36 stories from 6 sources

Fintech scales embedded finance while regulation tightens

Day’s Recap

Supporting Articles

9:18 PMPYMNTS

Figure’s Blockchain Marketplace Tops $1 Billion Weekly Loan Applications After Record Q2

Summary

Figure’s Consumer Loan Marketplace volume rose 132% to $4.3 billion in the second quarter, while weekly loan applications surpassed $1 billion. Its Figure Connect platform, which uses blockchain for private-credit transactions, helped attract both borrowers and investors.

The decisive shift is scale: Figure’s blockchain-based lending infrastructure is moving from a technology proposition

Why it matters

Rapid volume growth could strengthen blockchain’s case as infrastructure for mainstream private credit.

11:56 AMHousing Wire

Figure posts Q2 revenue jump, net take rate holds at 3.6%

Summary

Figure Technology Solutions reported a sharp second-quarter revenue and net income increase as consumer loan marketplace volume more than doubled from a year earlier. Analysts noted a slight adjusted EBITDA miss, while the company's net take rate remained at 3.6%.

The revenue surge reflects rapid marketplace expansion, but the unchanged take rate shows that scale

Why it matters

Figure is growing quickly, but stable monetization and a profit miss leave the quality of that growth under scrutiny.

8:01 PMFinextra

BofA to buy 49.9% stake in Indian digital lender Jio Credit

Summary

Bank of America has agreed to invest $1.9 billion for up to a 49.9% stake in Jio Credit, an Indian digital-native non-bank lender.

The deal gives Bank of America a near-half ownership position in India's digital lending market

Why it matters

The transaction signals that global banks see India's digital lending infrastructure as large enough to justify multibillion-dollar strategic investments.

3:48 PMEconomic Times

Bank of America's $1.9 billion Jio bet shows global banks want a slice of India's retail lending market

Summary

Bank of America plans to invest $1.9 billion in Jio Financial's Jio Credit, subject to regulatory approval. The proposed partnership combines Jio's digital distribution capabilities with Bank of America's financial expertise to expand retail lending in India.

The investment would give Jio Credit more capital and institutional credibility as it builds a

Why it matters

A major international investment could accelerate competition in digital lending and reshape how global banks access India's consumer-finance market.

4:46 PMPYMNTS

Adyen Ties Loyalty to Payments as In-Person Volume Climbs 28%

Summary

Adyen's first-half growth was driven largely by existing merchants processing more payments, with in-person volume rising 28% and outpacing overall volume growth. The company also points to loyalty as a growing priority as merchants connect online and offline commerce and contend with AI-driven changes in customer relationships.

The 28% increase shows that Adyen is expanding wallet share within its installed base, not

Why it matters

Adyen is using payments and loyalty together to deepen merchant relationships and capture more of each transaction.

1:40 AMBloomberg Markets

Adyen Soars Most in Year After Acquisitions Boost Sales Outlook

Summary

Adyen raised its annual net revenue growth outlook as payment volumes increased among both new and existing clients.

The upgrade shows Adyen is converting customer growth and deeper usage into stronger revenue, rather

Why it matters

Higher processing volumes strengthen Adyen's growth outlook and signal sustained demand for its payments infrastructure.

7:20 AMFinextra

CFTC orders Kalshi to keep operating in response to New York lawsuit

Summary

The US Commodity Futures Trading Commission has ordered prediction-market platform Kalshi to continue operating while opposing multiple state lawsuits, including one filed by New York.

The CFTC is asserting federal authority over Kalshi as states challenge the platform's legality. The

Why it matters

The case could establish whether states can restrict federally regulated prediction markets.

5:46 PMBloomberg Markets

Judge Orders Kalshi to Stop Offering Most Wagers in Washington

Summary

A judge ordered Kalshi to halt most of its prediction-market contracts in Washington state after regulators argued that the contracts likely amounted to illegal gambling.

Kalshi has lost access to most of the Washington market, adding a direct legal constraint

Why it matters

The decision could limit the scale of prediction markets and increase the legal cost of offering them across the United States.

7:13 PMPYMNTS

Chime Weighs Adding Stablecoin Wallet to Consumer Banking App

Summary

Chime is considering adding a stablecoin wallet to its banking app and has asked blockchain companies to propose wallet services. The feature would let customers send and receive stablecoins without opening a separate account.

Embedding stablecoin functionality would move digital-dollar transfers into a mainstream consumer banking interface rather than

Why it matters

A Chime wallet could bring stablecoin payments to a large retail audience and accelerate competition between fintechs and crypto platforms.

12:55 PMBloomberg Markets

Fintech Chime Explores Stablecoins as New Feature on Its App

Summary

Chime is exploring ways to add stablecoins to its consumer banking platform. The move would bring a cryptocurrency-linked payment instrument into a mainstream fintech app and extend stablecoins beyond trading and investment use.

