Welcome to Fintech Pulse, your daily op-ed style briefing that distills today’s most pivotal developments shaping the financial technology landscape. From regulatory scrutiny of banking-as-a-service models to the unfolding era of AI-driven fintech, we analyze the stories behind the headlines—and what they mean for innovators, investors, and regulators.

1. Regulatory Spotlight: Senators Demand Federal Reserve Records on Synapse Failure

In a dramatic escalation of oversight pressure, a bipartisan group of senators—led by Sen. Elizabeth Warren (D-MA) and Sen. John Fetterman (D-PA)—has formally demanded that the Federal Reserve hand over all supervisory records related to last year’s collapse of fintech middleware provider Synapse. According to reporting by The Wall Street Journal, the senators allege that warning signs of Synapse’s missteps “should have prompted immediate supervisory and enforcement intervention” by the Fed.

Source: PYMNTS.com.

Key Takeaways

• Middleman Risks Exposed: Synapse acted as the on-ramp between neobanks and chartered banks, holding customer deposits at banks like Evolve Bank & Trust—yet when Synapse filed bankruptcy in April 2024, an estimated $96 million of customer funds went missing and were not covered by FDIC pass-through insurance mechanisms.

• Regulatory Gap: Fintechs such as Synapse, though vital to digital banking services, fall outside the Fed’s direct regulatory purview, illustrating a blind spot in U.S. financial oversight that lawmakers now vow to close.

• Market Repercussions: The fallout froze funds for tens of thousands of end-users, eroding trust in BaaS partnerships and igniting calls for more rigorous standards and clearer consumer disclosures.

Op-Ed Insight

The Synapse debacle underscores a harsh truth: innovators move faster than regulators, but the price of that speed can be catastrophic when intermediaries obscure the true custodian of consumer funds. As BaaS partnerships proliferate, the Federal Reserve—and by extension, other global regulators—must balance fostering innovation with enforcing accountability. Failure to do so risks a repeat of this crisis, undermining both consumer confidence and the broader fintech ecosystem.

2. AI Rearchitecture: Simon Wu on Vertical-First, AI-Native Fintech

In a feature for Crunchbase News, Simon Wu of Cathay Innovation argues that fintech’s next chapter is defined not by broad digital banking clones, but by vertical-first, AI-native startups that own their infrastructure and data loops .

Source: Crunchbase News.

Highlights

• Infrastructure Ownership: Startups that build or deeply integrate their own core banking stack (e.g., Chime) gain superior control over data, compliance, and AI model fine-tuning—key levers for personalized services and fraud mitigation.

• AI at the Core: From AI-powered underwriting (Nubank) to chatbot-driven support (Klarna), fintechs are leveraging machine learning to enhance decisioning and user engagement while reducing operational costs.

• Verticalization: Rather than competing head-on with incumbents, emerging players focus on niches—such as embedded payments in real-estate workflows or AI-driven insurance quoting—to deliver “fintech operating systems” that embed seamlessly into customer processes.

Op-Ed Insight

Wu’s thesis is a wake-up call: the era of generic, horizontal fintech is fading. Winners will be those who harness AI within proprietary stacks to solve real pain points—delivering not just products, but embedded workflows that feel indispensable. Investors should pivot from broad bets on “fintech 1.0” to backing startups that exemplify this AI-infra synergy.

3. Fintech Maximalism: Mark Goldberg’s Vision for Compounding Growth

On TechCrunch’s Equity podcast, veteran investor Mark Goldberg—fresh off launching his $350 million venture fund Chemistry—declares we’ve entered a period of fintech maximalism, where companies cultivated through 2021–24 emerge as multi-year compounders.

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Source: TechCrunch.

Core Themes

• “Tech-Fin” Over “Fintech”: Goldberg emphasizes a shift toward companies that blend deep technology capabilities with financial services—transcending the original fintech playbook.

• Portfolio Construction: Chemistry’s boutique strategy reflects a broader VC trend: seasoned partners spinning out to pursue focused, high-conviction rounds, betting on businesses that not only survive downturns but accelerate thereafter.

• 2025 Watchlist: Goldberg cites AI’s role in fraud detection, a resurgence in M&A and secondaries, and a potential wave of fintech IPOs—though he cautions that public markets may remain tough for fintech exits.

