OpenAI is considering a new funding round that could value the company at $1.2 trillion, as demand for its technology grows following new model launches.
5:54 PMFinancial Times15 stories from 6 sources
AI valuations surged as stablecoin and fintech infrastructure attracted capital
Day’s Recap
Supporting Articles
Saudi Arabia-based BNPL provider Tabby raised $230 million at a $6.5 billion valuation. It will use the financing to expand across the Gulf, supported by consumer and small-business finance licenses and a stored-value license in Saudi Arabia.
3:11 PMPYMNTS
Profound has raised $180 million in a Series D round at a $1.8 billion valuation, less than seven months after securing $96 million in its Series C.
11:22 AMTechCrunch
UK stablecoin startup Velocity has raised $10 million in an extension of its Series A round. Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital and Mirana Ventures participated.
8:01 PMFinextra
Stablecoin payments and treasury platform Velocity has raised $10 million in an extension of its Series A, following a $38 million round in July. The company will use the funding to build infrastructure for issuers, acquirers, payment providers, financial institutions, and merchants.
11:45 AMPYMNTS5:54 PMFinancial Times
OpenAI weighs funding round at $1.2tn valuation before IPO
Summary
OpenAI is considering a new funding round that could value the company at $1.2 trillion, as demand for its technology grows following new model launches.
A valuation at this level would further cement OpenAI as the central private-market bet on
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
OpenAI's proposed valuation could reset private-market expectations for the entire AI startup sector ahead of an IPO.
3:11 PMPYMNTS
Tabby Raises $230 Million to Expand BNPL Offering
Summary
Saudi Arabia-based BNPL provider Tabby raised $230 million at a $6.5 billion valuation. It will use the financing to expand across the Gulf, supported by consumer and small-business finance licenses and a stored-value license in Saudi Arabia.
The new licenses position Tabby as a broader regulated finance platform rather than only a
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Tabby’s valuation and licenses show BNPL firms converting payment products into full-scale regional lending businesses.
11:22 AMTechCrunch
AEO startup Profound hits unicorn valuation, raises $180M Series D 7 months after last round
Summary
Profound has raised $180 million in a Series D round at a $1.8 billion valuation, less than seven months after securing $96 million in its Series C.
Profound's valuation jump and rapid return to market show strong investor demand for startups building
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Investors are treating visibility in AI answers as a major software market before standards for measuring it have fully settled.
8:01 PMFinextra
Circle, Ripple and Visa join $10 funding round for stablecoin platform Velocity
Summary
UK stablecoin startup Velocity has raised $10 million in an extension of its Series A round. Visa Ventures, Circle Ventures, Ripple, Haun Ventures, Translink Capital and Mirana Ventures participated.
The investor mix gives Velocity backing from major payments and digital-asset companies as it builds
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Strategic investment from Visa, Circle and Ripple could accelerate stablecoin adoption in regulated payments.
11:45 AMPYMNTS
Visa and Circle Back Stablecoin Payments Platform Velocity
Summary
Stablecoin payments and treasury platform Velocity has raised $10 million in an extension of its Series A, following a $38 million round in July. The company will use the funding to build infrastructure for issuers, acquirers, payment providers, financial institutions, and merchants.
The new backing shows stablecoin infrastructure is attracting strategic support beyond crypto-native investors, with Visa
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Capital is moving toward the infrastructure that could make stablecoins usable inside conventional payment systems.
Other Developments
A curated list of other prominent stories from this day.
Fin.com has emerged from stealth with $20 million to develop infrastructure for collecting, converting and moving money across borders. Its platform connects local payment rails, USD virtual accounts, Swift and stablecoin settlement.
8:01 PMFinextra
Thatch has raised $108 million at a $1 billion valuation for its health benefits platform. The company helps employers replace a single group health plan with a consumer-directed model that gives workers budgets to choose coverage.
6:22 PMPYMNTS
Split Pay raised $125 million across Series A and Series B rounds led by Khosla Ventures, with participation from Thrive Capital and Affirm CEO Max Levchin. The lending startup plans to use the capital to extend buy now, pay later financing to larger consumer expenses.
3:54 PMPYMNTS
Manufacturing AI startup CADDi has raised $114 million in a Series D round at a $1.2 billion valuation. The company aims to address the data and workflow constraints it describes as the physical bottleneck limiting AI's impact on manufacturing.
1:00 PMFortune
Scaffold has raised $14.85 million in seed funding led by Navitas Capital, with participation from D.R. Horton, PulteGroup and Builders FirstSource. The company is targeting fragmented data across the homebuilding industry.
10:18 AMHousing WireThe UK Payments Delivery Company has launched an equity raise targeting about £50 million from payments industry participants. The funding will support development of next-generation retail payments infrastructure in the UK.
10:11 AMFinextra
Artificial Intelligence Underwriting Company, founded by an early Anthropic employee and the former COO of METR, has raised $40 million in a Series A led by Ribbit Capital, with participation from First Harmonic. The startup is developing tools to control and manage rogue AI agents.
9:00 AMTechCrunchQupital, an AI-driven fintech focused on cross-border e-commerce trade finance, has secured $300 million in combined new capital commitments, anchored by its Series C round. The company plans to expand into overseas markets and is considering an IPO.
7:51 AMFinextraLloyds Banking Group is inviting start-ups and scale-ups to pitch technology that could address customer needs across banking, mortgages, insurance, investments and motor finance.