Chime's interest signals that stablecoins are becoming a product question for consumer fintechs, not just

Why it matters

A mainstream rollout could make stablecoins part of everyday financial infrastructure rather than a niche crypto product.

11:14 AMPYMNTS

Klarna Launches New Membership Tiers With Fee Cuts and Higher Cash-Back Rewards

Summary

Klarna is revamping its membership plans in Europe with new tiers, lower or removed service fees and higher cash-back rewards. The plans will roll out across 11 European countries over the coming weeks before expanding further.

Klarna is using a broader membership proposition to deepen engagement beyond point-of-sale financing and make

Why it matters

Klarna is shifting competition from individual payment transactions toward the economics of an ongoing consumer relationship.

6:04 AMFinextra

Klarna boosts membership perks and removes service fees

Summary

Klarna has increased cashback rates for members, offering up to €6,000 in benefits, and removed service fees for membership holders.

Klarna is using richer rewards and lower fees to make its membership program more valuable

Why it matters

Klarna is shifting competition toward bundled perks rather than standalone payment functionality.

2 stories · 2 sources

10:12 AMPYMNTS

FinTech Navi Targets $2 Billion Valuation in India IPO

Summary

Indian fintech company Navi is reportedly preparing an IPO that could value it at up to $2 billion. The company may seek to raise as much as 30 billion rupees, or about $315 million, and file a prospectus by December.

Navi is testing public-market demand for a large Indian fintech valuation after building businesses across

Why it matters

Navi's proposed offering could reset public-market expectations for India's next generation of fintech companies.

4:43 AMEconomic Times

Fintech startup Navi said to hire banks for $315 million IPO

Summary

Navi Ltd. is preparing an Indian IPO that could raise up to $315 million and value the fintech at as much as $2 billion. JM Financial, Kotak Mahindra Capital, Goldman Sachs and JPMorgan are advising, and the company plans to file by December with an offering expected to consist entirely of new shares.

A primary-only offering would direct the proceeds to Navi rather than existing shareholders, giving the

Why it matters

Navi's listing could become a major test of how public markets value India's next generation of fintech lenders.

2 stories · 2 sources

Other Developments

A curated list of other prominent stories from this day.

8:02 PMPYMNTS

Citi Plans to Acquire Kard to Deliver More Personalized Rewards

Summary

Citi plans to acquire Kard Financial, a platform that helps banks and fintechs run commerce media and rewards programs. The companies will remain independent until the transaction closes, subject to customary conditions.

Citi is bringing rewards and commerce-media technology in-house rather than relying solely on external partners.

Why it matters

Large banks are treating rewards data and merchant offers as strategic infrastructure, not just card benefits.

8:01 PMFinextra

MUFG trials blockchain settlement for Japanese Government Bond repo trades

Summary

MUFG is running a proof of concept to settle Japanese Government Bond repo transactions on the Canton Network blockchain.

The trial moves blockchain beyond payments into a core institutional funding market, where faster settlement

Why it matters

Blockchain adoption in government-bond repos could establish a practical institutional use case with implications for settlement infrastructure.

5:53 PMBloomberg Markets

SEC Delays Crypto Regulation Meeting in Latest Industry Setback

Summary

The SEC canceled a meeting where it was expected to outline new digital-asset plans, while major crypto legislation remains stalled in Congress.

The regulatory timetable has slipped again, leaving crypto firms without clarity on the rules the

Why it matters

Crypto companies face a longer period of regulatory uncertainty just as lawmakers remain unable to deliver legislation.

5:02 PMFinextra

The GenAI Productivity Mirage: Redefining Software Metrics for Financial Services

Summary

The article argues that generative AI is increasing code production across financial services, making traditional software productivity measures less reliable. Firms need metrics that assess business outcomes, software quality, risk, and operational impact rather than raw development output.

More generated code does not necessarily mean more useful or safer software. Financial institutions must

Why it matters

Financial firms risk overstating AI productivity if they measure code volume instead of durable business value.

5:01 PMBloomberg Markets

Winklevosses’ Gemini Posts Another Loss; Shares Fall

Summary

Gemini reported a fourth consecutive quarterly loss since its public listing, even as revenue increased. The crypto platform went public shortly before the market fell from record highs.

Higher revenue has not yet translated into profitability, leaving Gemini exposed to the durability of

Why it matters

Gemini's results show that stronger crypto revenue alone is not enough to offset the operating costs of a public exchange.

4:42 PMFinextra

Airwallex partners Affirm for US BNPL roll out

Summary

Airwallex is integrating Affirm's pay-over-time options into its checkout platform, allowing merchants to offer installment payments to eligible customers in the United States. Merchants can activate the option without building a separate payments integration.

The partnership turns BNPL into an immediately available checkout feature for Airwallex's global merchant base.

Why it matters

Embedded BNPL gives Affirm broader distribution and gives Airwallex another tool to compete for merchant payment volume.

