A Tale of Two Millennials


Apr 20, 2024


Sarah Parsons Wolter


Apr 20, 2024


Sarah Parsons Wolter


We’ve all heard the tiresome generational battles between boomers and millennials. But now there's a plot twist. The real conflict might just be brewing within the millennial generation itself, and this time it’s over housing. Housing affordability is a major issue in the U.S. and the U.K. – especially for many millennials who have struggled to build wealth.

A recent U.K. study found that the top 10% of millennials hold property wealth of £300k, nearly triple that of their boomer counterparts at the same age. Similarly, American millennials in the richest decile enjoy a net worth that is 20% higher than boomers. How could this discrepancy in wealth occur? Parental assistance. Research from Redfin shows that 36% of young Americans and 33% of those in the U.K. had family aid when buying their first home. The richest Brits received £170k from parents compared to the average of £25k!

Elsewhere around the globe, in addressing this disparity in the generational wealth transfer Canada has announced it would raise capital gains taxes, aiming to invest tens of billions of new tax revenue into young home ownership efforts. This could have a strong impact on how Canadians compete for homes, yet it remains to be seen if it will be enough, or if they will continue to rely on the bank of Mom and Dad for housing help.

money please

Portfolio News

Mattilda secures $14m in additional debt funding - The Mexican startup has successfully expanded its credit line by $14m with the backing of the private fund Addem Capital. In less than 2 years, the company claims to have tripled its factoring operations and has significantly increased financing for schools, almost multiplying it by 30. Read more

Centrifuge raises $15m in Series A funding for institutional DeFi adoption - Congrats to portfolio company Centrifuge on the announcement of their Series A, led by ParaFi Capital and Greenfield. The company plans to build an institutional-grade, decentralized finance lending market for RWAs, built on Coinbase's Base layer 2 and integrated with Coinbase Verification. Read more

Uniswap volumes approach $3b despite Wells Notice - Uniswap was served a Wells notice from the SEC on April 10, with many thinking this signaled the start of a war on DeFi. Still, interest in Uniswap is not waning, with daily volumes climbing over the weekend and continually hitting the $3b threshold. Read more

Coincover unveils ‘protected co-signing’ for crypto transactions to prevent fraud and hacks - Coincover said it is working with Onramp, a bitcoin asset-management platform, the first form to use the new security protection. Protected Co-Signing is being made available to all custody platforms that use key material distributed between multiple entities to sign transactions. Read more

A Tale of Two Millennials

Forget boomers vs millennials, the next conflict is millennials vs each other - Although the average millennial is less wealthy than boomers at their age, the richest far exceed their older counterparts. This has struck a tale of two types of millennials in the housing market, especially those with familial assistance. Read more

Canada hikes capital gains tax to raise billions for housing - Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people. Read more

Millennials are coming for your golf communities - Once the quiet refuge for retirees, golf communities are now the new hot spot for affluent millennials who are looking to get more for what they pay for in their first homes. Read more

Industry News

India scrambles to curb PhonePe and Google’s dominance in mobile payments - The National Payments Corporation of India (NPCI), the body overseeing the country’s widely used UPI mobile payment system, is going to meet various fintech startups this month to develop a strategy to address the growing market dominance of PhonePe and Google Pay in the UPI ecosystem. Read more

Public acquires Stocktwits trading accounts - Stock-trading company Public agreed to acquire over 15,000 brokerage accounts from Stocktwits, marking an exit for Stocktwits just two years after it joined the fray. The transaction is valued at under $10m, according to a source familiar with the matter. Read more

UK digital bank Zopa turns profit as it eyes IPO - Zopa, the UK digital bank backed by SoftBank, has swung to profitability, taking the fintech group a step closer to an anticipated public listing. The group posted pre-tax profits of £15.8m for 2023, from a loss of £26m the previous year. Read more

Congress advances earned wage access bill as popularity grows - U.S. Congress advanced a bill that aims to provide a regulatory framework and establish consumer protections for services that offer workers access to their paychecks before their scheduled payday. Read more

