In today’s rapidly evolving financial landscape, innovation never sleeps. From debates around “debanking” to fresh funding rounds fueling sector-specific solutions, the fintech world continues to surprise and challenge assumptions. In this edition of Fintech Pulse, we dive into five major stories shaping the industry on May 21 and 22, 2025. We’ll explore a high-stakes panel discussion in San Francisco questioning the reality of account closures, a strategic partnership aimed at expanding capital market access in Georgia, a German startup’s €23 million injection to revolutionize automotive payments, a seed round empowering Latin American produce exporters, and Visa’s newest program to turbo-charge the fintech ecosystem. Along the way, we offer opinion-driven analysis on what these developments mean for banks, startups, regulators, and end-users alike.

1. Debanking: A Fiction or a Growing Reality?

Key Event: At the “Breaking the Bank” fintech summit in San Francisco, Lead Bank CEO Jackie Reses declared that “debanking”—the involuntary closure of consumer or business accounts—was “a fiction, to some degree”. Reses argued that claims of banks shutting out entire industries or political viewpoints are largely overblown, pointing to a lack of concrete evidence. Her comments coincide with Senate momentum on the bipartisan GENIUS Act, which seeks to establish a federal regulatory framework for crypto assets like stablecoins.

Analysis:
Reses’s stance aligns with Federal Reserve official Michael Barr, who earlier this year found “no evidence” of politically motivated debanking. Yet panelists such as AngelList CEO Avlok Kohli and Bridge co-founder Zach Abrams recounted genuine friction: startups ghosted by banks, switching partners multiple times, and unclear risk categories inhibiting crypto-adjacent ventures. The truth seems layered. While mass debanking may be mythic, nuanced risk aversion—spurred by regulators’ caution around digital assets—has tangible effects on fintechs. Banks may not be on a crusade to purge clients, but added compliance costs and risk buckets can functionally drive certain customers away.

Opinion:
The debanking debate spotlights a critical tension: banks seek safety in uniform policies, yet fintechs demand openness to innovation. Regulators must clarify definitions—what constitutes legitimate reputational risk versus discriminatory practice? As the GENIUS Act advances, clear guidelines on custody and client eligibility will be vital to dispel myths and focus on real pain points in bank-fintech collaboration.
Source: American Banker.

2. GTN & Galt & Taggart: Bridging Georgian Investors to Global Markets

Key Event: GTN, a global fintech specializing in trading infrastructure, has partnered with Georgian investment bank Galt & Taggart to launch a cross-border investment platform dubbed “GTN Trade.” The collaboration enables Georgian clients to access stocks, ETFs, mutual funds, bonds, CFDs, and options across major markets in the US, Europe, Asia, and the Middle East—with fractional shares and 24-hour trading on US securities.

Analysis:
This move addresses a persistent gap: many emerging-market investors lack seamless, cost-effective access to global capital markets. By white-labeling GTN’s technology, Galt & Taggart can leapfrog years of in-house development, instantly offering advanced trading to its clientele. Fractional investing and extended-hours access further democratize participation, appealing to younger, digitally native Georgians. For GTN, the partnership cements its position as a go-to infrastructure provider, reinforcing a growing trend of fintechs licensing modular solutions to traditional financial institutions.

Opinion:
Regional brokers seeking international expansion should take note: partnering with fintech platforms can drastically accelerate product rollout and customer acquisition. However, success hinges on deep integration—not simply rebranding a widget, but tailoring user experience, education, and compliance workflows to local norms. GTN and Galt & Taggart’s next challenge will be balancing global service standards with Georgia’s regulatory and tax requirements.
Source: Finance Magnates.

3. Aufinity Group’s €23 Million Series C: Powering Automotive Payments

Key Event: Cologne-based Aufinity Group closed a €23 million Series C round led by BlackFin Capital Partners, with reinvestments from PayPal Ventures and Seaya Ventures. The startup automates payment management for automotive OEMs and dealerships via its platforms “bezahl.de” (DACH region) and “Aufinity” (international).

