🌊 Ripple’s Bank Bid

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Hey Fintech Explorers—Welcome back to Money Explored, your essential Sunday briefing on the most important fintech plays around the globe!

This week, the walls between crypto and traditional finance keep crumbling—Ripple’s plotting a bold new move, Mastercard’s firing shots in the stablecoin arena, and Klarna’s teaming up in a checkout alliance that could shake up your next purchase.

Here’s what we’re diving into:

• Ripple seeks a U.S. bank license for its stablecoin ambitions 🌊

• Mastercard and Visa double down on crypto payments 💥

• Klarna and Bolt team up to shake up and revamp the checkout experience 🪇

Plus: A crypto controversy, a travel companion with AI brains, and one neobank’s bold leap toward full-on banking.

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.

Ripple Seeks US Bank Charter to Boost Stability 🌊

The Big Story 📰: Ripple, the prominent crypto firm, has taken a significant step in its mission to integrate with traditional finance by applying for a national bank charter in the U.S. This application follows a similar move by another stablecoin issuer, Circle, marking a growing trend among digital asset companies striving for regulatory clarity. If granted, the bank charter could help Ripple streamline its payment settlements and significantly reduce the need for intermediary banks, thus cutting operational costs. Additionally, CEO Brad Garlinghouse indicated that Ripple is also seeking a Federal Reserve Master Account, which would facilitate direct access to the central bank's payment infrastructure and allow the company to hold reserves for its stablecoin, RLUSD.

Key Takeaway ⚡️: Ripple's push for a national bank charter underscores the crucial intersection of cryptocurrency and regulation in today's financial landscape. By seeking regulatory approval, Ripple not only aims to solidify its business model but also signals a broader industry movement toward legitimacy and stability. This initiative could enhance consumer trust and may encourage other fintech firms to pursue similar pathways, potentially reshaping the future of digital finance. For investors and industry professionals, Ripple's efforts represent a noteworthy pivot towards a more integrated financial system, where stablecoins could play a pivotal role in everyday transactions, supported by regulatory frameworks that promote security and confidence.

Crypto Giants Clash: Mastercard vs. Visa 💥

The Big Story 📰: The battle for digital payments is heating up as Mastercard launches a zero-fee crypto card in collaboration with Bitget Wallet, allowing users to spend their crypto assets across 150 million merchants globally without the usual transaction costs. Meanwhile, Visa is not standing still. It’s introducing a stablecoin initiative in Latin America, including Mexico, Colombia, and Argentina, as stablecoin transactions have surged past $27 trillion last year, surpassing the payment volumes of both companies. The push from both players comes amidst the staggering $187 billion annual fees U.S. merchants face in traditional card transactions, highlighting the growing threat of fee-free crypto alternatives. As the stablecoin market is projected to potentially exceed $2 trillion, traditional payment networks are urged to adapt swiftly or risk obsolescence.

Key Takeaway ⚡️: The emergence of Mastercard's zero-fee crypto card and Visa's stablecoin initiatives underscores a critical shift towards crypto payments within the fintech landscape. This change is pivotal for both consumers and businesses seeking lower fees and faster transactions, creating a competitive environment for traditional payment networks. With significant transaction costs pressing U.S. merchants, these innovations could reshape consumer spending habits and push other companies to explore similar projects. As the stablecoin market expands, industry participants, investors, and fintech enthusiasts should closely monitor these developments for enduring impacts on the future of digital payments.

Bolt Teams Up with Klarna for Payments Shake-Up 🪇

The Big Story 📰: Klarna and Bolt have joined forces to integrate Klarna’s payment options into Bolt's checkout system, bringing buy now, pay later choices directly to merchants. This partnership allows shoppers to access Klarna’s flexible financing options with just a click, initially launching in the U.S. before expanding globally later this year. Bolt’s CEO, Ryan Breslow, emphasized that this partnership signifies a new direction in commerce rather than just a typical payment option. For Klarna, the collaboration represents an opportunity to broaden its U.S. presence, which is crucial as it gears up for a public offering.