Op-Ed Insight

Fintech maximalism is more than jargon—it’s a mindset shift: only those firms with durable moats, integrated technology and financial acumen will thrive long-term. As Chemistry and peer funds deploy new capital, incumbents face intensified competition from lean, well-capitalized startups—and legacy players must adapt or risk obsolescence.

4. Truth.Fi’s Next Act: TMTG Partners on America-First ETF Launch

In a surprising move into asset management, Trump Media & Technology Group (TMTG) has inked a binding agreement with Crypto.com and Yorkville America Digital to launch America-First ETFs under the Truth.Fi brand later this year.

Source: Nasdaq.

Details

• Product Suite: The ETFs will blend digital assets and “Made in America” securities, spanning sectors like energy and industrials—distributed globally via Crypto.com’s broker-dealer, Foris Capital US LLC.

• Strategic Rationale: TMTG’s CEO Devin Nunes frames the launch as diversifying into financial services, leveraging the Truth.Fi fintech arm to attract retail and institutional investors aligned with patriotic investment themes.

• Regulatory & Advisory: Davis Polk & Wardwell LLP advises on product development, underscoring the complexity of marrying crypto assets and traditional securities within regulated ETF wrappers.

Op-Ed Insight

Truth.Fi’s ETF play signals a broader convergence of social/media platforms and fintech—where user communities morph into captive audiences for financial products. While ideological branding (“America-First”) may resonate with a specific demographic, success hinges on genuine fund performance and regulatory compliance. For the wider fintech sector, TMTG’s pivot illustrates the allure—and peril—of media-backed finance ventures.

5. Financial Inclusion Frontlines: Daira at Money20/20 Asia

At Money20/20 Asia in Bangkok, Sheikh Omer Nasim, CEO of Pakistan-focused fintech Daira, delivered a keynote on leveraging technology to bridge the financial literacy gap in emerging markets.

Source:Taiwan News.

Highlights

• Market Context: With smartphone penetration at 51% and over 124 million mobile Internet users, Pakistan saw a 35% jump in digital payments in 2024, according to the State Bank of Pakistan.

• Product Innovation: Daira’s mobile app (launched October 2024) offers micro-loans, AI-driven personalized tips and a streamlined interface tailored to first-time borrowers—especially women under the SECP’s Women Equality in Finance Policy Framework.

• Regulatory Milestone: Securing a Non-Banking Financial Company license in 2024 cements Daira’s compliance credentials, enabling expansion into SME marketplaces and deeper inclusion efforts.

Op-Ed Insight

Daira’s model exemplifies how fintech can catalyze financial empowerment in under-banked regions. By coupling AI-powered education with credit access, platforms like Daira transform users into informed participants of the digital economy. Yet success demands ongoing collaboration with local regulators, continuous user-centric design, and robust risk management to scale sustainably.

Conclusion: Connecting the Dots

Today’s headlines paint a vivid tableau of fintech’s dynamic tensions: regulators racing to catch up with innovative BaaS models; AI-powered startups redefining infrastructure; boutique VC funds doubling down on tech-fin compounders; non-traditional players launching ETFs; and social impact fintech rising in emerging markets.

What to Watch Tomorrow

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• Will the Federal Reserve respond to Senatorial pressure with new BaaS oversight guidelines?

• Which AI-infra-first fintech will announce a major funding round or partnership next?

• Can Truth.Fi’s ETFs carve out market share in an increasingly crowded ETF landscape?

• Which emerging market fintech will replicate Daira’s inclusion success in another under-banked region?

Stay tuned to Fintech Pulse for incisive analysis and op-ed commentary on the stories that move markets—and shape the future of finance.

The post Fintech Pulse: Your Daily Industry Brief – April 23, 2025 – Synapse, Cathay Innovation, Chemistry, Truth.Fi ETFs, Daira appeared first on News, Events, Advertising Options.

DUBAI, UAE, April 23, 2025 /PRNewswire/ — Grant Thornton UAE today announced that it has reached an agreement to unite with Grant Thornton Advisors LLC (Grant Thornton Advisors). Through the agreement, Grant Thornton UAE will join the multinational platform that Grant Thornton Advisors initially created earlier this year with Grant Thornton Ireland.

The platform was established with the backing of an investor group led by New Mountain Capital, a growth-oriented investment firm with approximately $55 billion in assets under management.