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Analysis:
The automotive sector’s financial processes—ranging from vehicle sales to after-sales services—often rely on manual reconciliation and siloed systems. Aufinity’s white-label solution streamlines transactions, accelerates cash flow, and enhances liquidity. Backers cite strong execution and rapid expansion into Iberia and Italy as proof points. As dealerships integrate deeper with OEM digital strategies, payment orchestration becomes a competitive differentiator, promising higher efficiency and customer satisfaction.

Opinion:
Sector-specific fintechs like Aufinity illustrate the power of niche specialization. Generalist payment platforms struggle to address vertical-specific regulatory nuances, invoicing workflows, and partner ecosystems. By focusing on automotive, Aufinity can build customized features—fleet leasing, service contract financing, loyalty programs—in partnership with OEMs. The challenge now is scaling beyond Europe into markets with different financial rails and dealer network structures, such as North America and Asia.
Source: EU-Startups.

4. Blooms & SP Ventures: Digitizing Finance for LatAm Produce Exporters

Key Event: Agri-fintech Bloomscapital (Blooms) raised a $2.6 million seed round led by SP Ventures, alongside Angel Ventures, The Yield Lab Latam, Eqwow Ventures, Glocal Managers, and Mercy Corps Ventures. Blooms provides cross-border factoring, pre-export financing, and FX/payment solutions—developed with partner Monex—to Latin American produce exporters selling to the US and Canada.

Analysis:
Latin American exporters face fragmented banking services, currency risks, and lengthy payment cycles. Blooms’ “non-rigorous factoring” model—buying receivables and assuming US-side credit risk—bridges liquidity gaps. Its integrated FX and payment rails reduce settlement times, while an in-development data tool promises enhanced cash-flow forecasting. PACA certification underscores compliance with US produce-trade regulations, a vital credential in a high-stakes, perishable-goods market.

Opinion:
Agrifood fintech remains under-penetrated despite massive market size: US produce consumption tops $100 billion annually. Blooms’ focus on family-owned farms transitioning to digital processes is timely, as generational change meets climate-driven supply-chain pressures. The startup must now expand its investor base to support larger credit lines and refine risk models for diverse crop categories and countries. Success here could pave the way for similar models in other commodity exports, from seafood to specialty coffees.
Source: AgFunderNews.

5. Visa’s Commercial Integrated Partners: Embedding Payments Everywhere

Key Event: Visa unveiled Commercial Integrated Partners, a program offering advanced APIs to embed Visa Commercial products—virtual cards, data solutions, tokenization—directly into partner applications (ERP, fleet management, expense platforms). Car IQ is the first fintech to integrate, enabling in-app fuel and toll payments with existing Visa credit lines, cutting onboarding time by up to 24 months.

Analysis:
As B2B payments shift from paper checks and legacy card programs to digital credentials, embedded payments become essential. Visa’s program reduces technical friction for financial institutions and fintechs alike, pre-evaluating partners under a global framework. This democratizes access to commercial payment features, fosters innovation in vertical B2B apps, and extends Visa’s network reach.

Opinion:
Visa’s move highlights a broader industry pivot: payments are no longer standalone products but integral platform features. Competitors—Mastercard, fintech unicorns—will need to match or surpass this depth of integration. For businesses, the key will be selecting partners offering not just APIs, but robust analytics, risk controls, and cross-border capabilities. Visa’s emphasis on local market tailoring suggests it understands one size doesn’t fit all; the next frontier is seamless global orchestration of commercial spend.
Source: Visa Inc. Visa Investor Relations

Conclusion

Today’s stories underscore fintech’s dual nature: myth and reality, specialization and commoditization, centralization and decentralization. Whether debanking is a political straw man or a symptom of compliance overreach, partnerships between incumbents and innovators—like GTN with Galt & Taggart or Visa with Car IQ—are reshaping service delivery. Sector-focused startups such as Aufinity and Blooms demonstrate the value of deep vertical expertise, while global players like Visa leverage scale to embed payments at every layer of business processes.

