🌍 Wise’s Dual Listing

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Hey Fintech Explorers—Welcome back to Money Explored, the essential Sunday newsletter to stay ahead in fintech!

This week, fintech firms are moving big—with bold IPOs, global pivots, and a surprising return to VIP human service.

Here’s what we’re diving into:

• Wise targets Wall Street with a dual-listing. 🌍

• Chime’s $832M IPO plans light up Nasdaq. 🚀

• Klarna’s CEO says AI’s cool, but humans still matter. 🤝

It’s all happening—and that’s just the start…

Plus: Brazil’s Pix drops a game-changing payments feature. Ant debuts a new AI cockpit. And a stealth fintech is quietly reshaping global banking.

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Let’s dive in!

🌎 3 Major Stories

Dive into this week’s top Fintech developments.

Wise to Dual-List in US: A Bold Move 🌍

The Big Story 📰: Wise, the popular cross-border payments platform, is making waves by shifting its primary listing to the United States, while maintaining a secondary listing in the United Kingdom. This strategic move aims to deepen its access to capital markets and leverage the US’s massive financial landscape. With full-year earnings showcasing strong growth across transaction volumes and customer engagement, Wise’s market capitalization has jumped from £8 billion at its initial public offering (IPO) to £11.07 billion. CEO Kristo Käärmann emphasized the benefits of this dual listing for increasing visibility in the US and improving access to one of the world’s most liquid capital markets, aligning perfectly with its mission to fuel growth through enhanced recognition and integration with US banks.

Key Takeaway ⚡️: Wise's decision to refocus its primary listing on the US underlines the company's intent to elevate its market presence amid growing competition in the fintech space. By tapping into the US capital markets, Wise is not only seeking greater investment but also better positioning itself to address the increasing demand for seamless global transactions and borderless banking solutions. The commitment to both US and UK markets exemplifies a balanced growth strategy while hinting at enhanced collaboration opportunities with US banks. For fintech investors and enthusiasts, this transition represents a significant shift in how global payment platforms are approaching growth in the face of changing market dynamics and expanding consumer needs.

Chime's IPO: Aiming for $832M in Nasdaq Debut 🚀

The Big Story 📰: Chime, the San Francisco-based digital banking alternative, plans to raise up to $832 million in its upcoming initial public offering (IPO) slated for June 12, listing on Nasdaq under the ticker "CHYM." The company aims to sell approximately 32 million shares of Class A common stock priced between $24 and $26 each, with about 25.9 million shares coming directly from Chime and 6.1 million from existing shareholders. Targeting a robust valuation of up to $11.2 billion, Chime's IPO reflects a renewed investor interest in fintech, coinciding with a broader recovery in stock prices following a slump in late 2022. With increasing optimism in the sector, Chime's move may signal a potential shift towards more fintech firms exploring public listings to capitalize on favorable market conditions.

Key Takeaway ⚡️: Chime's IPO is significant for both the company and the fintech landscape at large. As it gears up to enter the public market, Chime's successful launch could pave the way for other fintech startups considering public offerings as a means for capital growth and enhanced visibility. Investors will keenly watch this IPO as an indicator of market appetite for fintech stocks; a successful outcome may energize the sector, while a lackluster performance could slow further IPO aspirations. For fintech companies, the outcomes of Chime and its contemporaries could reinforce or challenge the trend toward public listings, shaping strategic decisions around growth through IPOs versus mergers and acquisitions.

Klarna's CEO Champions VIP Human Touch 🤝

The Big Story 📰: Klarna CEO Sebastian Siemiatkowski recently announced at London SXSW that the company plans to hire human workers for VIP customer service, despite a history of relying on AI to reduce costs. While Klarna has seen a significant reduction in workforce from 5,500 to approximately 3,000, Siemiatkowski emphasized the importance of balancing automation with human connection. He also highlighted a growing trend of business-savvy engineers within the company. Furthermore, he addressed the rise of fintech scams, the need for data consolidation, and offered a positive outlook regarding Klarna's potential IPO amidst stabilized market conditions.