The platform now has a multinational team of more than 13,000 professionals across more than 50 offices. With this new addition, the platform can now offer broader capabilities to a growing client base and further enhance the talent and quality of its unified advisory and tax services.

CEO of Grant Thornton Advisors, Jim Peko, will continue to lead the platform; Hisham Farouk, CEO, Grant Thornton UAE, will continue to lead his geography.

Along with the addition of Grant Thornton UAE, Grant Thornton (Cayman), and Grant Thornton Luxembourg have also joined the unified organization through separate transactions with Grant Thornton Advisors.

The platform will continue to explore growth opportunities in additional service lines and regions where there is economic alignment, client consistency and industry-service intersection.

“Scaling our offerings and footprint by uniting with Grant Thornton UAE underscores our focus on advancing a combined platform, with multinational experience and exemplary quality,” said Peko.

Hisham Farouk said: “The unification marks an exciting new chapter for Grant Thornton UAE, designed to enhance our capabilities and solidify our position as a leading advisor in a dynamic market.”

“The expansion of our platform with firms that have shared ambitions and complementary talents supports our strategic focus,” said Steve Tennant, Managing Partner, Grant Thornton Ireland, who spearheaded the acquisitions on behalf of Grant Thornton Advisors

“This platform is unlike any other in the accounting and consulting industry — delivering a singular experience and exceptional quality,” said Andre Moura, Managing Director, New Mountain Capital.

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“With nearly six decades in the UAE, becoming part of this multinational platform signifies a crucial advancement in Grant Thornton UAE’s quest for innovation, collaboration, and global influence, charting a new course in our journey,” said Farouk Mohamed, Founder & Chairman, Grant Thornton UAE.

Lumina Capital Advisers Limited served as sole financial adviser to Grant Thornton UAE; Taylor Wessing LLP acted as Grant Thornton UAE’s legal adviser in relation to the transaction.

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NEW YORK, April 23, 2025 /PRNewswire/ – According to a comprehensive new report from The Insight Partners, the global Applicant Tracking System (ATS) market is observing healthy growth owing to the rising recruitment volume across the globe.

The report runs an in-depth analysis of market trends, key players, and future opportunities. Several key factors drive the Applicant Tracking System (ATS) market. As organizations scale operations and expand geographically, the need to manage high volumes of job applications efficiently is pushing adoption of ATS platforms.

To explore the valuable insights in the Applicant Tracking System (ATS) Market report, you can easily download a sample PDF of the report – https://www.theinsightpartners.com/sample/ATIPTE100001362/

Overview of Report Findings

1. Market Growth: The Applicant Tracking System (ATS) market is expected to reach US$ 6.2 billion by 2031 from US$ 3.2 billion in 2024; it is expected to record a CAGR of 10.0% during the forecast period. As organizations scale operations and expand into new markets, the volume of job applications they receive increases significantly. This surge in recruitment activity, whether driven by organizational growth, geographic expansion, or the launch of new business units, necessitates more efficient methods of managing the hiring process. Applicant Tracking Systems (ATS) are becoming indispensable tools for managing this increased recruitment volume.
2. Rising Recruitment Volume: When companies hire at scale, manually reviewing resumes, sorting applications, and coordinating interviews becomes time-consuming and error-prone. Without an automated system, the hiring team might struggle to keep up with the sheer number of applications, leading to delays, human error, and ultimately, poor candidate experience. An ATS addresses these challenges by automating repetitive tasks, such as sorting resumes based on keywords or qualifications, scheduling interviews, and sending standardized communications to applicants. In addition to improving efficiency, ATS platforms help recruiters and hiring managers stay organized amidst the high volume. These systems centralize candidate data, providing easy access to resumes, interview notes, and application statuses all in one place. This allows recruiters to streamline communication and collaboration, ensuring a smoother hiring process and faster decision-making.
3. Rising Remote and Hybrid Work Models: The rise of remote and hybrid work models, accelerated by the COVID-19 pandemic and continued demand for flexible work options, has significantly transformed the recruitment landscape. With companies increasingly offering remote or hybrid positions, the traditional, in-person hiring processes have become less viable, making digital hiring solutions, like Applicant Tracking Systems (ATS), more crucial than ever. In a remote-first world, the recruitment process must be conducted entirely online. Traditional methods of in-person interviews and on-site assessments are no longer feasible for many roles. As a result, businesses are turning to ATS platforms that integrate seamlessly with virtual communication tools (e.g., Zoom, Microsoft Teams) to facilitate remote interviews and assessments. ATS systems can schedule and manage these virtual interactions, making it easier for both recruiters and candidates to coordinate interviews across different time zones and locations.
4. Growing Use of Data-Driven Hiring: The growing emphasis on data-driven hiring has fundamentally transformed how organizations approach talent acquisition. As competition for top talent intensifies and hiring becomes more complex, companies are increasingly turning to Applicant Tracking Systems (ATS) to leverage data analytics and gain insights into their recruitment processes. This shift toward data-driven decision-making is helping organizations optimize their hiring strategies, improve candidate quality, and ultimately enhance the overall effectiveness of their recruitment efforts. ATS platforms provide comprehensive performance metrics that enable organizations to measure the effectiveness of their recruitment processes. Key performance indicators (KPIs) such as time-to-fill, cost-per-hire, and source-of-hire give HR teams actionable insights into where improvements can be made. For instance, if the time-to-fill for certain roles is longer than desired, the ATS can help identify bottlenecks in the recruitment process, whether it’s in candidate sourcing, screening, or interview scheduling.
5. Geographical Insights: In 2024, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Asia Pacific is expected to register the highest CAGR during the forecast period.

