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Hi, fintech fam! 💜

Have you ever taken a break from something and felt like you needed a GPS to get back on track?

That’s exactly how I felt about this newsletter. After my longest break in three years, getting this out on time felt a bit like trying to remember how to ride a bike—wobbly at first.

But guess what?

Today, I’m super excited to say that this newsletter is hitting your inboxes right on time at 8 pm ET, just like it has since 2021! Here’s to celebrating the little wins.

Now, let's dive into the latest news!

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#TRENDING

What’s Up In Fintech

Every Thursday, I bring you the hottest news stories and trending insights in fintech. Stay ahead of the curve with a curated selection of the most important updates, making it easier to keep your finger on the pulse of the industry.

#1 How the $84 Trillion Wealth Transfer Can Reshape Fintech

Over the next 20 years, the Silent Generation and baby boomers will pass down about $84.4 trillion in assets to their loved ones.

Dubbed the "great wealth transfer," this intergenerational wealth for women is more than just money; it expresses core values such as security, freedom, and well-being.

A 2024 study by Edward Jones found that 87% of women define the purpose of wealth as gaining financial security and freedom, and 85% view it as a way to achieve a better quality of life.

Nearly half of American women expect to receive an inheritance in the next ten years but face obstacles in wealth transfer due to the gender wealth gap.

While 54% of men plan to leave an inheritance, only 42% of women do.

Additionally, a third of women, compared to a quarter of men, are still determining if they can pass wealth to future generations.

Economic pressure is a significant factor, with 63% citing it as a reason they will have less money to transfer and 49% needing to spend finances during retirement or later in life.

Why It Matters

Businesses serving female customers (everyone) should note the significant wealth transfer to women.

This shift could reshape society's views on women and wealth, impacting everyone, regardless of financial windfall.

This inheritance could mean more women will have the money to invest in women entrepreneurs, particularly in the Series A and earlier stages.

More wealthy women are already angel investing than ever before, and those who invest in early-stage companies have the power to determine which products and services are built and which founders rise to prominence. I

n 2023, women represented 46.7% of the angel investor market, a notable increase from 39.5% in 2022 and 33.6% in 2021. An increase in women-owned ventures seeking angel capital mirrored this rise in female angel investors, growing to 46.3% in 2023 from 37.1% in 2022 and 28.6% in 2021.

Even more encouraging is the yield rate—the percentage of companies seeking funding that actually receive it—which rose to 28.8% for women in 2023, up from 25.6% in 2022. These statistics, reported by the Center for Venture Research, suggest that the increase in female angel investors is encouraging more women entrepreneurs to pursue high-risk angel capital.

The fintech sector has greatly benefited, with 12.9% of angel investments directed toward fintech, making it the second most popular sector behind healthcare and software.

The upcoming wealth transfer will initially affect wealthy women. This may lead affluent women to invest in other women, especially in fintech, after facing issues with the current financial system.

As more wealthy women invest in the next generation of women in fintech, more financial products designed for women will be created, starting another cycle of wealth transfer to women.

Moreover, according to 2024 research by the International Finance Corporation, fintech companies that tailor their products to meet women's needs see a 63% lifetime value (LTV) with their customers.

This means that women are not only gaining more wealth but are also likely to remain loyal to the fintech companies they use to manage and invest that wealth.

The study also found that women exhibit greater loyalty and lower default rates.

#2 Crypto Sector Eager to Know Kamala Harris’s Stance

With all eyes on Vice President Kamala Harris as the frontrunner for the Democratic nomination, crypto enthusiasts are eager to know her stance on cryptocurrency.

Recently, billionaire entrepreneur Mark Cuban revealed in an interview that Harris’s campaign had reached out to him with questions about cryptocurrency.

It’s interesting because it shows the Democrats' likely presidential nominee is diving into an issue that has largely been associated with Trump.

Why It Matters

Until now, many blockchain-loving venture capitalists have leaned toward the former president in the 2024 election.

Just last week, Marc Andreessen and Ben Horowitz, founders of Andreessen Horowitz (a16z), said they’re backing the Republican candidate, citing frustrations over crypto policy. Horowitz criticized the Biden administration's approach to cryptocurrency as dismissive, contrasting it with former presidents Clinton and Obama, who were more open to discussions with business leaders.

Harris's deep ties to the tech world could shape more moderate views on cryptocurrency than Biden. Before becoming a senator in 2017, she was California’s Attorney General, where she focused on regulating the tech industry and built strong connections in Silicon Valley.

