Registry — Vantage Bank Texas (US) added to the registry
Enforcement — Termination of Enforcement Action issued against Deutsche Bank AG, DB USA Corporation, and Deutsche Bank AG New York Branch · Federal Reserve · Aug 25, 2026
Partnership — Revolut Japan Partners with Minna no Ginko via BaaS Banking Agency Agreement · Aug 25, 2026
Product — Absa Develops Embedded Payment Tool for Township Small Businesses · Aug 22, 2026
M&A — I-Remit Approves P20 Million Capital Infusion Into Surepay Technologies · Aug 22, 2026
Medallion Bank announced a strategic fintech partnership with Kashable to originate personal loans and expand financial wellness services. The collaboration integrates with HRIS and payroll systems for automated repayments. Kashable leverages Medallion Bank's lending expertise and nationwide footprint to serve working Americans beyond traditional credit scores.
Fiserv received conditional approval for a merchant acquirer limited purpose bank charter from the Georgia Department of Banking and Finance. The payments processor applied in January 2024 and can now pursue direct card network access. Full implementation is expected in 2025 pending satisfaction of unspecified conditions.
Entities: Fiserv · Georgia Department of Banking and Finance
Digital banking technology provider audax and consulting firm Synpulse announced a strategic partnership to help banks modernize their infrastructure. The partnership combines audax's digital banking platform with Synpulse's integration and advisory services. Banks can reportedly modernize infrastructure in as little as six months through the combined offering.
Brex launched Brex Embedded, an API-driven payments platform enabling B2B software vendors to integrate virtual corporate cards for global payments without handling underwriting or credit risk. The platform targets procurement, travel, and ERP sectors with partners like Sabre and Coupa, offering virtual cards with up to 40x higher limits and support for local currencies in 50+ countries. It accelerates customer onboarding from months to days and automates reconciliation.
U.S. federal regulators including the FDIC, OCC, and DOJ finalized updated bank merger review policies on September 17, 2024, increasing scrutiny for deals involving insured depository institutions. The changes have significant implications for bank-fintech M&A transactions and BaaS partnerships, as acquirers of fintech or nonbank firms face heightened review requirements. The updated framework adds broader jurisdictional reach and more extensive application data requirements.
The FDIC proposed new recordkeeping requirements on September 17, 2024, targeting for-benefit-of (FBO) accounts used in bank-fintech partnerships. The rule directly responds to the Synapse bankruptcy fallout, which left a $65–95 million shortfall. CFPB Director Chopra cautioned against 'a new form of rent-a-bank' arrangements, signaling heightened regulatory scrutiny of the BaaS model.
Intergiro launched a no-code white-label platform on September 11, 2024, enabling partners to build custom mobile banking apps deployable in days. The platform includes branded apps with IBAN generation, instant funding, tokenized cards for Apple/Google Pay, loyalty programs, and Data as a Service (DaaS). This lowers the barrier for non-banks and fintechs to offer embedded banking experiences under their own brand.
Newline by Fifth Third Bank partnered with Trustly to deliver ACH, RTP, and open banking payment capabilities through its API-driven embedded payments platform. Newline enables enterprises to launch payment, card, and deposit products directly with the bank. The platform was also recognized with a 'Best New Embedded Payments Platform' award.
Entities: Fifth Third Bank · Newline by Fifth Third · Trustly
CorServ was awarded Best Card Issuing Platform for its white-label payment card issuing solution designed for banks and fintechs. The recognition highlights CorServ's role as a key enabler of embedded card programs. The award underscores growing demand for turnkey card issuing infrastructure in the BaaS ecosystem.
Five Star Bank announced it would end its banking-as-a-service partnership with fintech platform Unit. The bank cited that BaaS contributed only 2% to its deposits and 1% to its loans, making it insufficient to justify the growing compliance burden. The exit reflects a broader trend of sponsor banks reassessing BaaS economics amid tightening regulatory requirements.
Egypt-based B2B merchant payments platform Paymob raised $22 million in a Series B extension in September 2024. The funding supports the company's expansion into GCC markets. Paymob provides payment acceptance infrastructure for merchants across the MENA region, enabling embedded payment capabilities.