Stay Updated on The Latest Applicant Tracking System (ATS) Market Trends: https://www.theinsightpartners.com/sample/ATIPTE100001362/

Market Segmentation

• Based on deployment model, the Applicant Tracking System (ATS) market is divided into cloud and on-premises. The cloud segment is anticipated to grow in the forecast period.
• By component, the market is segmented into solutions and services. The services segment is anticipated to grow in the forecast period.
• Based on end user, the Applicant Tracking System (ATS) market is divided into BFSI, IT and Telecom, manufacturing, and others. The BFSI segment are anticipated to grow in the forecast period.

Competitive Strategy and Development

• Key Players: A few of the major companies operating in the Applicant Tracking System (ATS) market are ApplicantStack, ATS Ondemand, Clearcompany, Greenhouse Software, IBM, iCIMS, JazzHR, Jobvite, Oracle, SAP SE.
• Trending Topics: Workforce Management, Staffing and Recruitment, etc.

Global Headlines on Applicant Tracking System (ATS) Market

• Barrett Business Services, Inc. (BBSI) (NASDAQ: BBSI), a leading provider of business management solutions, is proud to announce the launch of BBSI Applicant Tracking System (ATS), a cutting-edge tool designed to simplify and enhance the hiring process for businesses of all sizes.
• WorkLLama, a company at the forefront of AI-driven talent solutions, announced the introduction of its new Applicant Tracking System (ATS), aimed at enhancing the recruitment process.

Get Premium Copy of Global Applicant Tracking System (ATS) Market Size and Growth Report (2025-2031) at: https://www.theinsightpartners.com/buy/ATIPTE100001362

Conclusion

In 2024, the United States dominated the North American applicant tracking system (ATS) market, holding a commanding 92.40% share. This leadership is primarily driven by robust employment growth across key industries, significantly increasing the need for efficient recruitment technologies. According to the U.S. Bureau of Labor Statistics, November 2024 saw notable job gains in several sectors. The healthcare industry alone added 19,000 positions in hospitals and 12,000 in nursing and residential care facilities. This surge in demand for qualified healthcare professionals underscores the critical need for streamlined recruitment processes, positioning ATS solutions as essential tools for hospitals and care providers to manage high-volume, time-sensitive hiring.

Similarly, the leisure and hospitality sector contributed 53,000 new jobs during the same period, further amplifying the requirement for scalable recruitment platforms capable of handling large applicant pools efficiently. Additionally, government employment grew by 33,000 jobs, highlighting the public sector’s increasing reliance on digital recruitment solutions to manage complex and large-scale hiring initiatives. These employment trends across healthcare, hospitality, and the public sector reflect a broader market shift toward the adoption of ATS platforms as strategic enablers of workforce expansion. Organizations are leveraging ATS not only to accelerate hiring timelines but also to enhance candidate quality, ensure compliance, and remain competitive in a tightening labor market. As a result, the growing demand for talent acquisition efficiency is solidifying the role of ATS as a critical investment for both private and public sector employers across the North America.

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