X Goes Crypto: One Step Closer to a Super App?
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Before diving into the news, I have a quick favor to ask. My friend Chiara Liqui Lung is starting her own project, and I couldn’t be more excited for her! She’s spent years helping FinTech startups grow and scale, and now she’s offering her insights directly to founders.
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Now, speaking of scaling… X Money is expected to launch cryptocurrency payouts by late 2025. Fireblocks’ SVP of Payments and Network, Ran Goldi, told The Block that industry sources “fully expect that by the end of this year, X will probably have the ability to pay out in crypto.”
This move follows X’s recent partnership with Visa, further embedding financial services into its platform. How far is X from turning its ambitions into a full-scale super app?
And if you’re interested in reading a bit about what’s been happening in FinTech, keep scrolling!
Cheers,
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FINTECH NEWS
🇺🇸 Sequoia in talks to lead Mercury funding at over $3 billion valuation. The deal comes amid a renewed surge in financial technology investment, following a long period in which rising interest rates and inflated valuations led to a downturn in fintech dealmaking.
🇧🇷 CashU structures its own fund of R$100 million and promises to unlock R$1 billion in credit for SMEs. The fintech's goal is aggressive, “Our proprietary credit model is ten times more accurate than the conventional methods used by the market,” says Thiago Saldanha, CEO and co-founder of CashU.
🇺🇸 NYSE to launch in Texas, escalating listing venue competition. NYSE Chicago will reincorporate in Texas and rebrand as NYSE Texas, providing companies with a new venue to list their securities which is part of the Intercontinental Exchange. Read more
🇬🇧 Fintech unicorn Zepz to lay off 20% of its global workforce. The London-based fintech is laying off around 200 IT workers as part of a major redundancy plan. The layoffs affect several IT functions at the company, including database administration, development operations and software engineering.
PAYMENTS NEWS
🇮🇹 Italian FinTech unicorn Satispay has no plans to rush an IPO and is actively pursuing M&A. The company, which is valued at over 𝗘𝗨𝗥 𝟭.𝟮𝗯𝗻, is preparing internally for an initial public offering and will consider both European and US exchanges. Read on
🇺🇸 Zelle payments top $𝟭 𝘁𝗿𝗶𝗹𝗹𝗶𝗼𝗻 in 2024, as network’s growth outpaces rivals including PayPal. The payments network run by bank-owned Early Warning Services, crossed $1 trillion in total volumes last year, which it said was the most ever for a peer-to-peer platform.
🇺🇸 Corpay Cross-Border launches Multi-Currency Accounts. This enables ever-growing businesses to expand their global footprints while enjoying hassle-free and seamless foreign currency management, in one single point of access. Accounts are designed to provide businesses with flexibility and transparency.
🇳🇬 Spayz.io expands operations in Nigeria, Japan, and the Philippines. This is part of SPAZY.io’s strategic commitment to offer its merchants and partners access to high-growth jurisdictions through innovative and reliable financial solutions. In Nigeria, the company provides bank transfer services for both pay-in and payout transactions.
🇪🇬 Fawry to launch money transfer service soon. The company aims to promote digital payment acceptance solutions during 2025 after the sector recorded 100% growth, according to the CEO. He also indicated that the company is reevaluating the feasibility of applying for a digital bank license.
🇬🇧 Wise launches new features. The company has new updates designed to help customers save time and manage international payments more efficiently. The features include: cashback tax statements, account details improved, and managing multiple accounts with ease.
REGTECH NEWS
🇺🇸 CFPB’s new leadership begins staff purge with dozens of employees terminated. The affected staff were mostly those with probationary status, several of those being laid off had already accepted federal buyout offers. The move comes amid a broader effort under President Donald Trump to trim federal staff.
🇧🇬 Bitget sets up European base in Bulgaria following regulatory green light. The exchange has secured an operational license from Bulgarian financial authorities, allowing it to function as a Virtual Asset Service Provider in the country. With this approval, It has chosen the country as its key hub for broader compliance with MiCA regulations.
DIGITAL BANKING NEWS
🇺🇦 Revolut plans to obtain a 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗟𝗶𝗰𝗲𝗻𝘀𝗲 in Ukraine. According to Dmytro Strelchuk, Head of New Markets at Revolut, the country is a priority market, and obtaining the Ukrainian banking license is part of the company’s long-term strategy. But is not the only one. Click here for more
🇬🇧 ClearBank launches embedded banking solution for SME credit card provider and Capital on Tap. The new business savings accounts will be available to new and existing Capital on Tap customers. Businesses using the accounts will benefit from higher interest rates on their savings, as well as eligible deposits protected by FSCS.