Janea Systems partnered with a leading fintech Credit Union Service Organization (CUSO) to develop custom middleware connecting legacy core banking systems with a loan decision engine. The solution supports multiple banking cores while reducing third-party dependencies. It serves as an abstraction layer enabling fintech applications without requiring full core banking replacement.
UK-based payments technology provider Form3 raised $60 million in a Series C extension in September 2024, with British Patient Capital as a new investor. The funding will support product development and expansion of its cloud-based API-first payment processing platform for banks and fintechs. Form3's infrastructure enables financial institutions to modernize payment processing via APIs.
Backbase launched Intelligence Fabric, an AI and data layer embedded within its Engagement Banking Platform. The product unifies core banking, payments, and fintech data to enable AI-driven productivity for banks. It aims to help banks accelerate decision-making and personalize customer experiences through unified data intelligence.
Defacto introduced Defacto Core, a customizable white-label Lending-as-a-Service platform aimed at banks and lenders serving SMBs. The platform emphasizes regulatory compliance, backed by Defacto's French ACPR financing license. This enables banking partners to embed lending products under their own brand with reduced compliance burden.
AtoB, a US-based payments platform for the transportation sector, raised $130 million in a Series C round combining equity and debt. Led by General Catalyst and Bloomberg Beta, the funding supports AtoB's tailored payment solutions for fleet operators. The platform embeds financial services into transportation workflows.
Entities: AtoB · General Catalyst · Bloomberg Beta
In the wake of the Synapse bankruptcy, legal and industry experts published analysis calling for standardization of For Benefit Of (FBO) account practices in banking-as-a-service partnerships. The Synapse collapse exposed critical shortcomings in how sponsor banks and fintech intermediaries manage customer funds. This development signals growing pressure for formal regulatory standards governing BaaS middleware providers.
UK-based fintech lender OakNorth received approval from the Federal Reserve and New York State Department of Financial Services to open a US Representative Office. This allows OakNorth to market its products in the US as a stepping stone toward pursuing a full US banking charter.
Entities: OakNorth · Federal Reserve · New York State Department of Financial Services
Stearns Bank, a Minnesota-based sponsor bank offering embedded banking solutions through fintech partnerships, became a member of the American Fintech Council (AFC). The move underscores Stearns Bank's commitment to BaaS innovation, compliance, and risk management within the fintech-bank partnership ecosystem.
TransBnk raised $4 million in Series A funding to scale its API-driven transaction banking infrastructure for BFSI entities. The round was led by 8i Ventures and Accion Venture Lab. The platform integrates with existing banking systems to provide compliant lending, payments, and onboarding services.
Entities: TransBnk · 8i Ventures · Accion Venture Lab · GMO Venture Partners · Ratio Ventures · Force Ventures
Skyfire raised $8.5 million to develop a global AI payment network featuring secure wallets and agent identities for autonomous transactions. The round was backed by Neuberger Berman, Brevan Howard Digital, and others. The platform targets the emerging market for machine-to-machine and AI-agent financial transactions.
Entities: Skyfire · Neuberger Berman · Brevan Howard Digital
U.S. Bank acquired Salucro, a healthcare payments technology provider, to strengthen its embedded payment capabilities in the healthcare vertical. The acquisition enables U.S. Bank to offer more integrated payment solutions for healthcare providers. This represents a bank expanding its embedded finance reach into specialized industry verticals.
PayPal expanded its partnership with Adyen to enable Adyen's U.S. enterprise and marketplace customers to offer PayPal's Fastlane guest checkout tool. The deal builds on prior integrations including PayPal, Venmo, and BNPL options via Adyen. The announcement drove PayPal's stock to a 52-week high of $71.89.
Alloy introduced its Audit Access module within the Alloy for Embedded Finance product, enabling sponsor banks to better oversee fintech partners' compliance activities. The launch coincided with Alloy's 2024 State of Embedded Finance Report, which found that 80% of sponsor banks struggle with limited control over fintech partners. The tool addresses a critical pain point in BaaS compliance.