Executive Summary
This week in fintech brought with it key advancements spanned funding, partnerships, and regulatory progress.
Method Financial raised $41.5 million in a Series B round led by Emergence Capital to enhance financial account connectivity, while Clutch secured $65 million to modernize credit unions.
OKX became the first global exchange to achieve MiCA pre-authorization, paving the way for regulated crypto offerings across Europe.
Visa made a strategic investment in Moniepoint to advance financial inclusion for African SMEs, and PayDo introduced both physical and virtual cards. DriveScore introduced a solution offering better car finance rates for good drivers, and so much more.
Let’s dive into this week’s top news!
Trends in Fintech Verticals
Top Data Breaches
Ransomware Gangs Linked by Shared Code and Ransom Notes: Two recently identified ransomware gangs are using payloads that contain almost identical code, suggesting that the groups’ affiliates are using shared infrastructure. The groups, named HellCat and Morpheus, emerged in mid to late 2024.
SentinelOne researchers also identified similarities in the tactics used by the two groups and the Underground Team ransomware-as-a-service (RaaS) operation.
The findings add to other observations around growing associations and overlap between different ransomware groups and their affiliates.
UnitedHealth Now Estimates 190 Million Were Impacted by Cyberattack: UnitedHealth now estimates that 190 million people were impacted as a result of the cyberattack on its Change Healthcare unit last February—almost double previous estimates.
The attack disabled the company’s IT systems and affected treatment for months. It led to personal information like names, physical addresses, birth dates, Social Security numbers, driver’s license numbers, passport numbers, as well as medical and financial data being compromised. The company began notifying impacted customers in July 2024.
“The vast majority of those people have already been provided individual or substitute notice,” said Tyler Mason, a spokesperson for UnitedHealth Group.
Latest Funding News
Beanstack Raises $1.5M of Ongoing $2M Growth Capital Round: Beanstack announced they have raised $1.5 million in capital led by Riverside Acceleration Capital and Evoce Capital with additional investment from Mark Cuban, Kapor Capital, Militello Capital, and the founders and their family as a strategic raise. The former “Shark Tank” company will use the funds to accelerate its repeatable growth model and to further invest in its “Reading Culture Trailblazer” client marketing program. It is seeking to raise an additional $500K under the same convertible note terms through March 31st.
Visa invests Moniepoint to boost financial inclusion for African SMEs: Moniepoint, the Nigerian business payments and banking services platform, has secured an investment from Visa. The investment is in line with Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.
Founded in 2015, Moniepoint Inc (formerly TeamApt Inc) has established itself as the financial platform for Nigeria’s vast network of SMEs, offering an integrated suite of services, including digital payments, bank accounts, credit, and management tools.
The platform processes over 1 billion transactions monthly, with total payment volume exceeding $22 billion, enabling businesses to digitise their operations and thrive in Africa’s rapidly evolving economy.
With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent.
Clutch Secures $65M Series B Funding to Propel Credit Unions into the FinTech Era: Clutch is turning credit unions into FinTechs, and with the successful completion of a Series B funding round is now equipped with $65million to further transform the way credit unions deliver products and services to the members and communities they serve.
The Series B funding round was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures as well as Peterson Partners. “As the fastest growing, most widely-adopted and most holistic modern digital onboarding solution in the credit union industry, Clutch has quickly transformed from a young startup to a mission critical software provider for our credit union clients. With now more than 200 months of cash runway, Clutch is uniquely positioned to be the credit unions’ one-stop-shop for all its consumer-facing technology needs” said CEO and Co-founder Nicholas Hinrichsen.
Method Raises $41.5 Million Series B Led by Emergence Capital to Expand Financial Account Connectivity: Clutch is turning credit unions into FinTechs, and with the successful completion of a Series B funding round is now equipped with $65million to further transform the way credit unions deliver products and services to the members and communities they serve.
The Series B funding round was led by Alkeon Capital Management with participation from Andreessen Horowitz, TruStage Ventures as well as Peterson Partners. “As the fastest growing, most widely-adopted and most holistic modern digital onboarding solution in the credit union industry, Clutch has quickly transformed from a young startup to a mission critical software provider for our credit union clients. With now more than 200 months of cash runway, Clutch is uniquely positioned to be the credit unions’ one-stop-shop for all its consumer-facing technology needs” said CEO and Co-founder Nicholas Hinrichsen.
Substack Introduces $20M Funding Guarantee To Entice Creators To Migrate To Its Platform: Substack on Thursday announced the launch of its Creator Accelerator Fund, which provides a $20 million funding guarantee aimed at helping creators grow their audience and move their paid subscribers from another subscription-based platform (Patreon, Supercast, and others) to Substack. The company says the fund is designed to ensure that creators will retain all of their current revenue during their transition to Substack.