3:03 PMPYMNTS

Airwallex Adds Affirm Pay-Over-Time Options for US Shoppers

Summary

Airwallex is adding Affirm's installment payment options to its checkout platform, enabling merchants in 35 countries to offer pay-over-time financing to eligible US shoppers. The integration removes the need for a separate Affirm implementation.

The arrangement lowers the technical barrier for international merchants seeking to offer US-specific financing at

Why it matters

A single integration lets global merchants add US BNPL, expanding Affirm's reach while strengthening Airwallex's checkout offering.

2 stories · 2 sources

12:28 PMPYMNTS

Paysafe Wallet Users Rise 8% as iGaming Volume Accelerates

Summary

Paysafe's three-month active digital wallet users rose 8% year over year to 7.8 million in the second quarter, marking a fifth consecutive quarter of growth. Overall wallet volume remained roughly flat, while iGaming activity accelerated.

User growth is outpacing wallet usage, which suggests Paysafe is expanding its customer base without

Why it matters

Paysafe is gaining users, but flat wallet volume raises questions about the quality and breadth of that growth.

11:51 AMPYMNTS

American Express Expands Virtual Cards for Corporate and Business Travel Spending

Summary

American Express is expanding virtual card access for U.S. corporate customers through its @ Work platform. Businesses can create, manage and use the cards for corporate and travel spending, with digital controls designed to improve expense management and reduce fraud.

The expansion moves virtual cards deeper into routine corporate procurement and travel workflows, where controls

Why it matters

Virtual cards are becoming a control layer for business spending, not merely a digital substitute for plastic cards.

11:17 AMFinextra

Amex expands virtual card capabilities

Summary

American Express has expanded its virtual card capabilities for U.S. commercial customers. The new features are designed to let businesses manage payments and spending through the financial software they already use.

Amex is moving virtual cards deeper into corporate finance workflows rather than treating them as

Why it matters

Virtual cards are becoming embedded controls for corporate spending, not merely substitutes for physical cards.

2 stories · 2 sources

11:48 AMPYMNTS

FinTechs Muscle Into Banks’ Trade Finance Turf

Summary

Fintechs are targeting trade finance as tariffs, geopolitical risk and unreliable shipping routes make it harder for companies to finance cross-border commerce. Their opportunity comes from using technology and alternative underwriting to serve businesses that face more complex funding needs than traditional bank processes can easily handle.

Trade disruption is widening the gap between companies' need for working capital and banks' ability

Why it matters

Trade finance is becoming a new battleground where fintech speed meets the credit and compliance risks banks have long managed.

9:35 AMBreaking Travel News

barq × Riyadh Air Ink Strategic Partnership to Support the Airlines Payment Technology Development

Summary

barq and Riyadh Air have agreed to develop an integrated payment technology solution for the airline. The partnership will focus on secure, scalable infrastructure to support Riyadh Air's commercial operations.

Riyadh Air is building payments into its operating platform before scaling commercial activity. The agreement

Why it matters

The deal positions payments infrastructure as a foundational part of Riyadh Air's digital airline model.

9:19 AMFinextra

Netdania adds Fenics FX options data

Summary

Netdania has added institutional FX options pricing and volatility data from Fenics Market Data & Analytics to its APIs. Financial institutions can now access the data across more than 400 currency pairs.

Netdania is expanding from market data access into a broader institutional FX analytics layer. The

Why it matters

More accessible options data can reduce integration work for institutions building automated FX pricing and risk systems.

9:15 AMFinextra

Sionic launches Instant Bank Pay in US through Microsoft Marketplace

Summary

Sionic has launched its Instant Bank Pay service and Fraud Detection Service in the United States through Microsoft Marketplace. The offering enables real-time bank-to-bank payments at the point of sale alongside fraud controls.

Sionic gains a distribution channel into Microsoft's business customer base while pairing account-to-account payments with

Why it matters

The launch links real-time account payments to a major enterprise software marketplace and addresses one of their biggest adoption barriers.

6:22 AMFinextra

Flagstone adds dollar and euro savings options for UK SMEs that keep cash in foreign currencies

Summary

UK cash deposit platform Flagstone has added US dollar and euro business savings accounts for its small and medium-sized enterprise customers, expanding its cash-management offering.

The new accounts let UK SMEs hold and manage foreign-currency cash without converting it into

Why it matters

Foreign-currency savings could make fintech cash platforms more useful to SMEs operating across borders.

2:49 AMBreaking Travel News

Mews secures the first e-money license held by a hospitality operating system in the EEA

Summary

Mews Financial Services B.V. has received an Electronic Money Institution license from the Dutch central bank. The approval allows Mews to develop regulated financial services within its hospitality operating system, bringing hotel operations and money management closer together on one platform.

The license gives Mews a stronger basis to control payments and embed financial products directly

Why it matters

Hospitality software is expanding from operational tools into regulated financial infrastructure.

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