Registry — Vantage Bank Texas (US) added to the registry
Enforcement — Licence Revocation issued against Paytm Payments Bank · RBI · Apr 26, 2026
Partnership — Qolo Expands KeyBank Partnership to Launch Virtual Commercial Card Program · Apr 28, 2026
Product — Aven Launches Bitcoin-Backed Visa Credit Card with BitGo and Coastal Community Bank · Apr 28, 2026
M&A — Capacity Acquires DevRefactory to Expand Embedded Middleware and AI Capabilities · Apr 28, 2026
Funding — UAE B2B Embedded Finance Platform Comfi Raises $65M Pre-Series A · Apr 27, 2026
Deal Feed
Partnerships, funding rounds, product launches, and M&A across the ecosystem.
Cloud-native core banking provider Thought Machine raised $200 million in a Series C round, surpassing a $1 billion valuation and achieving unicorn status. The funding will support expansion of its Vault platform, which powers retail banking services including accounts, loans, and cards for global banks.
TAG, a Pakistani fintech valued at $100 million, partnered with IDEMIA through its Global Fintech Accelerator Program to launch Pakistan's first eco-friendly Visa-powered debit card. TAG leverages banking partnerships to provide financial services to employees of public and private firms. The deal showcases white-label card issuance infrastructure enabling a young fintech to bring branded banking products to market.
Nigerian embedded finance startup OnePipe raised $3.5M to scale its API platform that partners with six banks to enable non-financial businesses to offer accounts, payments, and credit. The company had processed $46.3M in transactions across over one million accounts.
KeyBank acquired XUP Payments, a B2B payments innovator and Banking-as-a-Service platform. The acquisition strengthens KeyBank's embedded payments and BaaS capabilities. XUP's platform enables businesses to integrate payment processing directly into their workflows.
Nymbus launched its Banking-as-a-Service platform on November 18, 2021, enabling banks, fintechs, and brands to offer embedded banking solutions. The platform includes accounts, scalable managed services, compliance tools, and modern user experiences. This positions Nymbus as a turnkey BaaS provider for institutions seeking to launch new digital banking initiatives.
BM Technologies (BMTX), a digital banking platform, announced a $23 million strategic merger with First Sound Bank, a Seattle-based community bank. The combined entity will operate as BMTX Bank, a fintech-based digital bank. This deal gives BMTX a bank charter while maintaining First Sound's community banking presence in Seattle.
Cross River Bank partnered with Payment Approved to advance the movement of money. The partnership leverages Cross River's payments infrastructure to support Payment Approved's platform. This deal reinforces Cross River's role as a leading BaaS and payments sponsor bank.
Treasury Prime won a Banking-as-a-Service industry award on November 16, 2021, recognizing its API platform that enables fintechs to embed accounts, payments, and cards through bank partnerships. The recognition highlights Treasury Prime's model of connecting fintechs directly to partner banks via its middleware platform.
Atomic, a San Francisco-based fintech, raised $25 million in Series A funding co-led by QED Investors and Anthemis to launch its investing API platform from stealth. The platform enables fintechs and banks to embed wealth management, trading, and impact investing features without building in-house regulatory or compliance systems. SoftBank and Y Combinator also participated in the round.
Raisin Bank launched its Banking-as-a-Service offering on November 5, 2021, built on Mambu's cloud banking platform. The service provides outsourced banking capabilities including accounts to fintechs and startups. The partnership combines Raisin Bank's banking license with Mambu's cloud-native core banking technology.
SoFi obtained preliminary approval for a national bank charter, bringing the fintech closer to operating as a fully licensed bank. This approval allows SoFi to reduce its reliance on intermediary banks and offer a more comprehensive suite of financial products. The move reflects the broader trend of large fintechs seeking banking independence.
Square received approval for an industrial banking charter, enabling the fintech to operate banking services more independently. This approval allows Square to expand its product offerings and reduce reliance on partner banks. The move is part of a broader trend of fintechs pursuing bank charters to gain greater operational autonomy.
Digital Commerce Bank (DCBank) partnered with Platform Calgary to launch an annual $1 million Fintech Award program. DCBank committed $1 million over four years in non-dilutive funding for fintech startups. The initiative aims to accelerate fintech growth in Calgary and position the city as a global innovation hub.
FintechOS released version 22 of its low-code platform for banks and insurers, featuring pre-built APIs, embedded video, and a digital banking app supporting embedded finance use cases. The platform aims to accelerate digital transformation for financial institutions.
Paysafe completed its acquisition of viafintech, a German fintech specializing in bank-independent payment solutions. The deal expands Paysafe's cash-based payment network across Europe. viafintech's platform enables consumers to pay online bills with cash at retail locations.
Railsbank launched its Embedded Finance Experiences platform in November 2021, evolving beyond basic banking and card issuing. The platform integrates deeper financial experiences into brand customer journeys and supports global operations. This marks Railsbank's strategic shift toward end-to-end embedded finance orchestration.
London-based BaaS platform Jumo raised $120 million from Fidelity, Visa, and Kingsway Capital. The round brought total funding to $200 million at a $400 million valuation. Jumo's AI-driven platform has facilitated 120 million loans totaling $3.5 billion across Africa and Pakistan, targeting SME lending in developing markets.
Emprise Bank chose Treasury Prime as its Banking-as-a-Service partner to launch an embedded banking program. The partnership enables fintechs and businesses to embed bank accounts, payments, and cards into their platforms. The program was expected to launch in Q1 2022 with initial fintech clients already in discussion.
The Office of the Comptroller of the Currency actively reviewed its licensing and chartering process in 2021 with a focus on fintech companies. The OCC recognized that chartering fintechs could prevent the growth of unregulated shadow banking systems. This regulatory posture shaped the environment for fintech bank charter applications throughout the year.
Infcurion, operator of the Wallet Station BaaS platform in Japan, raised approximately ¥2.2 billion (~$20M) led by Minerva Growth Partners with participation from GMO Venture Partners. The funding will strengthen alliances, including with Money Forward, and accelerate growth in embedded finance. Wallet Station is a B2B2C cloud service integrating banking functions with point cards, coupons, and BNPL.
MainStreet Bank, a $1.7 billion community bank, launched the Avenu™ platform to provide Banking-as-a-Service to fintech partners. The platform enables fintechs to accept deposits and facilitate payments while the bank manages compliance obligations. This positions MainStreet as a sponsor bank in the growing BaaS market.
Alliance Data's Bread business partnered with Sezzle to offer its pay-over-time installment loan product through Sezzle's merchant network of over 40,000 merchants. The deal creates a comprehensive embedded payment suite combining BNPL and installment lending for merchants and consumers.
PNC Treasury Management launched PINACLE Connect, enabling embedded banking capabilities within enterprise ERP systems. Corporates can now execute payments, track status, and access account information without leaving their ERP platforms. This launch positions PNC as an early mover among major US banks in embedded corporate banking.
UAE-based open finance platform Fintech Galaxy closed a $2 million seed round led by Jordan's Ahli Fintech. The platform provides API-based integration between fintech startups and financial institutions. The investment supports Fintech Galaxy's financial inclusion mission and open banking expansion across the MENA region.