The program offers financial guarantees to offset potential revenue losses during the transition to Substack, along with early access to new features and business support.The company aims to help video creators maintain ownership of their work and audience, addressing challenges posed by changing policies on other platforms.This initiative is part of Substack’s shift from being a newsletter platform to a broader “creator platform” model.
Banking and Payments
PayDo releases physical and virtual cards: PayDo, a UK and EMI-regulated fintech company, announces the launch of its latest offering: PayDo Cards. The PayDo Card is available for both businesses and individuals, offering secure online and in-store shopping, payments via Apple Pay and Google Pay, easy ATM withdrawals worldwide, and more—making it a practical and versatile tool for everyday financial management.
“With the launch of PayDo Cards, we are committed to empowering businesses and individuals with the tools they need to manage their finances effectively and securely. Our innovative features and user-friendly interface set a new standard in financial management.” – Alexander Persidsky, Head of Operations.
9 in 10 Companies Struggle with Payment Operations Even as Instant Economy Demands Greater Efficiency, Modern Treasury Survey Finds: Modern Treasury, the leading payment operations platform built for the Instant Economy, today released survey results showing that the vast majority of companies continue to struggle with payment operations, leading to higher risk and operational cost, wasted employee time, and greater risk of audit errors.
The Company’s fourth annual State of Payments Operations 2025 report conducted with Harris Poll included responses from 500 U.S. financial decision-makers from companies with 500–9,999 employees.
JetBlue becomes the first airline to accept Venmo payments: JetBlue announced Tuesday that it will start accepting Venmo as a payment option on its website, becoming the first airline to do so.
Customers can use their Venmo account to purchase tickets on JetBlue’s website immediately, and the option will roll out to the airline’s app in the coming months, it said.
The company said adding the third-party payment option will create more convenience for its travelers.
Wealthtech
UK wealthtech Fundment raises £45m Series C led by Highland Europe: Supported by ETFS Capital, the funds will be used to drive a hiring spree focused on product and engineering talent, as well as to finance further product development.
Fundment, founded by BlackRock and Abrdn alumni Ola Abdul in 2014, previously added several new investment options to its platform last year, including a cash ISA, cash lifetime ISA, and stocks and shares lifetime ISA.
The platform consolidates core platform services, back office tools and discretionary investment management solutions into a single portal for financial advisers, while also supporting tax wrappers and customisable APIs.
In a statement on the raise, Fundment says it aims to simplify the process for advisers and wealth managers to “operate and monitor their centralised investment proposition, whether outsourced or operated in-house”.
Despite the company’s claims of doubling its assets under management year-on-year, achieving profitability, and growing its client base to over 500 firms, Abdul notes that “we’re still in the early stages of our journey”, adding that Highland Europe’s backing will assist the company’s scaling efforts.
Insurance Technology (Insurtech)
Good drivers can save with DriveScore: DriveScore, the free app which helps good drivers save money on their car insurance through telematics technology, has launched the world’s first car finance deals discounted for good drivers. The loans, provided by Zopa Bank, Admiral, AA Car Finance, and My Car Credit, offer discounts of £170* for a typical borrower with a good driving score.
DriveScore harnesses world-class technology through a partnership with Cambridge Mobile Telematics to give users a driving score, with a score of 750 or above (out of 1000) indicating good driving behaviour. DriveScore users can choose to share this score with DriveScore’s panel of insurers, to receive discounted motor insurance premiums based on how well they drive. Today’s launch extends those benefits of being a safer driver further, to include car finance as well.
FastTrack and RGA Partner to Accelerate Digital Life Insurance Claims: FastTrack, a leading provider of claims solutions and services to the life and disability insurance industry, today announced a partnership with RGA to bring its advanced digital life and life waiver of premium workflow automation and claims system technology to clients and prospects.
Under the agreement, RGA and FastTrack will collaborate to identify insurance carriers that can significantly benefit from this partnership. Both companies will then engage in a joint process to assist life and life waiver of premium insurance carriers in executing their digital transformation initiatives. This collaboration aims to help carriers achieve operational and financial improvements while enhancing the customer claims experience.
DIFC and Lloyd’s collaborate to develop future talent in the insurance sector: DIFC Academy, the education platform of Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has signed a Memorandum of Understanding (MoU) with Lloyd’s, the world’s leading insurance market providing specialist insurance services to businesses in over 200 countries and territories.
Paving the way to develop future talent within the insurance and reinsurance market, the agreement builds on a longstanding partnership. It will expand the Lloyd’s Academy’s reach, an education platform for risk professionals developed from London, to help support the development of a talent pipeline into the fast-growing Middle East region.