🇩🇪 Commerzbank to cut 3,900 mostly German jobs as it tries to head off UniCredit. The job cuts are expected to take place by 2028 but will be accompanied by hiring outside Germany, meaning full-time positions will remain steady at 36,700, the bank said.
🇧🇸 48% of central banks plan to issue CBDC within 5 years. The work involved in issuing a wholesale CBDC is considerably less because it’s not a major step change – banks already have central bank reserves, this is simply a version with new technology.
🇨🇳 Standard Chartered to help ChinaAMC launch tokenized retail money market fund. The move will see the company use Libeara, an incubated tokenization platform from SC Ventures. It will use the platform to build its money market fund with a suite of securities and technology to facilitate tokenization of the fund, fiduciary, fund administration, custody, and cash services.
🇺🇸 JPMorgan Chase begins about 1,000 layoffs while continuing to hire. The layoffs are part of the “regular management of the business,” the bank will try to relocate the impacted employees, and it continues to hire in many areas, with 14,000 open positions.
BLOCKCHAIN/CRYPTO NEWS
🇮🇳 Coinbase is preparing to re-enter the Indian market. The company reportedly engages with Indian authorities, including the Financial Intelligence Unit (FIU), to obtain necessary licenses. Its previous attempt in April 2022 failed after the National Payments Corporation of India did not recognize its Unified Payments Interface (UPI).
🇺🇸 Bitcoin trading boosts Robinhood crypto transaction revenues 700%. The crypto and stock market surges leading into the presidential election and beyond helped buoy Robinhood’s fortunes in the fourth quarter. Results released after the markets closed noted that accounts were up 10% to 26.2 million.
PARTNERSHIPS
🇬🇧 Finastra aligns with Attune on mortgage processing. The partnership with ATTUNE helps optimize the digital lending experience for its mutual customers. Through this integration, the company can help credit unions and banks accelerate the lending process while improving operational efficiency.
🇩🇪 Commerzbank and Visa agree on strategic partnership in card business. The bank will further develop its payment offerings as an important part of its growth trajectory. Customers can look forward to a strong offering with worldwide acceptance, secure online payments, and easy integration into mobile wallets.
🇺🇸 Canopy Servicing and Moov partner to transform loan repayments for lenders. Combining Moov’s real-time payment capabilities with Canopy’s automated servicing technology, the partnership aims to deliver greater efficiency, reliability, and transparency in loan repayment processing.
🇺🇸 Spade partners with Stripe to power real-time merchant intelligence. Innovators building with Stripe Issuing can now access Spade’s merchant data to gain enhanced transaction visibility, complete with merchant logos, names, locations, and categories. Read more
DONEDEAL FUNDING NEWS
🇨🇦 Finmo secures US$18.5 million to revolutionize treasury management. With the funding, the company plans to accelerate its product development, invest in AI capabilities, and expand its global reach. It also aims to continue delivering cutting-edge solutions that not only improve operational efficiency but also empower organizations to make informed financial decisions.
🇬🇧 Money Squirrel raises £185,000 to transform business savings in the UK. The funding will be used to develop the platform’s features and expand its offerings to more businesses. The company plans to enhance its savings automation tools, adding further functionality to address the financial needs of small and medium-sized enterprises.
🇬🇧 ACF Investors lead funding for UK's OneID digital ID services. The funding follows a period of growth and implementation of the company’s technology with a growing customer base. OneID will use the funding to enhance its product offering, expand its operations into new market sectors and deliver its services to new and existing customers.
M&A
🇩🇰 Ageras acquires Storebuddy. The acquisition would help it expand its reach across e-commerce also it follows Ageras’ purchase of Shine from Société Générale last year. Ageras provides accounting software to over 300,000 European small businesses. Read more
🇰🇿 Fintech billionaire Vyacheslav Kim set to take over top Kazakh Lender Jusan. Kim is waiting for regulatory approval to buy a controlling stake in a top Kazakh bank that the previous owner had acquired with his help. Kim has a net worth of around $6 billion.
MOVERS AND SHAKERS
🇦🇺 Hello Clever has appointed Sandra Lin as APAC Growth & Partnership Lead. Her leadership will be instrumental in accelerating Hello Clever’s presence across APAC, ensuring businesses can seamlessly integrate real-time payments and loyalty into their operations.
🇮🇪 Wayflyer appoints Victor Tuson Palau, as its first CTO. Victor joins the business from investment platform, Bitpanda, where he led the 250-strong product and technology functions through international expansion. He also co-founded his sustainability startup, Greengame, which sought to incentivize the mass-adoption of sustainable behavior.
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