Although the Great Resignation is a global phenomenon among those who are younger than 40, it also seems to be applying to the “pipe and slippers” and “purple rinse” brigade here in the U.S.
As of the third quarter of 2020, 28.6 million boomers out of a total national cohort of 71.6 million now identify as retired. To put that in context, that represents 3.2 million more people than those who said they were retired during the same period in 2019 according to the Federal Reserve.
However, the data isn’t perfect. The chief actuary of the Social Security Administration highlighted that older people might claim to have “retired” from one job but are continuing to work in another.
Unlike in other developed countries, retirement isn’t necessarily a permanent shift for Americans who have hung up their spurs. Before Covid, it wasn’t uncommon to see Americans “un-retire” out of financial hardship or perhaps even boredom. Today, 47.8 million Americans aged 65 and older could be forced back into the saddle as rising inflation eats away at their average income of $38,515, and their average net worth of $170,516. Can fintech startups help soften the blow?
With the average American retiring at 66, up from 60 in the 1990s, and with life expectancy clicking over 79 years old, that only leaves ~13 years to really kick back and enjoy life after work. Maybe that will prompt, as it did with younger workers, Americans to think differently about their lives and what to do with their remaining 4,748 days until they shuffle off this mortal coil. It looks like it might have played a part in getting the old GOAT Brady off the bench!
Simetrik raises $20m to develop their payment infrastructure solutions for Latin America - The Bogota based company, which provides payment infrastructure in Latin America, has raised $20m in a Series A funding round led by FinTech Collective. Other investors include Tiger Global, Cometa, Moore Strategic Ventures, and Monashees. The latest financing brings Simetrik's total raised since its 2019 inception to $29m. Read more
Women Who Roar podcast series episode 2: From VCs to founders: a journalist’s perspective - Episode 2 produced in collaboration with FinTech Collective and MoneyLion is live! From topics like female founders, the world of fintech journalism, and how to get ahead in your career, join in the conversation with Mary Ann Azevedo, Senior Reporter for TechCrunch. Click the link to listen to or watch the full episode now! Read more
Getting Back Off The Bench?
Apple buys UK fintech start-up Credit Kudos - It’s not yet clear what Apple has planned for Credit Kudos. The company has made significant inroads into financial services over the years through its Apple Pay mobile wallet and the Apple Card, a credit card the firm launched in partnership with Goldman Sachs in the U.S. Read more
Bored Ape Yacht Club has big plans to enter the metaverse - Yuga Labs’ Otherwise metaverse project will join an increasingly crowded group of metaverse platforms, some of which also incorporate NFTs and cryptocurrencies. Read more
Crypto firms face being booted from the UK as a key deadline approaches - A slew of cryptocurrency companies could be forced to wind down their business in the U.K. if they fail to register with the finance watchdog ahead of a key deadline next week. From Mar. 31, firms operating crypto services in Britain must be registered with the Financial Conduct Authority, which is tasked with overseeing how digital asset firms combat money laundering. Read more
Equiano, Google’s subsea internet cable in Africa, will make its first landing in Togo this month - Equiano is Google’s 14th investment in internet subsea cables, but the first dedicated to internet access in Africa. It is expected to travel from Portugal to South Africa and is part of the company’s $1b Africa investment that includes a $50m venture capital startup fund. Read more
Mercy Corps Ventures launches their Crypto For Good Fund - The objective of the Fund is to drive global financial inclusion through a series of pilots, building an evidence base to prove the scalability of blockchain-enabled solutions in making a positive impact on the 1.7 billion people in the world who are currently unbanked. Read more
Money washing - A long form read on money washing and "Londongrad" from Scott Galloway. In short, the AML, KYC business is going to boom! Read more
OECD opens proposal on tax transparency framework for crypto to public comment - According to the OECD, the crypto market posed a “significant risk” around tax transparency, claiming that any gains will eventually be lost without additional safeguards. Read more
Request to Pay: a new European payment method in development - By enabling a secure messaging channel between biller and payer, Request to Pay (RtP) allows the biller to initiate a transaction and the payer to choose when – and how much – they pay. This is unlocking new flexible ways for money to move between people, organizations and businesses. Read more
The IPO market has frozen over. When it thaws, it could look much different - So far this year, just 22 companies have gone public in traditional IPO's, raising a combined $2.3 billion. That is a huge downshift from last year, when 79 companies had raised nearly $36 billion by this point. Consensus on the best candidates to reopen the IPO market are profitable, fairly large, raising around $500 million, and be “must-own” names in their industries. Read more
United Bank for Africa extends payments reach across 19 African countries with Cellulant - Africa’s global bank, United Bank for Africa (UBA) Plc, and leading Pan-African Payments Company Cellulant have announced a partnership that will extend payment services for merchants and consumers across 19 key African countries in which UBA operates. Read more
Will banks or neo-banks win as zero-rate era ends? - Disrupting banks when interest rates are near zero is in some ways playing on easy mode writes the WSJ. As rates rise, the game will get harder—but certainly not impossible for the challenger brands. Read more
Aavenir - San Francisco based AI source-to-pay startup raised $6m in Series A funding led by Accel. Read more
Astronomer - Cincinnati based data orchestration platform raised $213m in Series C funding led by Insight Ventures. Read more
Blidz - Finland based European social shopping app raised €6m in Seed funding led by General Catalyst and Peak. Read more
ChargeAfter - California based multi-lender buy now pay later consumer financing platform raised $44m in Series B funding led by The Pheonix. Read more
Digits - San Francisco based real-time accounting startup for SMBs raised $65m in Series C funding led by SoftBank. Read more
Flock Homes - Denver based real estate investment startup for landlords raised $26m in Series A funding led by Andreessen Horowitz. Read more
Handle - San Francisco based construction payment compliance startup raised $10m in Series A funding co-led by Energize Ventures and Ironspring Ventures. Read more
Jeeves - New York based corporate cards and spend management startup Jeeves raised $180m in Series C funding led by Tencent. Read more
Kadmos - Berlin based startup focused on international salary payments raised $9.1m in Seed funding led by Addition. Read more
Lucky - Egypt based credit and cashback platform raised $25m in Series A funding led by Nclude. Read more
Outgo - Seattle based banking solution for freight carriers raised $3.4m in new funding led by Neo and PSL Ventures. Read more
prePO - Australia DeFi trading platform raised $2.1m in growth funding led by Republic Capital and IOSG Ventures. Read more
Ribbon - San Francisco based DeFi startup focused on crypto derivatives raised $8.8m in growth funding led by Paradigm. Read more
Saphyre - New York based AI collaboration platform for asset managers raised $18.7m in Series A funding led by HCAP Partners. Read more
Tokenex - Oakland based cloud tokenization provider raised $100m in Series B funding led by K1 Investment Management. Read more
Tomo - Texas based mortgage fintech raises $40m in Series A funding led by SVB Capital. Read more
Wealth - Arizona based digital estate planning platform raised $16m in seed funding led by Anthos Capital. Read more
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