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Top News In Payments: Millennials Spend Big On Black Friday; Goldman Investor Day To Focus On Growth Strategy

PYMNTS Top News in Payments

In today’s top payments news, millennials — as well as bridge millennials — were big Black Friday spenders this year. Also, Goldman Sachs’ first-ever Investor Day planned for Jan. 29 won’t include rigid profit goals but instead will focus on growth strategy and transparency throughout its business sectors. And Silicon Valley’s Figure Technologies has closed or is near closing $103 million in a Series C funding round.

 

Goldman’s Investor Day To Divert Focus From Consumer Banking

Goldman Sachs’ first-ever Investor Day, planned for Jan. 29, won’t include rigid profit goals but will reportedly focus on growth strategy and transparency throughout the firm’s business sectors instead. David M. Solomon, chairman and CEO, will join the company’s senior leadership team at the invitation-only Investor Day to deliver presentations regarding strategic priorities.

SoFi Founder Mike Cagney Notches Near-$103M For New FinTech

Silicon Valley’s Figure Technologies, co-founded by SoFi Founder Mike Cagney, has closed or is near closing $103 million in a Series C funding round. Cagney started the firm with his wife, June Ou, who serves as COO. Figure’s other co-founders include Cynthia Chen, a recent venture partner of DHVC (Danhua Capital), and Alana Ackerson, former CEO of The Thiel Foundation.

Leaked Documents Show UN Facial ID Tenets Framed By China

Technology companies in China are reportedly framing facial recognition policies at the United Nations (UN). Data obtained by one news outlet indicates that Chinese tech firms are aiming to grow markets for the newest facial recognition technology while moving a global standard forward.

Deutsche Money Laundering Probe Accelerated

The U.S. Department of Justice has accelerated its probe into Deutsche Bank’s reported participation in a $220 billion Danske Bank money-laundering scheme. The department is reportedly inquiring if Deutsche helped with moving dirty money from Danske to the United States.

NEW DATA: Millennials Were Black Friday’s Big Spenders In 2019

Millennials were the big Black Friday spenders this year, shelling out an average of $509.50 on Black Friday purchases, compared to an average of just $382.40 last year. More millennials in the workforce mean more millennials with money to buy holiday presents.

Bridge millennials, those who range in age from 30 to 40 years old who “bridge” the age gap between Generation X and millennials, were also big spenders. They shelled out an average of $479.40 on Black Friday this year — the second-highest average of any age group.

The Venture Investing Road Less Traveled: Funding Enablers, Not Challengers

In a Monday Conversation, Dan Rosen, venture capitalist and founder of Commerce Ventures, told Karen Webster that eyeing the new tech enablers of payments, and not the disruptors, can pay off well. It’s a strategy, he notes, that flies in the face of what has been a hallmark of the past few years: a technology sector dominated by the U word — that would be “unicorn,” of course.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. In the December 2019 Mobile Card App Adoption Study, PYMNTS surveyed 2,000 U.S. consumers for a reveal of the four most compelling features apps must have to engage users and drive greater adoption.

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