Starling Eyes US Banking Licence or M&A, Kraken Rolls Out P2P App ‘Krak’
Hey FinTech Fanatic!
Yesterday, I highlighted one of my portfolio companies, Confide Platform. Today, I want to shine a light on another inspiring FinTech founder: Vroon Modgil. And yes, I’m proud to say his company, Sokin, is also part of my portfolio.
Check out this great Entrepreneur magazine interview, where Vroon shares how he's driving 235% growth with the help of AI, bold strategic pivots, and a mission to connect overlooked markets to global money flows.
With backing from BlackRock, Morgan Stanley, and even Rio Ferdinand, Sokin isn't just disrupting finance; it's redefining who gets to participate.
After you've read the piece, don't miss today's FinTech headlines. Trust me, it's a good list. Scroll down, catch up, and enjoy your day and weekend!
Cheers,
FINTECH RUNNING CLUB
🌎 What's new in the FinTech Running Club?
INSIGHTS
🇺🇸 ReliaQuest secured one of the biggest US FinTech deals in Q1 as investments in the country halved. In Q1 2025, the US FinTech sector continued to face a contraction in funding, although deal activity showed signs of recovery compared to the previous quarter. A total of 350 deals were recorded in Q1 2025, representing a 13% increase from the 311 deals completed in Q4 2024.
FINTECH NEWS
🇺🇸 The Republic is offering users exposure to SpaceX by issuing a “tokenized” representation of its shares. The company will begin selling the digital tokens this week and eventually plans to expand the offering to other private companies like artificial intelligence darlings OpenAI and Anthropic, as well as Stripe, X, Waymo, Epic Games, and more.
🇮🇳 FINDI to launch IPO for Indian unit TSI to fuel FinTech growth. The proposed listing is expected to feature both a fresh equity issue and an offer-for-sale component, with proceeds earmarked for expanding FINDI’s nationwide financial infrastructure, investing in digital banking innovation, and advancing its mission of financial inclusion across India’s underbanked and underserved regions.
🇮🇳 FinTech firm Pine Labs files for India IPO, with the company set to issue fresh shares worth 26 billion rupees ($304 million). Pine Labs offers full-stack payment solutions, including point-of-sale machines, to merchants for card payments and competes with Paytm and Walmart's PhonePe.
🇫🇷 Worldline Mulls suit over media reports on alleged fraud lapses. The company responded to the publication of those reports, stating that it is“fully committed to strict compliance with regulation and risk prevention standards and to enforce related rules and procedures with zero tolerance strictly.”
🇬🇧 Chase launches UK credit card, offering customers 0% interest on purchases for up to 15 months. Features include real-time balance updates, instant notifications on purchases, and in-app tools such as the ability to instantly freeze and unfreeze their physical and virtual card, turn on and off certain spending features, and spend tracking.
🇺🇸 Crypto exchange Kraken debuts peer-to-peer payments app Krak. The move is a bid to expand Kraken's offerings beyond its digital asset trading business, and puts the firm in competition with PayPal, Venmo, and Block's Cash App. Read more
PAYMENTS NEWS
🇧🇷 Pomelo participated in Febraban Tech as an official sponsor of the FinTech Arena. Country Manager Rafael Goulart joined top industry leaders in a high-level panel on the future of digital payments in Brazil. Keep reading
🌎 Clara launched Clara TravelPay in Mexico and Colombia, after strong traction in Brazil. Clara TravelPay is a specialized payments infrastructure designed for modern companies managing corporate travel. It offers enhanced capabilities beyond standard transaction data by automatically providing detailed flight and hotel information, streamlining reconciliation processes.
🇬🇧 Spendesk becomes the first profitable spend management platform, redefining finance with AI. As Spendesk enters this next chapter, it remains committed to continuing its double-digit growth by driving the next wave of transformation for finance teams.
🌎 Mastercard expands technology to new markets. After a successful launch in the U.S., Mastercard is expanding its data-driven First-Party Trust program to counter the rise of first-party or “friendly” fraud. Meanwhile, Mastercard Sandbox allows experimentation into the ‘Art of the Possible’ for the UK National Payments Vision. The sandbox will enable banks and FinTechs to implement a “5-leg credit transfer” with confirmation of funds.
DIGITAL BANKING NEWS
🇬🇧 Revolut has reached 60 million customers. With over 60,000 new users joining daily, the company is steadily advancing toward CEO Nik Storonsky’s ambitious goal of 100 million users and $100B in revenue. Continue reading
🇨🇦 Zafin introduces transaction enrichment to unlock loyalty. This new capability enhances the platform by transforming raw transaction data into rich, contextual insights. It enables banks to deliver more personalized experiences, strengthen customer engagement, and lay the foundation for modern loyalty and relationship banking.
🇩🇪 BBVA launches a 100% digital bank in Germany, offering an interest-bearing checking account with no fees. It combines cutting-edge technology, through one of the top financial apps in the world, with a compelling value proposition: an interest-bearing checking account paying 3% for the first 12 months.
🇺🇸 Starling Bank sets sights on North America expansion by obtaining a banking licence or acquiring a mid-tier bank, as a loosening of regulation opens up opportunities for its banking and software-as-a-service businesses. Keep reading
🇪🇸 CaixaBank rolls out iPhone Tap to Pay to enable businesses in Spain to seamlessly and securely accept in-person payments with the iPhone, without any additional hardware or payment terminal needed. CaixaBank has become the first financial institution in Spain that allows its business customers to operate easily with their iPhone.