While Harris hasn’t made statements on crypto herself, the Biden administration’s stance has been clear. Regulatory agencies like the Securities and Exchange Commission (SEC) have ramped up enforcement actions, and the rise and fall of crypto exchange FTX seemingly left the industry with unclear guidance on moving forward. However, Harris might take a more open approach, given her experience with the tech industry.

The crypto community is eager to hear more from Harris. The Digital Chamber, a digital asset trade association, has urged her to support crypto-friendly policies if she becomes the Democratic nominee.

They argue that cryptocurrency is a non-partisan issue deserving support from both sides.

“There is a public perception that the party holds a negative viewpoint of digital assets, largely due to the Biden/Harris Administration's notably cautious and at times hostile approach to these transformative technologies,” the group wrote in a letter to Harris on Monday. “Your expected candidacy for President represents an opportunity to change that perception.”

The letter highlighted that over 50 million Americans use digital assets, with data showing higher adoption rates among Black, Latina(o), and immigrant communities. The organization pointed out that cryptocurrency has the potential to increase financial inclusion. 

Given Harris’s history of focusing on economic opportunity for all, her stance on crypto could combine regulation with innovation, ensuring that crypto and blockchain technology increase access to financial services for society’s most underserved.

#3 Hello Alice Teams Up for SMB Boot Camps

Hello Alice, the fintech startup founded by President Elizabeth Gore and CEO Carolyn Rodz, is ramping its grant program.

This week, they announced partnerships with Wells Fargo, Progressive Insurance, Antares Capital, and FedEx to host equitable access Boot Camps for small business owners.

These Boot Camps are designed to provide entrepreneurs with the training and resources to accelerate their business growth and connect with a community of peers. 

Each partner offers a unique program with different application deadlines and start dates. For instance, Wells Fargo’s Boot Camp will focus on business health and credit-building practices through a virtual accelerator program over 18 months.

Meanwhile, Progressive is dedicating $1 million to award 20 businesses with $50,000 grants for purchasing commercial vehicles, along with a 12-week virtual coaching program.

You can find more details here.

Why It Matters

Small businesses are the backbone of our economy but often struggle to secure the necessary financing and resources. Hello Alice, connecting with 1.5 million small businesses aims to bridge this gap by providing access to capital and opportunities.

Recently, Hello Alice emerged victorious from a lawsuit that attempted to hinder its commitment to equitable access for underrepresented entrepreneurs. In May, a federal judge in Ohio dismissed the lawsuit, allowing the fintech company to continue its mission.

Despite the legal battle, Hello Alice has significantly expanded its community, closed its Series C funding round, and grown into one of the largest small business networks in the country.

The platform has broadened its suite of inclusive financial products and programs, including the Hello Alice Small Business Mastercard, the Business Health Score, the Equitable Access Program, the $70 Million Equitable Access Fund, and Elevate the American Dream.

This year alone, Hello Alice has distributed 49 grants to small businesses across the U.S. under the Elevate the American Dream initiative, bringing its total grant funding to over $40 million.

_{MARK YOUR CALENDARS}

Join us every Thursday to stay updated on the top fintech events each week! These events are a great way to network, learn, and connect with our fintech community. Let's fill our calendars with these awesome events - I would love to see you there! If you have an event to share, please inform me!

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[NYC] FINTECH IS FEMME CREATOR SUMMIT

Incoming: Another epic Fintech Is Femme Summit for our community to get together in person and learn from the best in the business!

​Introducing the first annual Fintech Is Femme Creator Summit!

A half-day Summit designed to amplify the careers of a new generation of content creators — founders, investors, business leaders, and entrepreneurs. The Creator Summit is your chance to learn about the business of content creation.

​Whether you’re a founder, creator, or business professional - Discover tools and strategies that drive growth and capture the most valuable commodity in the digital age: attention.

Throughout the summit, you’ll learn from expert panels, fireside chats, and inspiring founder spotlights from leaders transforming how business is done.

Grab your early bird ticket here!

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🎵 MICHELLE - Oontz

I bumped into one of the artists from this fantastic six-piece indie-pop band at a piano bar I love in NYC, and I've been hooked on their music ever since! Their new album is coming out soon, and the first single is an absolute jam!

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That’s all for now! See you Tuesday!

Love,

Nicole 💜