Circle’s Second IPO Round Takes Shape
Hey FinTech Fanatic!
Circle, the stablecoin company behind USDC, is moving forward with plans to go public. This time, it’s working with JPMorgan Chase and Citi on a traditional IPO, aiming to list by the end of April and begin trading between late May and early June.
This isn’t Circle’s first attempt at the public markets. Back in 2021, it planned to go public through a SPAC deal that initially valued the company at $4.5 billion, later revised to $9 billion. However, the SEC never approved the merger, and the plan was scrapped in late 2022 after FTX’s collapse and broader market turbulence.
Now, Circle is taking a different route. Last year, it confidentially filed for a traditional IPO, potentially making it the largest crypto listing since Coinbase in 2021. JPMorgan and Citi, who were also involved in Coinbase’s listing, are advising on the deal, reportedly valuing the company between $4-$5 billion.
Meanwhile, other FinTech players, like eToro and Klarna, are also preparing for public listings, pointing to renewed momentum in FinTech IPOs.
Regulatory developments are unfolding in parallel. The Senate has advanced a stablecoin bill, and the House is expected to vote soon. Trump’s pro-crypto agenda includes plans to sign stablecoin legislation by August, a timeline that could intersect with Circle’s market debut.
Read more global FinTech industry updates below 👇 and I'll be back with more tomorrow!
Cheers,
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INSIGHTS
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FINTECH NEWS
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🇺🇸 Jury rules startup founder Charlie Javice guilty of defrauding JPMorgan Chase. The verdict against her came after approximately four hours of jury deliberation. It wrapped up roughly five weeks of testimony where prosecutors claimed that Javice and co-defendant Olivier Amar lied and created fake customer data to sell their financial aid company, Frank, in 2021.
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🌍 European payment schemes turn on instant cross-border money transfers. EuroPA enables interoperability between Italy's Bancomat, Spanish scheme Bizum, and Portugal's MB WAY, connecting more than 50 million users and 186 financial institutions from Italy, Portugal, Spain, and Andorra.
🇬🇧 PrimaryBid is in talks over a discounted sale. City sources said the process was being conducted on an accelerated basis and that if concluded, it would be at a steep discount to the $500m valuation that it attracted three years ago. Keep reading
🇬🇧 Bank of England to hike FSCS protection from £85,000 to £110,000. The increase to the limit suggests that lenders will raise their contributions to the UK deposit guarantee scheme, which is offered by the Prudential Regulation Authority (PRA), the financial services regulator under the Bank of England.
PAYMENTS NEWS
🇬🇧 Mollie and Ivy partner to launch “Pay by Bank,” leading the global real-time payment revolution. Johannes Claudi, Principal Product Manager at Mollie, stated that this was a strategic decision aimed at providing merchants with faster, more secure payments. He highlighted that Ivy stood out globally due to its seamless integration, international coverage, and high conversion rates.
🇮🇳 Only 4% of all payment transactions move half of India's money.
🇮🇳 New UPI rules. The measures are implemented to ensure the security and efficiency of UPI, along with phasing out inactive numbers, as the inactive number could pose a security risk. When an individual deactivates or closes their number, the UPI remains active, which could result in misuse or cyber crime.
🇰🇬 Kyrgyzstan takes lead in banking sector integration and QR code payment services in EAEU. According to the National Bank of Kyrgyzstan, this milestone follows the successful rollout of the national QR code interoperability framework, creating a unified payment ecosystem.
🇬🇧 Backbase and Salt Edge join forces to accelerate open banking compliance and innovation. This collaboration enables Backbase customers to integrate robust open banking compliance solutions from Salt Edge. Available end-to-end through the Backbase Marketplace, it ensures seamless connectivity to the bank’s tech stack.
🇺🇸 TreviPay unveils B2B purchase controls to enhance compliance. The new feature enables companies to enforce customised purchase policy structures that align with their internal requirements. Businesses can reduce payment delays, decrease manual reconciliation work, and improve compliance.
REGTECH NEWS
🇺🇸 FDIC says banks can engage in crypto activities without prior approval. The Federal Deposit Insurance Corporation announced that banks can engage in legally permitted activities, including those that involve cryptocurrency, without receiving prior regulatory approval, if they manage risks properly.
DIGITAL BANKING NEWS
🇳🇱 Finom issues first credit line. This enables automated credit decisions and delivers responses to borrowers within minutes rather than the days or weeks typically required by traditional lenders. This milestone comes as part of FINOM's pilot on-demand funding program for small and medium-sized businesses.
🇬🇷 Church of Greece planning to launch digital bank within the coming months. The initiative envisions a fully digital financial institution with no physical branches, allowing customers to access services via computers and smartphones.
🇺🇸 Chime launches Premium Membership Tier and more than a dozen New Features. Chime+ is a free premium membership available to members who set up a qualifying direct deposit. It provides a broader range of financial tools, perks, and services like MyPay® and SpotMe®.