7:05 AMFinextra
Fin.com has emerged from stealth with a $20 million seed round backed by Expa and Coinbase Ventures. Its payments infrastructure helps businesses convert stablecoins into funds held in local bank accounts.
6:00 AMFortune8:01 PMFinextra
Payments infrastructure startup Fin.com emerges from stealth with $20m funding
Summary
Fin.com has emerged from stealth with $20 million to develop infrastructure for collecting, converting and moving money across borders. Its platform connects local payment rails, USD virtual accounts, Swift and stablecoin settlement.
Fin.com is targeting the fragmented infrastructure that makes cross-border payments slow and expensive. By combining
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The funding signals continued demand for platforms that unify legacy payment networks with digital-asset rails.
6:22 PMPYMNTS
Thatch Reaches $1B Valuation as Employers Hand Workers Health Benefits Budgets
Summary
Thatch has raised $108 million at a $1 billion valuation for its health benefits platform. The company helps employers replace a single group health plan with a consumer-directed model that gives workers budgets to choose coverage.
The financing backs a shift in employer-sponsored healthcare from centrally selected plans toward defined budgets
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Thatch's valuation reflects investor confidence that flexible, employee-directed benefits can challenge traditional group health insurance.
3:54 PMPYMNTS
Split Pay Raises $125 Million to Bring BNPL to Big Expenses
Summary
Split Pay raised $125 million across Series A and Series B rounds led by Khosla Ventures, with participation from Thrive Capital and Affirm CEO Max Levchin. The lending startup plans to use the capital to extend buy now, pay later financing to larger consumer expenses.
The funding backs a shift in BNPL from small retail purchases toward higher-value transactions, where
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
BNPL investors are funding a move into larger loans, raising both the market opportunity and the cost of defaults.
1:00 PMFortune
Exclusive: Manufacturing AI startup CADDi valued at $1.2 billion following $114 million Series D funding round
Summary
Manufacturing AI startup CADDi has raised $114 million in a Series D round at a $1.2 billion valuation. The company aims to address the data and workflow constraints it describes as the physical bottleneck limiting AI's impact on manufacturing.
CADDi's funding signals that investors see manufacturing data and process infrastructure as a durable AI
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Industrial AI value will depend on digitizing the operational bottlenecks that software alone cannot remove.
10:18 AMHousing Wire
Scaffold raises $14.85 million, targets fragmented homebuilder data
Summary
Scaffold has raised $14.85 million in seed funding led by Navitas Capital, with participation from D.R. Horton, PulteGroup and Builders FirstSource. The company is targeting fragmented data across the homebuilding industry.
Strategic investment from major builders and a key supplier gives Scaffold both capital and direct
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Homebuilding's largest operators are backing data infrastructure that could improve efficiency across a fragmented industry.
10:11 AMFinextra
UK Payments Delivery Company embarks on equity raise for new retail infrastructure
Summary
The UK Payments Delivery Company has launched an equity raise targeting about £50 million from payments industry participants. The funding will support development of next-generation retail payments infrastructure in the UK.
The raise shifts responsibility for future retail payments infrastructure toward an industry-backed company rather than
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The fundraise could shape who controls the UK's next retail payments layer and how quickly it reaches the market.
9:00 AMTechCrunch
Early Anthropic hire, former METR COO have found a way to rein in rogue AI agents
Summary
Artificial Intelligence Underwriting Company, founded by an early Anthropic employee and the former COO of METR, has raised $40 million in a Series A led by Ribbit Capital, with participation from First Harmonic. The startup is developing tools to control and manage rogue AI agents.
The funding signals that investors see autonomous-agent risk as a commercial market, not only a
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
As AI agents gain autonomy, controlling their failures is becoming a fundable infrastructure and risk-management business.
7:51 AMFinextra
Qupital raises $300M; eyes overseas markets and IPO
Summary
Qupital, an AI-driven fintech focused on cross-border e-commerce trade finance, has secured $300 million in combined new capital commitments, anchored by its Series C round. The company plans to expand into overseas markets and is considering an IPO.
The funding gives Qupital substantial backing to scale trade finance beyond its existing markets. Overseas
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Qupital’s financing signals investor appetite for infrastructure serving cross-border commerce, while its expansion will expose the limits of regional fintech models.
7:05 AMFinextra
Lloyds Banking Group hunts for the UK’s next standout start-ups and scale-ups
Summary
Lloyds Banking Group is inviting start-ups and scale-ups to pitch technology that could address customer needs across banking, mortgages, insurance, investments and motor finance.
Lloyds is widening its search for external technology across nearly every major customer business line.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
A major UK bank is creating a broad distribution opportunity for startups, but the commercial payoff depends on Lloyds moving beyond pilots.
6:00 AMFortune
Exclusive: Expa and Coinbase Ventures-backed Fin.com emerges from stealth with $20 million seed round to build out global stablecoin infrastructure
Summary
Fin.com has emerged from stealth with a $20 million seed round backed by Expa and Coinbase Ventures. Its payments infrastructure helps businesses convert stablecoins into funds held in local bank accounts.
Fin.com is targeting the crucial conversion point between digital dollars and traditional banking, where stablecoin
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Stablecoin adoption increasingly depends on dependable links to local banks, making fiat settlement infrastructure a central battleground.
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