#649
Courting Capital
Published:
Jul 04, 2026
Author:
Sarah Parsons Wolter
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The "great wealth transfer", which involves roughly $60t drifting from American boomers to Gen Z and millennials by 2048, is less a routine checkout process than a hostile takeover with considerably better hors d'oeuvres. The heirs already manage money the way they manage everything else, on a phone, with zero sentimental attachment to the institution that spent decades handling their parents' fortunes.
The new kids on the block are also forging their own path in their investment choices. Nearly half of millennial investors hold crypto, versus roughly a sixth of boomers, and millennials would rather chase a stake in the next SpaceX than sit through another pitch on balancing a portfolio between stocks and bonds. Traditional wealth managers, sensing where this is headed, have already lost about $1.5t in assets under advisement between 2022 and 2025, a sign of disloyalty that started years before anyone actually inherited a cent.
The industry is fighting back on two separate fronts. One is genuine infrastructure: banks buying private share marketplaces and building out private markets access to deals in pre-IPO companies, a bet that better products can win the money back on merit. The other is pure hospitality: financial literacy classes for fifteen year olds and Formula One weekends in Austin, aimed at wooing a generation that values experiences. The real question is not whether either approach works, but whether an industry built on relationships can survive a younger client base that never wanted one in the first place.
Portfolio News
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Plaid talks with banks about potential IPO - The company secured an $8 billion valuation in a funding round earlier this year and has been closely watched as a contender for an IPO amid a dearth of fintech deals. Deliberations are ongoing and no final decisions have been made, with a spokesperson for Plaid declining to comment on the matter. Read more
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Courting Capital
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Industry News
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Meta is planning a cloud business to sell AI computing power - Meta Platforms is developing plans for a cloud infrastructure business that will sell access to AI computing power and models, setting up a new vector of competition with industry leaders like Amazon Web Services, Microsoft Azure and Google Cloud. Read more
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Japan’s prediction market startups use loyalty points to bypass gambling ban - Japan's strict anti-gambling regulations have limited the growth of prediction platforms, but new startups are finding ways to skirt regulations by using indirect payout systems. Homegrown platforms like Miraima allow users to wager on real-world events and win points that can be converted into monetary rewards such as gift cards, and have seen rapid user growth. Read more
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Visa, Stripe, Coinbase and more join Open USD stablecoin that shares reserve revenue - Open Standard said businesses will be able to mint and redeem Open USD without fees or volume limits, while most of the income made by OUSD's reserves will be distributed to participating businesses after a small management fee. According to Open USD's website, the stablecoin is expected to launch later this year. Read more
X opens X Money to premium subscribers ahead of launch - X has taken another step in the rollout of X Money by expanding the tool to members of the top tier of the social media platform’s premium subscription service. X Money includes accounts for everyday spending, saving, sending and other functions; a custom metal Visa debit card with free ATM withdrawals and no foreign transaction fees; the ability to “pay anyone, any way,” including paying rent, sending a wire, mailing a check or paying friends; and the ability to earn interest on deposits, with no minimum balance. Read more
Select Financings
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Talentir - Vienna based payout platform raised €4m in Seed funding led by Redstone VC. Read more
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