🇧🇷 PicPay makes seven times more profit and advances in diversification. The company reported a significant growth, with a 61% increase in revenue, reaching R$ 5.6 billion, and a sevenfold increase in net profit to R$ 251.8 million. Over 5.7 million users engaged with PicPay Assistant throughout the year.
🇬🇧 10x opens exploratory talks over a possible sale. Former Barclays Chief Antony Jenkins is reportedly weighing a sale of 10x, the core banking startup he founded almost a decade ago. Read more
BLOCKCHAIN/CRYPTO NEWS
🇵🇦 Panama’s draft bill sets the stage for crypto payments. The draft bill is now under review in the National Assembly, with potential amendments before a final vote. It aimed at regulating cryptocurrencies and establishing a legal framework for blockchain-based services.
🇺🇸 FTX to start paying main creditors’ bankruptcy claims in May using a cash hoard of $11.4 billion. The firm's main creditors include investors owed millions of dollars as well as institutions that had crypto on the FTX platform. Keep reading
🌍 Crypto Finance joins forces with Talos. The companies say the collaboration will allow banks, brokers, and other financial institutions to connect with Crypto Finance's liquidity via the Talos platform, ensuring better execution and regulatory compliance.
🇺🇸 Binance debuts centralized exchange to decentralized exchange trades, allowing customers to use funds from their Binance wallets to execute DEX trades, eliminating the need for asset bridging or manual transfers. Read more
🇺🇸 Circle hires banks for long-awaited IPO. The FinTech is working with investment banks JPMorgan Chase and Citi on its long-expected IPO. The precise timing for the listing is unclear, but the sources said Circle aims to publicly file paperwork for the offering in late April.
PARTNERSHIPS
🇺🇸 Ingo Payments selects Marqeta as issuer processor for enhanced embedded banking platform. Ingo selected Marqeta for its flexible, scalable technology stack that helps its customers develop innovative financial products and bring them to market quickly. By partnering with Marqeta, Ingo is equipped to drive the next generation of issuing solutions, offering value to senders, receivers, and businesses alike.
🇺🇸 FinTech ArtsPay teams with Clover to grow its social purpose venture supporting the arts. Through its partnership, ArtsPay has launched a new platform that the company says marks a significant advancement in its mission to transform the payments industry and provide sustainable arts funding.
🇺🇸 SumUp and FreedomPay partner to strengthen offerings to retail and hospitality merchants worldwide. The partnership will deliver a robust payment system with offline capability, a major bonus for merchants operating remotely, as well as hardware flexibility and enterprise-level infrastructure functionality for even the smallest commercial operations.
🇬🇧 Movitz partners with Intergiro to deliver advanced payment verification. These tools will enable financial institutions to enhance transaction security for their customers, particularly in online payments. Continue reading
🇬🇧 UK Open Banking payments provider Atoa unveils integration with Xero. Atoa’s new integration with Xero will enable customers to attach Atoa as the payments provider and to add a ‘Pay with Bank App’ button to Xero invoices, giving customers the ability to pay directly from their bank app or via online banking.
🇹🇼 PXPay Plus and J.P Morgan Asset Management Taiwan join forces to launch industry-first direct fund dividend direct deposit into E-Wallet accounts. "Digital Hen" is designed for beginner investors and budget-conscious individuals, allowing them to invest while they spend.
🇬🇧 Crypto Card Firm Baanx partners with Circle for rewards wallet. Built on Circle’s programmable wallet tech, the Baanx platform allows crypto holders access to cashback, fee discounts, subscription perks, and exclusive gated experiences. Keep reading
DONEDEAL FUNDING NEWS
💰 Over the last week, there were 8 FinTech deals in Europe, raising a total of €76 million in equity, 3 deals in the UK, 2 deals in France, and 1 in each of Switzerland, The Netherlands, and Germany.
🇮🇳 PayMate secures $30 million boost from Crimson Ventures to revolutionize B2B payments. The funds raised will be directed toward enhancing PayMate’s market presence and supporting general corporate purposes. The company is also considering this round as a precursor to potentially raising additional capital soon.
🇪🇸 Spain’s FinTech firm Wannme raises €7M to speed up payments for marketplace sellers. This funding will support Wannme in offering instant payment advances to marketplace sellers, enabling them to receive earnings daily instead of after more than 14 days due to marketplace rules.
M&A
🇮🇳 Zaggle to acquire 51% stake in Effiasoft for INR 41.31 Crore. Zaggle sees this acquisition as a key step in reinforcing its financial technology ecosystem. By leveraging Effiasoft's expertise, the firm aims to accelerate product development, improve operational efficiency, and enhance merchant engagement.
MOVERS AND SHAKERS
🇦🇺 ANZ brings forward the start date for incoming CEO Nuno Matos to 12 May from the earlier date of 2 July. He will also be appointed as Executive Director on the Boards of ANZ Group Holdings and ANZ Banking Group Limited. Read more
🇺🇸 Visa VP to replace Featurespace CEO Martina King following acquisition. California-based Jason Blackhurst will relocate to Cambridge. King, who ran the Cambridge-based company for over a decade since 2012, will step down as it begins operations as a Visa product.
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