For industry participants, the takeaway is clear: collaboration across ecosystem nodes—banks, fintechs, regulators, and end-users—is no longer optional. Success hinges on co-creating solutions: defining clear regulatory guardrails, sharing modular infrastructure, and tailoring products to local and sectoral needs. As the fintech tide continues to rise, those who balance innovation with pragmatic compliance will ride the next wave, while others risk being left on the shore.

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Today’s edition of Fintech Pulse brings you an opinionated roundup of the week’s most impactful moves in financial technology—from blockbuster funding rounds and strategic government overtures to security warnings and platform innovations. We dissect what these developments mean for the evolving fintech landscape and offer actionable insights for investors, operators and regulators alike.

1. Airwallex Soars to a $6.2 Billion Valuation, Defying a Tough Fundraising Climate

What happened:
Payments innovator Airwallex closed a $300 million Series F round this week, boosting its valuation to $6.2 billion—an 11 percent jump from its last raise in 2022. Key backers in the round included Square Peg, DST Global, Lone Pine Capital and Blackbird Ventures, bringing total raised to over $1.2 billion. CEO Jack Zhang said the fresh capital will fuel expansion into Japan, Korea, the UAE and Latin America, alongside deepening the firm’s core cross-border payments technology.

Why it matters:
Despite a broader pullback in fintech funding driven by high interest rates and macroeconomic worries, Airwallex’s milestone valuation underscores investor confidence in platforms that can truly simplify global commerce. Its 250 percent CAGR in gross profit across the Americas and Europe over four years demonstrates the stickiness of its API-driven invoice and payment rails. As incumbents like JPMorgan Chase and Citigroup face pressure to modernize, fintech challengers with robust growth trajectories and enterprise integrations are commanding outsized valuations.

By cementing its footprint in high-opportunity markets—especially Asia and the Middle East—Airwallex is positioning itself as a go-to alternative for companies seeking to bypass legacy banking complexities. Its showcase clients (Shein, Qantas, Xero) exemplify the rising demand for seamless multi-currency invoicing and real-time FX capabilities.

Source: Reuters

2. Mauritius Courts Fintech Firms and Family Offices in Bid to Diversify Economy

What happened:
The Mauritian government, in power since November, is rolling out an array of incentives to attract family offices, wealth managers and fintech startups. With an economy valued at roughly $14.6 billion, the island nation aims to shed its overreliance on tourism, sugar and textiles by becoming Africa’s next fintech hub. Proposed measures include preferential tax regimes, residency plans for high-net-worth investors and the creation of a Fintech Innovation Lab under the Financial Services Commission.

Why it matters:
Mauritius’s strategic pivot reflects a broader trend among small economies seeking to capture a slice of the fintech boom. By leveraging its bilingual workforce and established International Financial Centre, Port Louis hopes to channel global capital into digital payments, insurtech and wealthtech ventures targeting both African and Asian markets. For fintech entrepreneurs, Mauritius offers a unique blend of regulatory alignment with EU and OECD standards, coupled with emerging-market upside. As family offices diversify beyond traditional safe havens, jurisdictions that can offer robust compliance frameworks and digital infrastructure will stand out.

Source: Bloomberg

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3. Fintech Security at Risk: Third-Party Weak Links Exposed

What happened:
In a new report, SecurityScorecard analyzed 250 fintech firms and found that 41.8 percent of security breaches originated with third-party suppliers, while 18 percent stemmed from fourth-party partners. Though fintechs topped the charts for strong internal cybersecurity controls, vulnerabilities in vendor software—particularly file-transfer tools and cloud platforms—pose systemic threats. The report urges firms to re-tier suppliers based on breach history rather than procurement spend.

