Fintech

JPMorgan Chase has finalized agreements with fintech intermediaries, including Plaid and Yodlee, representing over 95% of data pulls from its systems, to guarantee compensation for customer data access. This resolves a long-standing dispute over data sharing. The agreements, while touted as a free market solution by JPMorgan, are viewed by some as anti-competitive and a barrier to entry for smaller fintech companies. The move could influence other banks to charge for data access, reshaping the open banking landscape, sparking concerns about its impact on innovation and consumer costs.

DBS Group CEO Tan Su Shan states the bank is already seeing significant returns from its AI investments, unlike many firms skeptical about AI profitability. DBS has integrated AI for over a decade, using 1,500 models across 370 use cases. AI is expected to boost revenue by over S$1 billion this year, up from S$750 million in 2024. DBS is leveraging AI to enhance financial services for institutional clients, improve risk management, and provide personalized financial advice through AI assistants like “DBS Joy.” Ongoing investment and employee reskilling are crucial to maximizing AI’s potential.

Block’s (XYZ) shares fell nearly 8% after Q3 2025 earnings missed expectations. While revenue grew 2% year-over-year, Square’s gross profit growth slowed. Cash App saw robust growth, with gross profit up 24%. Block adjusted its full-year gross profit guidance upward. Despite increased net income, investors are concerned about Square’s slowing growth and competition. Block’s ability to regain momentum and improve profitability will be crucial.

Fiserv’s shares plummeted 44% after slashing its earnings outlook and announcing a leadership shakeup. The company lowered its full-year adjusted EPS forecast to $8.50-$8.60 and revenue growth to 3.5%-4%, citing deteriorating economic conditions in Argentina as a factor. Q3 adjusted EPS and revenue also missed estimates. Takis Georgakopoulos and Dhivya Suryadevara will share the co-president role, and Paul Todd is the new finance chief. Three new members will join the board in 2026. Fiserv is transferring its stock listing to the Nasdaq.

Upgrade, a fintech startup led by LendingClub’s founder, secured $165 million in funding, raising its valuation to $7.3 billion. Led by Neuberger Berman, this round marks Upgrade’s first capital raise since 2021, driven by its positive cash flow. Initially a personal loan provider, Upgrade has expanded to include diverse financial services like BNPL (through its Uplift acquisition). With annualized revenue exceeding $1 billion, Upgrade is considering an IPO within 12-18 months to bolster its balance sheet and provide employee liquidity. They are focusing on streamlining customer experience and targeting growth in home improvement and auto financing.

FIS announced a slight delay in its acquisition of Global Payments’ Issuer Solutions business due to a refiling of the UK Merger Notice with the CMA. FIS proactively identified supplementary information needed for the CMA’s review. Despite this procedural hurdle, FIS maintains its expectation that the transaction will close in the first half of 2026. Analysts are watching closely to see if the CMA’s inquiry signals broader concerns about consolidation in the fintech space and potential impacts on competition.

Citigroup has made a strategic investment in BVNK, a fintech startup specializing in stablecoin infrastructure, signaling growing institutional adoption of digital assets. BVNK provides payment infrastructure for global stablecoin transactions, facilitating seamless capital movement between fiat and cryptocurrencies. BVNK’s valuation exceeds $750 million. The investment, channeled through Citi Ventures, highlights Citi’s commitment to fintech innovation. BVNK is experiencing growth in the U.S., driven by a supportive regulatory environment. Other banks are also exploring stablecoins and blockchain, indicating Wall Street’s increasing embrace of crypto.

Wellfield Technologies (WFLDF) is working to resolve a management cease trade order (MCTO) issued by the British Columbia Securities Commission due to delayed Annual Filings for the year ended March 31, 2025. The company expects to complete these filings, including audited financial statements, by September 29, 2025. Wellfield confirms no material changes to previously disclosed information and no new defaults. The company will provide bi-weekly updates until the filings are complete.

Checkout.com, a fintech firm, is offering employees a share buyback program based on a $12 billion internal valuation, a decrease from its $40 billion valuation in 2022. This allows employees to monetize equity amidst a challenging IPO market. The company, which competes with Stripe and Adyen, facilitates billions in transactions for clients like Coinbase and H&M. Checkout.com projects 30% revenue growth and $300 billion in payment volume, focusing on AI and agentic commerce. This follows similar moves by Stripe and Revolut, providing liquidity in a volatile market.

CSI and HuLoop have partnered to integrate HuLoop’s AI-powered, no-code Work Intelligence platform with CSI’s NuPoint Core Banking System. This aims to boost efficiency for community and regional banks facing rising regulatory burdens and operational costs. The integration streamlines processes like customer onboarding and transaction processing by automating routine tasks and freeing employees for higher-value activities. The “human-in-the-loop” approach ensures AI enhances human work. Early adopters are already seeing benefits in operational efficiency and service delivery.