Klarna Applies for a U.S. Banking License
Hey FinTech Fanatic!
Klarna has taken another step in its U.S. expansion.
The company has applied for a U.S. banking license that would allow it to operate through its own regulated bank rather than relying on partner institutions.
It's a meaningful shift. Klarna has been a licensed bank in Europe for years, but bringing that model to the U.S. would give it much greater control over deposits, lending, payments, and future product launches.
There's plenty more waiting below.
You'll also find a fascinating conversation with Graham Robinson, CEO of CompoSecure, on why physical cards continue to matter in an increasingly digital world, along with a breakdown of Wise's FY26 results and how the company is quietly evolving into a multi-product financial platform.
See what else is shaping FinTech. 👇 See you tomorrow!
Cheers,
Q&A
📰 Q&A: The Future of Payments Is Physical and Digital: A Conversation with Graham Robinson, President and CEO of Composecure. Robinson discusses why physical payment cards remain relevant, how metal cards strengthen customer engagement, and how blending digital and physical experiences is reshaping payments. Read the full Q&A here
FINTECH NEWS
🇮🇳 FinTech firm Navi is eyeing a Rs 3,000-crore IPO by March 2027. Co-founded by Flipkart's Sachin Bansal, the company is reviving its public listing plans after shelving a previous IPO in 2022 due to unfavorable market conditions. Read more
🇺🇸 Klarna submits application for U.S. banking license. If approved, Klarna Bank USA would be a wholly owned subsidiary of Klarna Inc., chartered in Utah and insured by the FDIC, with its own independent board, governance, and internal controls.
🇺🇸 South Korean FinTech Toss postpones US listing plan. The company's plan to sell American depositary receipts, or ADRs, within this year has been postponed, the Seoul Economic Daily reported, citing an unnamed senior financial industry source.
PAYMENTS NEWS
🌎 Google is rolling out a unified transaction history in Google Wallet, allowing users to view tap-to-pay purchases made on both Android phones and Wear OS smartwatches in a single timeline. The update provides a more complete view of spending across devices.
🇧🇷 Brazil’s Central Bank argues stablecoins should be regulated as electronic money. The proposal would bring stablecoin issuers under the same supervisory framework as traditional payment institutions, including requirements for capital reserves, consumer protection, and anti-money laundering compliance.
🇸🇬 PingPong Payments secures in-principle approval for a capital markets services licence. This CMS licence will allow PingPong to offer eligible Singapore-based clients over-the-counter FX derivatives products through its subsidiary, Mana Markets. Eligible clients will be able to hedge against foreign exchange volatility.
🌍 Adyen provides payment solutions to Xiaomi. By managing online and in-store payments through a single integration, Xiaomi can focus on delivering value to its global customers while relying on Adyen for operational efficiency and technical reliability.
🇭🇺 Pay10 secures Hungary EMI licence to launch EU operations. The licence enables Pay10 EU to launch regulated electronic money and payment services in Hungary. The company is also preparing a full rollout for both consumers and businesses following the central bank’s decision.
🇮🇳 Visa launches Payment Passkey in India with IDFC FIRST Bank. Visa has said the solution is expected to improve payment success rates while reducing the number of steps required to complete online transactions. Read more
🌍 CaixaBank completes its first transaction initiated by an artificial intelligence agent in collaboration with Visa. The collaboration with Visa through the Agentic Ready programme enables progress towards new customer relationship models, in which artificial intelligence can act on the customer’s behalf using infrastructures that already provide high standards of security and control.
🇬🇧 Pay.UK introduces a flexible liquidity model for Faster Payments Net Sender Caps (NSC), reducing pre-funding requirements for payment service providers. The change lowers barriers to direct participation while maintaining liquidity and risk controls through centralized oversight.
🇬🇷 Greece’s IRIS Payments System expands to cross-border transfers in Europe. The new function applies only to person-to-person transfers between individuals. It allows users to send money to registered users of participating European payment services without entering an IBAN.
#FINTECHREPORT
📊 Wise reported FY26 net revenue of $2.5 billion (+19% YoY), $243 billion in cross-border volume (+31%), and 19 million active customers (+21%).
