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
PayPal, Square, and Intuit were approved by the SBA as direct lenders under the Paycheck Protection Program (PPP) for coronavirus relief. This marked a significant moment in fintech-bank convergence, allowing non-bank fintechs to originate federally guaranteed loans. The approval expanded embedded lending capabilities for these platforms' small business customers.
Entities: PayPal · Square · Intuit · Small Business Administration
Revolut officially launched its mobile banking app and debit cards in the United States through a partnership with Metropolitan Commercial Bank. US customers gained access to FDIC-insured deposit accounts. The launch marked Revolut's entry into the US market as a fintech super app.
The FDIC approved Industrial Loan Company (ILC) charters for Square Financial Services (Square Bank) and Nelnet Bank, ending a years-long moratorium on new ILC charters. This landmark decision opens the door for fintechs to obtain banking charters and operate deposit-taking institutions.
Backbase integrated its omni-channel digital banking platform with Finxact's cloud-native core banking system. The partnership enables banks and credit unions to launch greenfield digital banks in under three months. The combined front-to-back SaaS offering covers accounts, payments, and digital customer journeys.
UK payments fintech Modulr achieved principal issuing member status with Visa, gaining direct access to Visa's card network without intermediary banks. This enables Modulr to issue Visa cards directly for its clients in travel, alternative banking, and other verticals, strengthening its Payments-as-a-Service platform.
Rapyd announced a full-stack Fintech-as-a-Service solution for Brazil, partnering with Dock (BaaS technology provider), Banco Rendimento, and others. The offering includes white-label e-wallets, local card issuing, cash payments, transfers, boleto, and cards via a single API integration. The launch targets both local and global businesses expanding into the Brazilian market.
Quona Capital closed a $203 million fund sponsored by Accion, targeting financial inclusion-focused fintech companies in emerging markets. The fund aims to back startups providing embedded finance and digital financial services to underserved populations. This represents significant capital flowing into BaaS and embedded finance infrastructure in developing economies.
Larky joined Visa's Fintech Fast Track Program to accelerate integrations for its nudge® platform. The partnership enables financial institutions to enhance mobile banking with geo-targeted communications, loyalty programs, and cross-selling capabilities. Larky gains access to Visa's partner network to scale its BaaS-adjacent engagement tools.
UK-based BaaS provider Thought Machine raised $83 million in a Series B round led by Draper Esprit. Existing investors Lloyds Banking Group, IQ Capital, Playfair Capital, and Backed also participated. The funding supports global expansion including a new US office and entry into North America, Australia, and Japan.
Entities: Thought Machine · Draper Esprit · Lloyds Banking Group · IQ Capital · Playfair Capital · Backed · Standard Chartered · Atom Bank
SatchelPay (Satchel.eu) marketed a full white-label Banking-as-a-Service solution enabling fintechs and companies to launch branded online banking apps within two months. The platform included payment cards, IBANs, international transfers, ATM access, and subscription management. SatchelPay handled regulatory compliance and took 50% of commissions on a revenue-sharing model.
CRIF, a global credit and business information provider, announced the acquisition of Strands, a Barcelona-based PFM fintech serving over 6,300 banks globally. The deal strengthens CRIF's open banking capabilities and embedded finance offerings for financial institutions.
nbkc bank partnered with KC Collective to sponsor its Fountain City Fintech (FCF) startup incubator program. The bank provides fintech startups with banking support, compliance expertise, and infrastructure to accelerate from inception to launch in 75 days. This partnership reflects a growing trend of community banks embedding themselves in fintech ecosystems.
Entities: nbkc bank · KC Collective · Fountain City Fintech
Paysafe partnered with Celero Commerce on February 27, 2020, to expand its presence in the US payments market. The partnership combines Paysafe's payment processing capabilities with Celero's merchant services platform. The deal targets SME and enterprise merchants seeking integrated payment solutions.
UK digital banking platform Revolut raised $500 million in Series D funding led by TCV, valuing the company at $5.5 billion. The round included participation from DST Global, Index Ventures, and Balderton Capital. Revolut planned to use the capital to strengthen product development, roll out banking operations in Europe, and increase daily user engagement.
Entities: Revolut · TCV · DST Global · Index Ventures · Balderton Capital
Finastra launched its Fusion Phoenix core banking platform in the cloud via Microsoft Azure. Commerce National Bank & Trust and Commencement Bank were the first U.S. customers. The move enables community banks to access scalable, cloud-native core banking infrastructure, aligning with BaaS and embedded finance trends.
Entities: Finastra · Microsoft Azure · Commerce National Bank & Trust · Commencement Bank
LendingClub announced its acquisition of Radius Bank for $185 million, becoming the first fintech company to acquire a US-regulated bank. The deal was expected to close in 12-15 months with break-even anticipated two years after completion. This landmark transaction reshaped the boundary between fintech platforms and traditional banking.
Varo Money received FDIC deposit insurance approval on February 12, 2020, advancing toward becoming a nationally chartered digital bank. Built on Temenos T24 cloud core, Varo offers features like early direct deposit and no-fee overdrafts. This milestone is significant for the BaaS landscape as it represents a fintech pursuing its own charter.
Revolut launched open banking for UK retail and business customers, partnering with TrueLayer to enable account aggregation. Users can connect external bank accounts to view balances within the Revolut app. This deepens Revolut's embedded finance capabilities and positions it as a financial hub.
Tricolor, an auto loan platform targeting underserved low-credit consumers, raised $30 million in preferred equity. The funding supports scaling its retail network and proprietary credit decisioning engine. The platform exemplifies embedded lending infrastructure for underserved consumer segments.
Finix, a payments infrastructure startup, raised a $35M Series B led by Sequoia Capital. The company positions itself as the 'AWS of payment processing,' enabling businesses to own their payments stack. The round signals growing investor interest in the infrastructure layer powering embedded finance.
The Bancorp Bank became the exclusive card issuer and back-end banking services provider for SoFi Money, a cash management product. The partnership leverages The Bancorp's payments sponsorship platform, ranked as a top issuer of private-label debit and prepaid cards. SoFi members gain physical and virtual debit cards with features including ATM fee reimbursement and P2P payments.
The Bancorp Bank announced an extension of its Banking-as-a-Service relationship with neobank Chime in February 2020. The Bancorp supports Chime's spending and savings accounts as well as debit services. The extension reinforces The Bancorp's role as a key sponsor bank for major consumer fintechs.
The Monetary Authority of Singapore received 21 applications for five digital bank licenses from fintechs and e-commerce firms. Winners were expected to be announced in June 2020 with operations commencing by mid-2021. This regulatory initiative opens Singapore's banking sector to non-traditional players.
Airwallex and Visa partnered to launch Borderless Cards, offering businesses multi-currency card capabilities for international payments. The product debuted at Pause Fest 2020 in Melbourne. It enables businesses to spend globally without foreign exchange markups, embedding payments into Airwallex's cross-border financial platform.