Fintech

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.

A Spelman College team won the Moguls in the Making competition, a collaboration between Ally Financial and the Thurgood Marshall College Fund. Their winning fintech platform, “Prospera,” aims to support women-owned small businesses in Detroit and beyond by fostering financial well-being. The competition engaged HBCU students in addressing economic mobility challenges, providing them with mentorship, learning experiences, and exploring AI’s role in business. Hampton University and North Carolina A&T State University secured second and third place, respectively, with innovative solutions addressing food insecurity and access to funding for small businesses.

Europe’s tech scene is showing signs of strength, challenging Silicon Valley’s dominance. Recent highlights include AI firm ElevenLabs’ valuation doubling to $6.6B, Mistral AI securing a 1.7B euro funding round, and Klarna’s successful NYSE IPO, valuing it over $17B. Investors see opportunities due to valuation discounts and a “born global” mindset among European startups. Challenges remain, including market fragmentation and the need for increased pension fund investment in venture capital. Initiatives like “EU Inc.” aim to address these issues by creating a unified regulatory framework.

European tech is showing signs of strength with recent activity including ElevenLabs’ valuation doubling, ASML’s investment in Mistral AI, and Klarna’s NYSE IPO valuing it over $17 billion. This has reignited discussions about Europe’s ability to compete with US and Asian tech ecosystems. However, challenges remain, including macroeconomic pressures, market fragmentation, and the need for pension fund investments in venture capital, hindering expansion. The “EU Inc.” initiative aims to address regulatory hurdles.

Klarna, the BNPL giant, debuted on the NYSE with shares surging 30% above the $40 IPO price, valuing the company at $15 billion. The IPO raised $1.37 billion. CEO Sebastian Siemiatkowski likened the event to a wedding, marking a milestone but highlighting ongoing challenges. Klarna’s strategic shift to banking services, particularly in the US, faces competition from Affirm and others. The BNPL sector is intensely competitive and faces increasing regulatory scrutiny, particularly in Europe. Sequoia, an early investor, saw significant returns, while SoftBank’s later investment faced valuation decline.