BLOCKCHAIN/CRYPTO NEWS
🇮🇪 Kraken cements European leadership with MiCA license from Central Bank of Ireland. This marks a pivotal milestone in our European expansion, unlocking the ability to scale faster across the region by offering regulated services and engaging directly with clients across all 30 EEA member states.
🇬🇧 Barclays to ban crypto transactions on credit cards. According to the bank’s website, the decision was based on concerns over volatile token prices and the lack of regulatory guardrails for investors. “We’re doing this because a fall in the price of crypto assets could lead to customers finding themselves in debt they can’t afford to repay,” said Barclays.
🇺🇸 Gemini launched a bitcoin credit card rewards program and introduced Solana staking to enhance UX. These developments underscore Gemini’s commitment to expanding its product suite while maintaining its focus on security and compliance.
🇺🇸 Coinbase teams up with Secret Service to seize $225M in stolen crypto, with the victim restitution process now underway through joint law enforcement efforts. This represented the biggest cryptocurrency seizure by the authorities linked to investment scams on the internet.
🇮🇹 Juventus FC’s crypto investor has turned activist and wants a board seat. Tether's CEO has expressed frustration over the lack of communication, and the company is considering whether to buy more Juventus shares in the future, stating that Tether wants to "help" the club and ensure its long-term success.
PARTNERSHIPS
🇲🇾 Bukku taps Funding Societies’ instant SME loan eligibility tool, allowing small businesses to secure funding without paperwork or lengthy applications. The integration enables Bukku users to instantly check loan eligibility based on their financial data, shared in masked form with Funding Societies upon consent.
🇮🇳 PhonePe and HDFC Bank launch co-branded RuPay credit card with UPI integration. The card integrates directly with UPI, allowing users to make payments using credit at millions of merchants accepting UPI QR codes. Cardholders can manage their card, track spending, and pay bills through the PhonePe app.
🇦🇪 Codebase Technologies and Fuze partner to expand digital asset access for Banks and Financial Institutions. Through a seamless integration with Digibanc™, Codebase Technologies’ clients will be able to plug into a set of tools that let them offer crypto products with less overhead and fewer moving parts.
🇺🇸 Ex-Blackstone, Tether duo plot $1 billion crypto-reserve push. The vehicle's strategy is a departure from others that focus on a single cryptocurrency, and comes after President Donald Trump's executive order to create a Bitcoin reserve and a multi-token stockpile for the government.
🇬🇧 Prosper teams up with Griffin to offer FSCS-protected accounts, streamline operations, and expand savings options. With this partnership, Prosper has updated its banking infrastructure to streamline operations, solve reconciliation challenges, and offer Griffin's savings accounts to its members.
🇦🇺 Sumsub & Data Zoo partner to boost global fraud prevention. By collaborating, both aim to provide a comprehensive solution that will enable institutions and businesses to streamline onboarding and authentication processes, thereby reducing operational inefficiencies and supporting regulatory compliance across jurisdictions.
🇺🇸 Experian integrates Mastercard ID verification and fraud prevention tech. This collaboration will enable seamless, secure, and efficient identity verification for the company’s more than 1,800 global clients across industries, helping to prevent fraud and cybercrime.
🇺🇸 VISIONA and Visa form a partnership. It will extend the functionality of VISIONA Card Solutions Suite with the possibility to cater for the Visa Direct services, both within the scope of card transfers and transfers to accounts. Additionally, Visa and FIS are to offer financial institutions value-added payment capabilities. They will also offer a digital campaign manager that facilitates the use of new marketing channels, such as augmented reality events and other digital experiences.
🇩🇪 E-wallet paylado chooses Volt to power real-time top-ups and payouts. Volt will power real-time open banking payments for paylado, EPG’s e-wallet solution. paylado allows users to top up their e-wallets manually using two methods: a network of cash deposit devices across Germany or via bank transfer.
🇬🇧 Wirex launches institutional-grade stablecoin payments on Fireblocks. This integration enables Fireblocks' institutional clients to easily access Wirex Pay's self-custodial stablecoin payment infrastructure, offering a secure and scalable gateway to stablecoin innovation.
DONEDEAL FUNDING NEWS
🇮🇹 Sibill raises €12M Series A to modernise financial management for Italy’s SMEs. The capital increase will enable the company to strengthen the development of its platform, introduce new features, and build a network of strategic partnerships to support its growth.
🇺🇸 Kalshi is valued at $2 billion in the latest funding round. Kalshi offers its users opportunities to profit from predictions on everything from sports and entertainment to politics and the economy. Such event contracts have exploded in popularity since the U.S. presidential election last year.
M&A
🇦🇷 UK FinTech Giant Revolut to acquire BNP’s Cetelem in Argentina. The purchase would include Cetelem's banking license and the transfer of its assets, and Revolut has already begun the regulatory process with Argentina's monetary authority.
MOVERS AND SHAKERS
🇬🇧 Open banking FinTech Yaspa names Chris Lowe as CFO to accelerate growth trajectory. Lowe’s expertise in financial modelling and fundraising has helped previous clients grow from start-up to scale-up and beyond; his appointment comes as Yaspa enters a critical stage in its evolution.
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