaller fintechs grapple with restructuring challenges, the card company expects there will be more opportunities for it in hiring talent and acquiring businesses.

As valuations for startups shrink and some restructure, established payments companies such as Discover Financial Services may benefit from expanding opportunities to lure talent.

 

When asked last week at the Morgan Stanley U.S. Financials, Payments and CRE Conference if the pull-back in fintech valuations creates opportunity for the card company, Discover Chief Financial Officer John Greene said it does, and suggested it may aid the company in recruiting. 

 

In the recent past, Riverwoods, Illinois-based Discover noticed “a lot of people with tech skills ended up leaving (Discover) to go to fintech players,” but those employees found “the currency wasn’t worth what they thought it would be worth,” he said on June 15. Greene didn’t specify what currency he was referring to.