Key Takeaway ⚡️: Klarna’s shift back towards human customer service underscores a growing recognition that a personal touch can enhance customer loyalty and trust amidst increasing automation. By balancing AI with human interaction, Klarna is positioned to provide premium support that sets it apart in a competitive landscape. Additionally, the focus on fostering business acumen among engineers could lead to more innovative solutions in the fintech space. As Klarna consolidates its data practices and navigates a potential IPO, this dual approach may serve as a model for other companies aiming to blend technology with a human element.

🔍 What Else We’re Watching

Keep an eye on these evolving Fintech Narratives.

• Brazil's Pix Unveils Recurring Payments! 🔄: Brazil's instant payment sensation, Pix, is launching a game-changing recurring payments feature called "Pix Automático" on June 16. This new addition allows users to authorize automatic payments for bills and subscriptions with just one consent, making life easier for nearly 60 million Brazilians without credit cards. Dominating the payment landscape since its 2020 debut, Pix processed over $4.61 trillion in transactions this year alone, set to challenge traditional systems like 'boleto' and streamline payments for small businesses. Get ready to simplify your finances!

• Trade Republic Hits 1M Users in Spain! 🇪🇸: Trade Republic, the German fintech sensation, has surpassed one million users in Spain since its launch, capitalizing on the country's potential in Europe’s fintech arena. With new features like Spanish IBANs, automated tax services, and an uncapped 2.25% interest rate, they're positioning themselves as the go-to platform for modern savers. As the Spanish digital banking scene heats up, Trade Republic's comprehensive offerings, including traspaso support for tax-efficient transfers, may just redefine expectations for both consumers and competitors alike.

• Ant International Unveils AI for Fintechs 🌐: Ant International has launched Alipay+ GenAI Cockpit, a groundbreaking AI-as-a-Service (AIaaS) platform designed to empower fintechs and super apps. This innovative tool streamlines financial services with enhanced efficiency, focusing on key tasks like payment orchestration and fraud detection. With a robust AI SHIELD framework to combat scams and biases, Ant's platform aims to set a new standard in finance. The first clients in Southeast and South Asia will begin deployment this month, marking a significant step forward in the integration of AI in financial services.

💸 Major Money Moves

Tracking big market shifts in Fintech this week.

• Bolttech's Big Boost: $147M Series C 🤯: Singapore-based Bolttech has successfully closed a $147 million Series C funding round, bringing its valuation to an impressive $2.1 billion. Specializing in embedded insurance, Bolttech connects insurers with distributors, streamlining the purchase journey for consumers. Key investors include Dragon Fund, Baillie Gifford, and Sumitomo Corporation. The funds will enhance R&D, particularly in data analytics and AI, while expanding operations in Africa and North America. With annualized quoted premiums rising to $65 billion, Bolttech aims to fill the growing protection gap in today's online shopping landscape.

• Limited Raises $7M for Global Banking Shift 🌍: Limited, a forward-thinking fintech startup, has secured $7 million in a Seed funding round led by North Island Ventures. This brings its total funding to $10 million since its inception in 2024. The platform provides stablecoin-based banking solutions worldwide, merging security with usability. With a focus on high-demand regions like Latin America and Southeast Asia, Limited is positioned to transform global banking. Investors are bullish about its potential to address the global demand for borderless financial services while giving users control through self-custody options.

• Nomupay Secures $40M for Growth 🚀: Irish fintech Nomupay has just raised $40 million in a Series C funding round, backed by SB Payment Service, a SoftBank Corp subsidiary, boosting its valuation to $290 million. This infusion comes on the heels of a $37 million Series B just five months prior. With the additional capital, Nomupay plans to expand its footprint across Asia, improving access to cross-border payments for merchants. The startup is introducing alternative payment methods to connect global merchants with Japanese consumers, while also enhancing its offerings in multi-currency settlements. Expect Nomupay to take the fintech scene by storm!

Thanks for reading and have a relaxing Sunday,

Derek,
Editor, Money Explored.