The kids are (more than) alright | Wednesday, Feb. 1

Hi there,

Last week, Gen Z VCs hosted a co-working day at RISE by Barclays (home of Empire Startups –?floor 6, stop by and say hi if you’re ever in town…)

While I was a bit lost when comparing what is, "on everyone’s For You page right now," there was no confusion on me when starting to think about the grip this generation holds on just about everything right now.

Generation Z is “loosely” defined as an individual being born between 1997-2009. Having lived their whole life with access to the internet, high-speed information and on-demand access isn’t just a novelty, but an?expectation.?

Right now, Gen Z is the largest growing population, with an estimated?$140bn in spending power. They have a strong hold on defining what’s deemed successful, and what will fail to rise from the ashes.?Various victims include, but are not limited to, malls, cable TV, office culture, and even the meat industry.?

Ok Jon, stop making us feel old. What has this got to do with FinTech?

Let’s rewind to 2008 – the last financial crisis, and a pivotal point for this generation to start developing their thoughts when it comes to?money and finances.?

→ They’re a bit more distrustful, craving transparency (instead of just ‘setting it and forgetting it’) and are hungry for financial literacy.?

→ They want clear expectations of their financial future, without being trapped into piles of debt their predecessors?have been plagued with in the past.

For Gen Z, FinTech is not just?normal –?but something they?expect to evolve?with them.

There is no second guessing when it comes to digital payments, such as Venmo-ing their friends, or?dropping their CashApp tag in a livestream.?Instead, their asking:

• Which debit cards come with built-in rewards, so?racking up debt?is not an option?
• How can money go toward?socially-responsible?missions that are worth investing in?
• Which brands are fusing together entertainment and a?sense of community?when it comes to financial advice and influence that can be trusted?

Gen Z is in their prime earning years, looking for product-market fit that aligns with?personalization, human interaction, and social responsibility.?

Who should be on our radar that’s mastering all three??

And as for my offer above about stopping by and saying hello – make sure you're selfie-ready as well. ??

Cheers, Jon

? 2023 EMPIRE FINTECH CONFERENCE

You may have missed the super early-bird sale, but we won't let you miss out on our?early-bird?pricing.

?? Snag your tickets for the 2023 Empire FinTech Conference ASAP! And if you still need convincing, check out the awesome folks we have lined up. More sneak previews coming soon ??

?? FEATURED FINTECH NEWS

Reads

?? Marqeta buys fintech Power Finance in $275M all-cash deal, its first acquisition?|?TechCrunch

Marqeta has agreed to acquire two-year-old fintech infrastructure startup Power Finance for $223 million in cash, marking the first acquisition in the publicly traded company’s 13-year history.

?? Elon Musk pushes forward with Twitter payments vision?|?Financial Times

Twitter has begun applying for regulatory licenses across the US and designing the software required to introduce payments across the social media platform.

?? 'A huge mistake': Lessons from the JPMorgan-Frank fintech deal?|?American Banker

Observers point out there were warning signs dating back years, including investigations by the Department of Education and Federal Trade Commission.

?? Where Are Bank-Fintech Relationships Headed??|?The Financial Brand

The banking industry continues to go through seismic changes, with worse to come. At the same time, many are still plugging away at digital transformation. Partnerships may be the best bet for both going forward — but a twist called 'community fintechs' could be a spoiler.

?? Amex is rolling out a small business hub with tech from the embattled fintech Kabbage?|?Fast Company

Amex’s Business Blueprint is built on the Kabbage platform—an online lending company whose technology American Express acquired back during the summer of 2020.

Listens

?? Interview: Michael Sindicich, EVP & Head of TripActions Liquid?|?Fintech Business Weekly

From corporate travel to card issuing, expense management, spend reporting & more.

?? What will define the user experience in financial services this year??|?Fintech Insider by 11:FS

No matter how amazing your financial services product may be, if the UX isn’t up to scratch, then no one is going to find out. But there’s no set-in-stone rules for these journeys and experiences, and there’s many external factors which may shape a product from one year to the next.

So what were the successes of 2022, what were the challenges of the last twelve months, and what do we predict will dominate user experiences in 2023?

???Building Fintech for the Future?|?Fintech For the People

Fintech is no longer just about expanding access to financial services; it’s also about increasing their quality. In this episode, Accion Venture Lab’s?Amee Parbhoo?sits down with TS Anil, Global CEO of?Monzo Bank, to discuss his principles of building a sustainable and growth-oriented business, and what he sees for the future of inclusive fintech.

?? FEATURED FINTECH EVENTS

Austin

Boston

Miami

New York

Other Cities

Toronto

Looking for more? Find all FinTech events?here.

???FEATURED?FINTECH FUNDING ROUNDS

January 26 - January 31, 2023

SEED

Lorien Finance, $755K (Lending, New York)

Suppli, $3.1M (Payments/Billing, Austin)

Grazz, $4.3M (Payments/Billing, Austin)

Elements Advisors, $5M (Wealth Management, South Jordan)

SERIES A

Foro, $8M (Lending, Charlotte)

Vartana, $12M (Payments/Billing, San Francisco)

Method Financial, $16M (Lending, Austin)

Angle Health, $58M (InsurTech, San Francisco)

?? FEATURED FINTECH JOBS

New York

• People Operations and Employee Experience Manager, Payoneer
• Software Engineer, Infrastructure (Mid/Senior Level), Clear Street
• Sales & Business Development Representative, ThetaRay
• Strategic Finance Director, Lemonade

Remote

• VP of People, Flex
• Senior Software Engineer, Purchasing Platform, Inc.
• VP of Engineering - Product, Mercury
• Director of Search Engine Marketing, HomeLight

San Francisco

• Engineering Manager, Growth Product, Carta
• Senior IT Auditor, Internal Audit, Ripple
• Business Development Manager, Mid-Market -Retail, Cover Genius
• Talent Operations Coordinator, Stronghold

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