DIGITAL BANKING NEWS
🇪🇺 Revolut to delist USDT for European users as MiCA rules reshape stablecoin access. Revolut has informed affected users via email that it will gradually stop supporting USDT in the coming months. Users can keep purchasing USDT until July 6, after which Revolut will not accept any more purchases of USDT.
🇪🇸 Twelve is preparing to launch in Spain, with a waitlist opening in September ahead of its official debut on December 12, 2026. Backed by a €1.1 million funding round led by Wolver Ventures, the neobank aims to offer young customers banking services linked to impact investing and sustainability.
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Taxbit has launched a free CARF and CRS Self-Assessment Tool to help businesses evaluate their readiness for evolving crypto tax reporting requirements. The 12-question assessment reviews onboarding, transaction reporting, and internal systems, providing a summary of compliance status and potential gaps.
Taxbit´s CARF and CRS Self-Assessment Tool
🇱🇺 Ripple receives full MiCA Crypto-Asset Service Provider (CASP) authorisation in Europe. The approval enables Ripple to offer its regulated crypto payments platform across all 30 countries of the European Economic Area. Keep reading
🇷🇺 Russia's Sberbank plans to launch a cryptocurrency wallet and digital asset custody service by December, following the implementation of Russia’s new digital currency law. The services will be integrated into Sberbank Online and SberInvestments, giving customers access to regulated crypto trading and custody within the bank’s ecosystem.
🇧🇪 Belgian regulator flags 6 unauthorized crypto providers after MiCA deadline, marking the start of post-deadline enforcement under the EU’s crypto framework. The regulator urged users to verify providers through its official CASP register before using crypto services.
PARTNERSHIPS
🌍 Cedar and Noah connect emerging market capital to global trade infrastructure. Cedar will provide regulated onboarding and compliance, while Noah delivers stablecoin-powered payment infrastructure, enabling faster, compliant, and more efficient international settlements.
🇲🇾 Malaysian FinTech firm AhaPay expands with DirectD. The partnership aims to add BNPL and instalment payments in DirectD’s stores across the country after an initial deployment began in Q2 2026. Continue reading
DONEDEAL FUNDING NEWS
💰Over the last week, there were eight FinTech deals in Europe, totaling €51.5m in disclosed funding, including two transactions in the UK, two in Germany, two in the Czech Republic, one in Denmark and one in Switzerland.
🌎 FinTech startup Stoa has raised £1.8 million in pre-seed funding to accelerate the growth of its cash management platform, which enables consumers and businesses to unlock upfront lifestyle and business value from idle cash deposits.
🇬🇧 Thought Machine surpassed $100 million in annual revenue for FY2025, up 57% year over year, while annual recurring revenue also exceeded $100 million in Q2 2026. The cloud-native core banking provider now serves 68 banks globally, including 18 tier-one institutions, and achieved positive free cash flow in the second half of 2025.
M&A
🇱🇺 German FinTech Bunch to take a stake in Luxembourg Fund Services. Under the terms of the agreement, Bunch will acquire an ownership stake in LFS Holding, the company announced in a press release. The companies will continue to operate as separate businesses until the deal is formally completed.
MOVERS AND SHAKERS
🇦🇪 Neobroker amana names Andrey Artamonov its Chief Technology and Information Officer. At amana, Artamonov will focus on strengthening amana’s technology platform, supporting the company’s continued growth, and helping scale the business as it expands into new markets.
🇨🇾 Revolut’s Costas Michael, the founding CEO of its digital assets unit in Cyprus, is stepping down after leading the company’s crypto operations across the EEA. Michael, who oversaw Revolut’s CASP and MiCA licensing efforts, will remain an adviser to the company’s board.
🇺🇸 MoneyGram appoints Will Karczewski as EVP and General Manager, Global Retail, to accelerate omnichannel growth. In this role, Karczewski will lead the company's global retail and digital partner businesses, helping unlock growth opportunities across its global retail network while advancing the integration of retail and digital customer experiences.
🇮🇳 PhonePe Insurance Arm’s CEO Vishal Gupta steps down to launch a new stealth startup, marking the third senior leadership exit from the FinTech’s subsidiaries in recent months. The departure comes as PhonePe continues preparing for its planned IPO, which has been delayed amid market uncertainty.
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