Key Takeaway ⚡️: This partnership is a potential game-changer for both Klarna and Bolt, reflecting a strategic move towards enhancing customer experiences and expanding market reach. By offering streamlined payment options, Bolt can improve its standing after years of challenges and strained investor relations while Klarna aims to solidify customer loyalty. As Klarna becomes embedded across numerous Bolt merchants, expect a shift in consumer behavior as flexible payment solutions gain traction. This collaboration could also set the stage for more fintech partnerships, signaling a growing trend in the industry towards integrated, seamless payment experiences.

🔍 What Else We’re Watching

Keep an eye on these evolving Fintech Narratives.

• OpenAI Disses Robinhood's Tokens 🚫: OpenAI has slammed Robinhood's recent offering of tokenized shares for OpenAI and SpaceX as unauthorized. The AI giant clarified on X that it did not approve any equity transfer and is not affiliated with this venture. Robinhood had claimed these tokens provide retail investors with indirect exposure to private markets; however, U.S. users are barred from accessing them due to regulation. This clash underscores the tension between crypto initiatives aiming to broaden financial access and the firms whose equities are involved.

• Ant International Unveils AI Travel Buddy for Wallets 🌍: Ant International has launched Alipay+ Voyager, an AI travel companion designed to enhance users' travel experiences directly from their digital wallets. In partnership with Agoda, Fliggy, and Trip.com, this integrated tool serves over 100 million merchants, assisting travelers in itinerary planning and booking through voice or text in their local languages. The service debuted on major mobile wallets like Alipay and GCash, with plans to expand across Alipay+ partners in 2025. With an expected 10% annual growth in online travel, Voyager meets the increasing demand for tech-savvy travel solutions.

• Qonto Eyes Banking License with 600K Users 🚀: French fintech Qonto is on the verge of leveling up, recently filing for a banking license amidst a growing customer base of 600,000. Currently operating under a payment institution license, Qonto's CEO, Alexandre Prot, is pushing for the more robust credit institution license to expand lending, savings, and investment offerings. As competition heats up with players like Revolut seeking a French license, Qonto is banking on its recent profitability to navigate this transition and target 2 million customers by 2030.

💸 Major Money Moves

Tracking big market shifts in Fintech this week.

• Kalshi Scores $185M, Hits $2B Valuation! 🚀: Kalshi, a regulated prediction market platform based in New York, has just raised a hefty $185 million, boosting its valuation to $2 billion. Led by the crypto-focused firm Paradigm, the funding attracted investments from big names like Sequoia and Citadel Securities. Founded by MIT pals Mansour and Luana Lopes Lara in 2018, Kalshi allows users to trade on the outcomes of various real-world events. With the platform gaining traction post-2020 elections, it’s at the center of a debate on whether these event contracts are useful forecasting tools or simply a gamble in disguise.

• Yaspa Scores $12M for U.S. Launch 🇺🇸: London-based fintech Yaspa has successfully raised $12 million in funding, led by Discerning Capital. The company is set to use this new capital to expand its innovative payment and identity services into the U.S. market. Yaspa leverages open banking and AI to deliver intelligent payment solutions, including real-time bank transfers with its Pay by Bank feature. This move signals a significant step in Yaspa's journey, promising to bring its cutting-edge technology to a larger customer base and reshape the landscape of digital payments across the pond.

• Savvy Wealth Nets $72M in Series B 🎉: Savvy Wealth, a New York City-based fintech revolutionizing financial advising, has successfully raised $72 million in its Series B funding round. Led by Industry Ventures, this round also attracted investments from top firms like Vestigo Ventures, Thrive Capital, and Canvas Ventures. The fresh capital will be utilized to enhance their digital platform, which focuses on maximizing human financial advice for advisors. With this funding, Savvy Wealth is poised to further innovate how financial advice is delivered, helping advisors better serve their clients in an increasingly digital world.

Thanks for reading and have a relaxing Sunday,

Derek,
Editor, Money Explored.