💰 Regulators Eye Data Fees

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Hey Fintech Explorers—Welcome back to Money Explored, your essential Sunday newsletter for all things fintech!

This week, U.S. regulators may put a price on data access, a popular payment option’s path to credit scores hits roadblocks, and a behind-the-scenes player in a major tech card deal faces an uncertain future.

You also won’t want to miss this week’s sponsor offer — a guide packed with 200+ AI-powered income ideas — keep reading so you don’t miss it.

Here’s what we’re diving into:

• CFPB weighs data fees that could reshape open banking. 💰

• Klarna & Afterpay push pause on BNPL credit score rollout. 🚧

• CoreCard faces an uncertain future in the Apple Card ecosystem. 🔍

Plus: An audit shake-up for a fast-growing challenger bank, a U.S. license lands in Europe, and a quiet billion-dollar exit in Asia.

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

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Let’s dive in!

🌎 3 Major Stories

Dive into this week’s top Fintech developments.

CFPB Considers Data Fees for Banks 💰

The Big Story 📰: The Consumer Financial Protection Bureau (CFPB) is reconsidering its stance on open banking regulations, signaling a possible shift that could allow banks to charge fintech firms for access to customer data. Recent discussions between the CFPB and key stakeholders indicate a willingness to revise existing rules established during the Biden administration, which emphasized customer data rights at no charge. This re-evaluation comes after JPMorgan Chase $JPM ( ▲ 0.36% ) announced its intention to implement data access fees, prompting a significant ripple effect in the fintech industry. These potential changes could reshape how financial data is accessed and monetized in the U.S. market.

Key Takeaway ⚡️: Allowing banks to charge for access to customer data could fundamentally alter the fintech landscape by introducing new costs that many startups may struggle to absorb. For consumers, this could mean increased fees and challenges accessing financial services, as fintech companies may pass these costs onto users. Investors and industry players should keep a close eye on these regulatory developments, as they could impact the competitive dynamics of the sector. As the situation evolves, the fintech community must adapt to a potential shift in how data interoperability is initiated and managed, impacting innovation and user experience.

BNPL Credit Score Plan Hits a Bump 🚧

The Big Story 📰: The integration of “buy now, pay later” (BNPL) loans into credit scores is facing complications as industry leaders express concerns. Klarna, a major BNPL provider, announced it won’t share loan data with credit bureaus until it receives assurances that customers won’t be negatively affected by this integration. Similarly, Afterpay is withholding data until it can confirm its users are protected. This situation raises questions about the impact of BNPL on credit scores and customer financial health, possibly delaying the broader adoption of these loans in credit reporting.

Key Takeaway ⚡️: The hesitation from BNPL giants like Klarna and Afterpay reflects significant concerns about consumer rights and credit health amid evolving financial practices. As BNPL services become more commonplace, their integration into credit reporting must consider consumer protection to avoid potential penalties for users. This debate could influence how fintech companies structure their products and advocate for regulations that prioritize customer welfare. Investors and industry professionals should closely monitor this development, as it could reshape the landscape of consumer credit in a major way.

Goldman’s Apple Card Partner Faces Uncertain Future 🔍

The Big Story 📰: The future of the less-known company behind Goldman Sachs’ $GS ( ▲ 0.03% ) Apple Card is hanging in the balance, as Leland Strange, an 84-year-old with a penchant for Dr Pepper and Waffle House, leads the charge. His company is responsible for some of the card's unique features, including its monthly billing cycle and a payment wheel showing projected interest costs. Despite its crucial role in the functionality of Apple’s $AAPL ( ▼ 0.3% ) credit card, the company remains largely under the radar, even though it boasts notable connections including Metallica's co-manager as its second-largest shareholder. The ongoing uncertainty surrounding its status raises questions about the longevity of the features it provides and the potential impacts on Apple Card users.

