The Banking License Everyone's Chasing
Hey FinTech Fanatic!
Another FinTech company is making its move toward becoming a federally regulated bank.
Dakota, currently operating as a registered Money Services Business, has applied to the OCC for a national trust bank charter. The goal: become a federally regulated provider of digital asset custody, stablecoin issuance, and related services for institutional clients.
The pitch is simple: fewer intermediaries, more control, cleaner products.
It's a familiar pattern. At a certain point, working around the regulatory layer stops making sense, and building underneath it becomes the only real answer. Dakota isn't alone in reaching that conclusion, Nubank and Revolut have both recently filed for U.S. banking licenses too.
Whether the OCC agrees remains an open question. But the applications are piling up.
See what else is shaping FinTech. 👇
See you tomorrow!
Cheers,
PAYMENTS NEWS
🇦🇪 du Pay has launched Flexi Cash Loan, a new digital lending service that gives eligible UAE customers instant access to cash loans of up to AED 5,000 through its app. The product aims to expand access to short-term credit with a fast, paperless, and transparent borrowing experience.
🇺🇸 Remitly launches Global Card to expand beyond cross-border money transfers. The new Visa debit card and linked account allow customers to get paid, spend, save and send money across borders from a single balance. The offering includes direct deposits, peer-to-peer transfers, fee-free local spending and, for eligible customers, the ability to hold funds in U.S. dollars or USDC.
🇳🇴 Dune became one of the first EU companies to accept stablecoin payments through Stripe, allowing enterprise customers to purchase data products and APIs using digital dollars. The integration enables faster, low-cost and auditable on-chain payments while reducing friction from FX conversions and wire transfers.
🇮🇳 Flipkart and PayU Finance launch Pay Later, offering flexible credit options directly at checkout across Flipkart, Myntra and Flipkart Minutes. The service provides customers with repayment choices including Pay Later, Pay in 3 and EMI plans, expanding access to digital credit in India.
DIGITAL BANKING NEWS
🇲🇽 KakaoBank’s labor union has held its first-ever strike since the launch of the internet-only bank, with more than 700 members participating. The action follows a dispute over performance-based compensation, while KakaoBank activated emergency measures to maintain core services including deposits, transfers and loan repayments.
🇬🇧 Kroo Bank has entered a forward flow funding agreement with 9Y Capital to support bridging and refurbishment loans for UK property investors and developers. The partnership provides long-term funding, helping Kroo diversify its lending portfolio while enabling 9Y Capital to expand its specialist lending business.
🇺🇸 Dakota applies for a U.S. national trust bank charter. The company has submitted an application to the U.S. Office of the Comptroller of the Currency seeking a national trust bank charter as it expands its financial infrastructure offering. If approved, the charter would allow Dakota to offer digital asset custody, stablecoin issuance and related services to institutional clients.
🇨🇴 Nu Colombia pilots Bre-B payments and transfers using credit card limits. Selected customers can make Bre-B transfers and QR payments using their available credit card balance instead of funds in their account, giving users a new way to access credit for everyday payments.
🇬🇷 Revolut has received approval from the Bank of Greece to establish a local branch, strengthening its presence in the country. In the coming months, the digital bank plans to offer Greek IBANs to customers and later expand its banking products as part of its local growth strategy. Read more
BLOCKCHAIN/CRYPTO NEWS
🇺🇸 Global banks test tokenized money for cross-border payments in $1 million BIS pilot. Twenty-eight global banks, including JPMorgan, Citi and UBS, completed the pilot, which processed about $1 million across six currencies, demonstrating blockchain-based settlement using tokenized bank money.
🇸🇬 Oobit has launched contactless ATM cash withdrawals, allowing KYC-verified users to withdraw cash from their Oobit balance by tapping their phones at supported NFC-enabled ATMs. The service requires no physical card or linked bank account and is rolling out across supported markets.
🇺🇸 Circle receives New York trust charter from NYDFS. The charter expands Circle's regulatory footprint in New York and builds on its longstanding relationship with NYDFS, where it became the first company to receive a BitLicense in 2015. Continue reading
PARTNERSHIPS
🇦🇪 mb.io has partnered with Botim to enable UAE users to fund their accounts directly within the app. The integration creates a more streamlined payment experience, reducing external steps and making crypto account funding simpler through a familiar FinTech platform, supporting a more coherent in-app experience.
🇰🇷 Shinhan Bank partners with StoneX Payments to enhance its cross-border payment and foreign exchange services. The agreement gives the South Korean bank access to institutional-grade payment infrastructure across more than 140 currencies and 180 countries, with phased integration beginning immediately.
🌍 Investec has selected the Infosys Finacle Digital Banking Solution Suite on Microsoft Azure to modernize its banking operations across South Africa, the UK, Mauritius and the Channel Islands. The multi-country transformation will replace legacy platforms with a cloud-based SaaS banking platform.
🇺🇸 New York Mets are partnering with startup Novig, marking the first time an MLB franchise has teamed with a prediction market. Under the partnership, Novig will be integrated across Citi Field through stadium signage, branded in-game activations, and the Mets' broadcast and social media channels.
DONEDEAL FUNDING NEWS
🇳🇱 Dutch FinTech Bunq has put Irish non-bank lender Capitalflow up for sale, with non-binding offers received earlier this year and final bids expected before year-end. Bunq acquired Capitalflow in 2021, and the lender currently manages a loan portfolio of around €1.2 billion.
🇺🇸 Intercontinental Exchange has agreed to acquire MarketAxess in a cash deal valued at about $6 billion. The acquisition will combine the companies’ fixed income trading, data, analytics and execution capabilities into a single platform serving institutional and retail investors in more than 90 countries.
🇺🇸 Ondo Finance is evaluating a potential acquisition valued between $250 million and $500 million, as consolidation accelerates across crypto infrastructure. The tokenized asset platform is considering wealthtech targets and continues expanding its role in bringing traditional financial assets onchain.
🇺🇸 Okta has agreed to acquire Permiso Security to expand its identity threat detection capabilities. This acquisition will add Permiso’s technology to the Okta Platform, helping organisations identify risks across cloud and AI environments, including suspicious behaviour, excessive permissions and compromised identities.
🌍 Flutterwave to acquire an undisclosed bank in East Africa as IPO talks delay. The company plans to use acquisitions to fast-track its expansion into lending, trade finance and other financial services. Continue reading
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