Hello Fintech Friends,

This week, I spoke with Axios' Lucinda Shen about the launch of our Fund II! Two years after raising our first $10M fintech venture fund, we're back with even more partners and a bigger community to continue supporting the most exciting early-stage founders. I could not be more grateful to everyone who helped get us here. 🙏

Who should we work with first?

🪙 I should really call the newsletter “this week in stablecoins” at this point, because that seems to be all the news we get these days... Check out the fresh stablecoin news from Circle, Revolut, Volt, and more.

Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

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💼 Fintech Job of the Week

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💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

📰 Other News

JP Morgan may take over the Apple Card program from Goldman.

Swiss stock exchange SIX may launch a crypto exchange. (Also, in the US, stocks can now be quoted in half-pennies.)

Apollo and State Street are JV'ing into private credit.

The FDIC plans to strengthen its custodial deposit rules (requirements for banks receiving deposits from third parties) following the Synapse disaster.

The Fed halved its proposed raise in capital requirements for banks. And the FDIC and DoJ may increase their scrutiny of bank mergers.

Lloyds Bank plans to close 292 bank branches in the UK next year, while Five Star Bank is exiting banking-as-a-service.

In hot water this week: the CFPB fined TD Bank $28 million for repeatedly sharing inaccurate, negative information about its customers to consumer reporting companies. The OCC found issues with Wells Fargo's anti-money laundering practices, which the bank has pledged to fix, and hit it with a consent order.

💻 Fintech

🚀 Product Launches

Brex is going embedded: the corporate card provider launched new tools to let customers embed payments into their products to help streamline their customers’ workflows to generate new revenue streams.

Earned wage access provider DailyPay launched a financial health tool.

Digital wallet provider Kuady launched a virtual prepaid Mastercard in Peru.

B2B payments provider Boost launched 100XB, a cross-border payments solution for US-issued commercial cards. 

Checkout conversion provider Fero launched a new tool to personalize commerce experiences.

Crypto provider Volt rolled out VX2, a stablecoin settlement solution.

Kredit Hero launched an AI lending marketplace in the Phillippines.

Viola Credit and Cadma Capital launched a new tech asset-based financing joint venture.

Trade workflow provider Axoni launched Hydra, a real-time data replication tool for capital markets.

It's your last chance to secure tickets at a 35% discount!

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📰 Other News

American commerce giant Walmart is rolling out bank payments, which could cut out credit cards – meanwhile, Amazon and Shopify continue to strengthen their own hosted e-commerce checkout solutions, with better sales tools PayPal integrations. and Circle announced that Mexican and Brazilian users will be able to directly swap pesos and reais to USDC via PIX and SPEI.

And you know who else is now planning their own stablecoin? Revolut.

PayPal and Venmo users can now send crypto using ENS names. Monzo users can now buy-now-pay-later, but only on Apple Pay.

Flutterwave Send came to Malawi. Ecuadorian education fintech Mattilda hit 1 million users.

🤝 Partnership Corner

Global payments gateway Checkout partnered with B2B payments provider Slope on enterprise payments.

Rewards network Ascenda partnered with Uber to enable fintech and banking clients' customers to redeem their reward points in users' Uber wallets.

👎 The Bad News

Trading app eToro will stop offering crypto trading in the US following a $1.5 million SEC settlement.

The CFPB sued Horizon Card for "illegally baiting, gouging, and trapping families in high-fee credit cards."

UK card issuer Lanistar is losing advisors as it winds down due to bad debts. 

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