Key Takeaway ⚡️: The precarious position of this little-known company speaks volumes about the interconnected nature of fintech. As Apple Card's distinctive features come under threat, users may face changes that could complicate their financial management. Industry players need to keep a close eye on this unfolding situation, as it may influence how credit products are designed and supported moving forward. Investors and market analysts should watch how this development could shape competition in the credit card space, particularly if new entrants look to differentiate their offerings in the wake of such disruptions. Ultimately, the outcome here could set a precedent for innovation and resilience in fintech partnerships.

🔍 What Else We’re Watching

Keep an eye on these evolving Fintech Narratives.

• EY Wins Revolut Audit Deal 🎉: Revolut has officially tapped EY as its new auditor, putting an end to its rocky relationship with BDO that delayed its banking license ambitions. This move marks the beginning of EY’s role as Revolut's main auditor through 2026, following a competitive tender process that also included PwC. The decision comes on the heels of BDO's struggles to verify Revolut’s revenues in 2021, prompting a three-year tussle with regulators. As Revolut gears up for potential IPO talks, having EY on board aligns with its growth strategies, aiming for a seamless transition into the banking sector.

• Brex Hits Europe with New License! 🌍: San Francisco's own Brex Inc. has just landed a payment institution license in the European Union, marking a significant step forward in its global expansion strategy. This license unlocks direct access to local payment rails, empowering the fintech to issue corporate credit cards across the region. With this move, Brex aims to cater to the needs of European businesses, further solidifying its position as a key player in the corporate financial services arena. Stay tuned for what’s next as Brex gears up for a full-scale rollout!

• Ant Group Bids Farewell to Paytm 👋: China's Ant Group is set to exit the Indian payments company Paytm, selling its remaining 5.84% equity stake for approximately ₹38 billion ($433.72 million). The sale, which will be managed by Goldman Sachs and Citigroup, comes after Ant already divested 14.3% of its stake in previous months. This move follows other significant shareholder exits, including Warren Buffett’s Berkshire Hathaway and Japan's SoftBank. This shift reflects ongoing challenges in the Indian market, highlighting the evolving landscape of fintech investments as global players reassess their positions.

💸 Major Money Moves

Tracking big market shifts in Fintech this week.

• Uzum's Unicorn Status Soars to $1.5B! 🦄: Uzbekistan's unicorn, Uzum, just raised $65.5 million, catapulting its valuation to a striking $1.5 billion, reflecting robust growth since hitting unicorn status last year. Founded in 2022, Uzum started as an e-commerce platform and has swiftly expanded into fintech and food delivery. With over 17 million active users and 16,000 merchants, it's redefining the industry landscape in Central Asia. Uzum plans to enhance its offerings, introducing new financial products and expanding internationally, showcasing the potential of local expertise in emerging markets. It's a fascinating fintech journey to watch!

• Alaan Raises $48M for Expansion 🚀: Alaan, the Middle East's leading spend management platform, has successfully raised $48 million in one of the largest Series A funding rounds in the region. Founded by former McKinsey consultants Parthi Duraisamy and Karun Kurien, the startup aims to tackle inefficiencies in corporate spending. Investors include Peak XV Partners and notable figures like the founders of TABBY and Careem. With over 2.5 million transactions processed since its launch, Alaan is leveraging this funding to enhance its AI-driven finance automation and further expand into Saudi Arabia. The fintech's customer-centric focus has already saved finance teams significant time and resources.

• Rillet Rakes in $70M to Disrupt Accounting! 💸: Rillet, the innovative AI-native ERP platform, has successfully raised $70 million in a Series B funding round co-led by Andreessen Horowitz and ICONIQ. This funding builds upon a recent $25 million Series A, bringing Rillet's total to over $100 million in under a year. With over 200 customers and rapid growth, Rillet aims to revolutionize enterprise accounting by automating workflows and providing real-time insights. By leveraging AI, Rillet allows finance teams to operate more efficiently, transforming tedious accounting processes and enabling quicker decision-making for businesses aiming to scale.

Thanks for reading and have a relaxing Sunday,

Derek,
Editor, Money Explored.