Why it matters:
As banks and corporates increasingly outsource core services to fintech innovators, the financial services supply chain grows more complex—and more fragile. A single breach in a key vendor can ripple across payment networks, neobanks and digital-asset platforms. For fintechs, a robust “zero-trust” approach must extend beyond in-house controls to encompass rigorous third-party risk management. Investors should assess not only a startup’s internal safeguards but also its supplier due-diligence processes. Regulators, too, are likely to tighten expectations around supply-chain cyber resilience, making third-party oversight a board-level priority.

Source: Computer Weekly

4. Visa Unveils “Commercial Integrated Partners” to Accelerate Ecosystem Growth

What happened:
Global payments giant Visa launched its new Commercial Integrated Partners program, offering advanced APIs that let fintechs and ERP providers embed Visa Commercial card functionality directly into their applications. Early partner Car IQ will enable businesses to tokenize fleet fuel payments in-app—potentially recouping 18–24 months of integration time and cost from banks that would otherwise build bespoke connectors.

Why it matters:
By opening its API infrastructure to an ecosystem of fintech and enterprise software players, Visa is effectively outsourcing innovation while strengthening its network effect. For banks, this means faster deployment of value-added services—virtual cards, tokenization, embedded expense controls—without heavy internal dev investments. For fintech partners, access to Visa credentials and compliance frameworks accelerates go-to-market. Strategically, Visa’s move underscores the shift from monolithic payment rails to modular, platform-based models that distribute pay-as-you-grow innovation across the value chain.

Source: Business Wire

5. Acrisure Lands $2.1 Billion Round Led by Bain Capital, Valued at $32 Billion

What happened:
Insurtech powerhouse Acrisure closed a $2.1 billion convertible preferred round led by Bain Capital, with participation from Fidelity, Apollo Funds, Gallatin Point and BDT & MSD Partners. The deal values Acrisure at $32 billion, marking nearly 40 percent growth since its last institutional funding in 2022. Proceeds will refinance existing preferred stock, fuel M&A and accelerate development of its technology-driven financial services platform.

Why it matters:
Acrisure’s meteoric rise—from $38 million in revenue to nearly $5 billion in 11 years—offers a blueprint for insurtechs blending high-touch brokerage with data analytics, cybersecurity and wealth solutions. The capital infusion not only validates its ambitious M&A pipeline (900 acquisitions to date) but also signals investor appetite for multi-service “super-apps” in financial services. As incumbents struggle to integrate digital tools at scale, platforms that unify insurance, payroll, payments and advisory under one tech stack stand to capture SMB market share. Watch for Acrisure’s next moves: real-time risk underwriting, AI-powered claims processing and deeper integration with banking rails.

Source: Business Wire

Key Takeaways & Forward Outlook

1. Selective Growth vs. Broad Retrenchment
   While many fintechs face funding headwinds, Airwallex and Acrisure demonstrate that companies with clear enterprise value propositions—global payment rails, tech-enabled insurance brokerage—can still command premium valuations.

2. Regulatory Arbitrage in Emerging Hubs
   Mauritius is the latest jurisdiction to court fintechs and family offices, highlighting how nimble policy environments can lure digital finance businesses seeking stable, compliant bases with high growth potential.

3. Ecosystem Security Imperative
   Robust internal cybersecurity is no longer enough. The SecurityScorecard findings remind us that third- and fourth-party risk oversight must be embedded in vendor management and boardroom agendas.

4. Platform Collaboration as Growth Lever
   Visa’s API opens and Car IQ integration underscore a broader shift to partnership-driven fintech architectures—marrying network scale with niche innovation.

5. Consolidation & Convergence
   With Bain Capital betting on Acrisure’s unified platform vision, expect further deals that blur lines between payments, insurance, wealth and corporate treasury services.

SEO-Optimized Insights

• Emphasize cross-border payments, embedded finance, insurtech, and cybersecurity to capture critical fintech search terms.

• Reference high-profile companies—Airwallex, Visa, Acrisure—and highlight funding figures (“$6.2 billion valuation,” “$2.1 billion round,” “$32 billion valuation”) to appeal to investors and analysts.