Klarna to launch credit card offering in the US “over the next few months” - Issued by Utah-based WebBank, the US Klarna Card offering allows users to buy goods with flexible payment options across both physical and e-commerce stores that accept Visa. with the ability to pay back the cost of transactions in either three or six month installments. Read more

BlackRock bitcoin fund accounts for 20% of the firm’s Q1 ETF net inflows - The fastest-growing ETF in history, iShares Bitcoin Trust (IBIT) — launched on January 11 alongside nine similar spot bitcoin funds — notched roughly $13.9b, or 21%, of those flows, ETF.com data shows. Read more

Singapore-licensed Triple-A to offer PayPal stablecoin support - Singapore based payments firm Triple-A will add PayPal’s stablecoin (PYUSD) to the list of tokens its customers can use to pay merchants. Roughly $200m of PYUSD is in circulation, compared to Tether's $110b of USDT. Read more

Adyen finds the global retail sector lost $429b to payments fraud last year - On average, enterprises lost $2.98m to fraudulent attacks, though luxury fashion retailers lost $3.97m and health and beauty brands $3.94m each. Read more

H&R Block’s tax day outage frustrates last-minute filers - Some people who bought and downloaded the H&R Block software on their computers were unable to electronically file their returns. Those who use the company’s software through a web browser or who work directly with its tax professionals weren’t affected, H&R Block said. Read more

Alleged rent-fixing of apartments nationwide draws more legal scrutiny - Legal pressure is mounting on a property-management software company facing allegations that it illegally fixes apartment rent prices at buildings across the U.S. State and district attorneys general in Arizona and Washington, D.C., are suing RealPage, and more than a dozen of its landlord customers. Read more

The fried chicken is in New York. The cashier is in the Philippines - A few New York City restaurants are experimenting with virtual staff members, who greet customers onscreen via Zoom from the Philippines. Read more

Fintech Revolut bets on Mexico growth, expects remittances as driver - Financial technology company Revolut expects strong growth prospects in Mexico where it aims to dedicate more than $100m this year, the firm's top local executive told Reuters, as it looks to take advantage of historic remittance flows. Read more

Select Financings

Aark - London based DeFi liquidity and leverage trading company raised $6m in Seed funding led by HashKey Capital. Read more

AgentSmyth - New York based AI company focused on trading raised $2.5m in Seed funding led by Michael Rafferty. Read more

Algbra - UK based sharia-compliant neobank raised £3.75m in Seed funding led by SC Ventures. Read more

Aligned Layer - Decentralized Ethereum-based proof verification system raised $2.6m in Seed funding led by Lemniscap. Read more

Anrok - San Francisco based sales tax platform for software companies raised $30m in Series B funding led by Khosla Ventures. Read more

Auradine - California based blockchain infrastructure company raised $80m in growth funding led by StepStone Group. Read more

Bridgewise - Tel Aviv based AI-based analysis platform for global securities raised $21m in new funding led by Six Group. Read more

Capa - Latin America focused crypto on- and off-ramp raised $1.5m in pre-Seed funding led by BTV. Read more

Claimbuddy - India based health insurance claim assistance platform raised $5m in Series A funding led by Bharat Innovation Fund. Read more

Crypto Valley Exchange - Decentralized DeFi exchange raised $7m in new funding led by Fabric Ventures. Read more

Finmid - Germany based embedded SMB financing company raised €23m in Series A funding led by Blossom Capital. Read more

Flatpay - Denmark based fintech POS company raised $47m in Series B funding led by Dawn Capital. Read more

GovDash - New York based government contract bidding management startup raised $10m in Series A funding led by Northzone. Read more

Nebra - Decentralized platform aiming to lower the price of settlement on Ethereum raised $4.5m in Seed funding led by Nascent. Read more

Pliant - Germany based corporate credit card company raised $19m in Series A funding led by PayPal Ventures. Read more

Pula - Kenya based agricultural insurtech company raised $20m in Series B funding led by BlueOrchard. Read more

Sumday - Tasmania based carbon accounting company raised $3.4m in Seed funding led by Planeteer Capital. Read more

Toku - Chile based recurring payments platform raised $9.3m led by Gradient Ventures. Read more

Wagestream - London based financial benefits platform raised £17.5m in new funding led by British Patient Capital. Read more


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