• Contextualize developments within macro trends: API economy, supply-chain cyber risk, jurisdictional diversification, platform economics.

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Welcome to Fintech Pulse, your daily op-ed–style briefing on the latest and most impactful developments shaping the fintech landscape. In today’s edition—May 20, 2025—we dive into five major stories: the broker duel between Robinhood and Interactive Brokers, Ontik’s $3.7 million seed raise, the latest Islamic finance stability report, Ant Group’s strategic shifts, and Nuvei’s partnership with Vivaticket. We’ll not only summarize the facts but offer our take on what each means for the industry’s evolution.

1. HOOD vs IBKR: Who’s Poised for the Bigger Breakout?

This year has seen a stark divergence between two leading fintech brokers. Robinhood’s (HOOD) shares have soared 65.8%, driven by renewed retail interest and crypto-trading growth, whereas Interactive Brokers (IBKR) is up 18.4%, reflecting steadier, institution-focused expansion.

• Robinhood’s Momentum

  • Fractional Shares & Crypto: New product rollouts—like fractional crypto staking and options—are capturing retail dollars.

  • User Engagement: Monthly active users rose 12% QoQ, aided by gamified UI tweaks.

  • Valuation: Trading at a P/E of ~45×, Robinhood’s premium multiplies reflect high investor confidence in its growth story.

• Interactive Brokers’ Steady Climb

  • Institutional Focus: IBKR’s platform upgrades (advanced algos, API expansions) continue to resonate with professional traders.

  • Global Footprint: Operations in 36 countries, supporting 28 currencies, buffer it against U.S. market swings.

  • Valuation: At ~18× P/E, IBKR trades at a discount, suggesting value for patient investors.

Our Take: Robinhood’s viral appeal and low-barrier entry model keep headlines hot, but IBKR’s diversified, fee-based revenue and expanding international scope may offer more durable returns. The risk-reward profiles diverge: HOOD for aggressive growth, IBKR for measured consistency.

Source: Barchart

2. Ontik Raises $3.7 Million to Automate B2B Trade Credit

London-based Ontik has secured a $3.7 million Seed round led by Firstminute Capital, with participation from PT1, Illusian, FJ Labs, Seed X, Tiny VC, and notable angels (including Slack and Affirm founders).

• Problem Addressed: B2B wholesalers still manage credit terms via spreadsheets, calls, and manual notes—leading to inefficiencies and payment delays.

• Solution: Ontik’s AI-driven platform automates the entire order-to-cash cycle: issuing credit, chasing payments, dispute resolution, and ERP integration.

• Impact Metrics:

  • Payment Chasing Time ↓60%

  • Cash Collection Speed ↑30%

  • Card Fees ↓25%

• Target Market: Launching in the UK building-materials sector (£100 billion market), with plans to roll out across construction, manufacturing, and wholesale.

Industry Implication: As lenders tighten credit post-monetary-policy shifts, automated trade-credit solutions like Ontik’s can unlock working capital, reduce DSO (days sales outstanding), and propel digitization of aged-out B2B niches. Watch for Ontik as a model for verticalized fintech.

Source: Tech.eu

3. Islamic Finance Hits $3.88 Trillion—But Digital Fixes Are Critical

The 2025 IFSI Stability Report from the Islamic Financial Services Board (IFSB) spotlights Islamic finance’s resilience—assets jumped 14.9% to $3.88 trillion in 2024, outpacing conventional banking’s sub-10% growth.

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• Key Segments:

  • Islamic Banking: +17.1% (driven by improved asset quality)

  • Takaful (Insurance): +16.9%

  • Ṣukūk Market: +25.6% in new issuances

• Regional Upsurge: While GCC hubs (KSA, UAE, Malaysia) remain pillars, Africa and Central Asia outpace maturity, signaling fresh growth corridors.

• Structural Gaps:

  • Limited Local-Currency Ṣukūk

  • Fragmented Ṣukūk Structures

  • Illiquid Secondary Markets

• Digital Imperatives:

  • Tokenized Ṣukūk: Broaden investor base via programmable compliance.

  • Blockchain Clearing: Enhance transparency in cross-border trades.

  • RegTech for Shariah Compliance: Automate audit trails and KYC/AML.

  • Digital Takaful Platforms: Apply AI for underwriting and remote outreach.

Commentary: Islamic finance’s ethical bedrock demands innovation—FinTech is not a luxury but the catalyst for its next chapter. Policy-makers should fast-track digital-asset frameworks and sandbox regimes to sustain momentum.

Source: IBS Intelligence

4. Ant Group’s Double-Edged Sword: Profit Slip & Brokerage Foray

Ant Group—Alibaba’s fintech arm—reported a 31.4% YoY profit decline to RMB 5.4 billion ($749 million) for Q1 FY25, highlighting regulatory pressures and macro headwinds.

Yet, in a strategic pivot:

• First Brokerage Acquisition: Ant’s subsidiary Wealthiness and Prosperity Holding snapped up a 50.55% stake in Hong Kong’s Bright Smart Securities for HK$2.81 billion ($362 million), marking its entry into securities brokerage and fueling international ambitions.

• Regulatory Overhaul: Since the suspended $37 billion IPO in 2020, Ant paid a ~$1 billion fine, restructured to obtain a financial holding license, and revamped governance (Jack Ma’s voting rights cut from 50% to 6%).

• International Listing Hopes: Media chatter points to a potential HKEX IPO for Ant International, though official denials persist.

Insight: Ant’s profit squeeze reflects China’s tougher stance on consumer-lending models and governance. Betting on a brokerage license signals Ant’s shift from pure payments into full-stack financial services. The brokerage deal could unlock new revenue streams—if regulators greenlight further overseas listings.

Source: Reuters

5. Nuvei Powers Vivaticket’s Global Expansion

Nuvei, the Montreal-based payments processor, will provide local acquiring and authorization optimization for Vivaticket, a leading ticketing-software provider serving 2,200 clients (e.g., Louvre Museum, Eiffel Tower, major soccer clubs).

• Scope: Starts in Italy, then scales across Europe, North America, and Asia.

• Value-Add:

  • Reduced Declines: Local routing minimizes cross-border authorization failures.

  • Higher Conversions: Smart routing boosts checkout success rates.

  • Data Insights: Unified dashboard for real-time transaction analytics.

• Market Context: U.S. online event-ticket sales are projected to grow from $25.5 billion in 2022 to $39.8 billion by 2027.

• CEO Take: “With Vivaticket, we’re proving how our platform can unlock global revenue by providing seamless, localized payment experiences to customers worldwide,” said Philip Fayer, Nuvei’s Chairman & CEO.

Perspective: As ticketing digitizes, specialized payment orchestration becomes mission-critical. Nuvei’s deal underscores the value of adaptable, merchant-centric processing—expect further vertical partnerships in sports, entertainment, and cultural sectors.

Source: Digital Transactions

Market Commentary & Outlook

Today’s stories reveal a unifying thread: the acceleration of digitization across all fintech segments. From retail trading platforms to B2B credit, Islamic finance to global payments, the winners will be those who marry deep domain expertise with cutting-edge technology. Key takeaways:

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1. Divergent Paths in Brokerage: Retail-focused apps versus institutional-grade platforms cater to different investor psychologies—neither model is obsolete.

2. Vertical Fintech’s Rise: Ontik’s seed round exemplifies investor appetite for solutions tailored to complex legacy markets.

3. Ethical Finance Meets Tech: Islamic finance’s scale-up depends on programmable, compliant digital infrastructures.

4. Regulation-Driven Reinvention: Ant Group’s profit drop is symptomatic of tighter oversight—broader strategy pivots may define its rebound.

5. Niche Partnerships Win: Nuvei-Vivaticket shows that deep integration, not one-size-fits-all, unlocks conversion and growth.

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