As part of the agreement, the DIFC Academy and Lloyd’s Academy will work together to organise a series of events, educational bootcamps and on-demand learning that support the drive for talent across the insurance industry.
Regulatory Technology (Regtech)
PayPal Fined $2M By New York For Data Breach: New York State’s Department of Financial Services (DFS) has fined PayPal $2 million for failing to comply with its cybersecurity regulations. This penalty underscores the importance of data protection, especially as cybercriminals increasingly target sensitive customer information.
The investigation determined that PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cyber risks.
Customer data was exposed after PayPal implemented changes to existing data flows to make IRS Form 1099-Ks available to more of its customers. However, the teams tasked with implementing these changes were not trained on PayPal’s systems and application development processes.
Google hit with $12.6m fine by Indonesian anti-trust watchdog over monopolistic payment practices: Google has been subjected to monopoly violations once more, this time by an Asian nation. Google was fined $12.6 million by Indonesia’s antitrust agency, KPPU. The allegation concerns its payment system services for the Google Play Store.
The Commission Panel also directed Google LLC to announce the availability of opportunities for all application developers to participate in the User Choice Billing (UCB) program. This will be achieved by offering incentives in the form of service fee reductions of at least 5% for a period of one year, starting upon the legally binding nature of this decision.
After the decision becomes final, the fines must be paid within 30 days. However, if Google fails to pay the fine in a timely manner, the Commission Panel will also require Google to pay a late fine of 2% per month of the fine’s value.
Nasdaq Report Identifies Between $25 Billion and $50 Billion in Potential Efficiency Gains in Banks’ Risk and Compliance Functions: Between $25 billion and $50 billion in potential efficiency gains can be realized through targeted enhancements in banks’ Risk and Compliance functions alone without compromising effectiveness, according to a report released by Nasdaq and Boston Consulting Group (BCG).
“Financial institutions are particularly exposed to the exponential growth in complexity across the global economy, from the evolution of technology paradigms to the expectation of real-time finance and the explosion of data. What’s more, regulators have put banks on the front line in the fight against financial crime and cyber-attacks,” said Nasdaq Chair and CEO Adena Friedman. “The good news is that as both external complexity and internal complicatedness have grown, so have the solutions to help manage them. By leveraging modern technology and embracing a systems-based approach, we can unlock significant efficiencies and foster a more resilient and innovative ecosystem towards the dual goal of resilience and growth. At a time where the demand for long-term capital is exploding and political mandates are geared toward change, this report provides novel perspectives on how we can better tackle complexity without adding to the mounting body of complicatedness.”
OKX becomes the First Global Exchange to Receive MiCA Pre-Authorization: OKX, a leading global blockchain technology company, announced today that it is the first Virtual Financial Assets (VFA) exchange to secure a Markets in Crypto-Assets Regulation (MiCA) pre-authorization. Upon receipt of a full MiCA license, the firm will offer localized crypto services to over 400 million Europeans through its European Economic Area (EEA) hub based in Malta.
Under the license, customers in the region will have access to OKX’s regulated crypto exchange products, including OTC trading, spot trading, and bot trading, for 240+ cryptocurrency tokens across 260+ trading pairs, and 60+ Euro-based trading pairs. The OKX website and mobile app will feature customization on local languages, local currency displays, and local-language customer support across the region.
This milestone reinforces OKX’s commitment to delivering secure, transparent, and innovative solutions, ensuring customers benefit from a trusted and compliant platform in Europe’s rapidly evolving crypto landscape.
Blockchain and Cryptocurrency
SEC revokes unpopular banking rule that blocked Wall Street banks from adopting crypto: After years of lobbying by the crypto industry, the U.S. Securities and Exchange Commission has rescinded an accounting rule that forced banks to treat bitcoin and other tokens as a liability on their balance sheets.
The guidance was a major deterrent to Wall Street banks owning bitcoin — and was the latest in a string of actions taken by the new Trump administration to make it easier for U.S. companies and financial firms to deal in virtual, decentralized currencies.
Trump’s meme coin attracts billions in trading volume, crashes after Melania’s coin launches: At first, Trump’s meme coin seemed to be extremely well. It reached a market value of $15 billion in just a few days, making it one of the top 20 cryptocurrencies. However, when Melania Trump launched her own meme coin, Trump’s token was hit hard, losing almost 40% of its value.
As soon as $MELANIA hit the market, the value of Trump’s token dropped significantly, causing a sharp decline in its market cap. Investors who had been rushing to buy Trump’s coin quickly sold it off, diving into Melania’s new digital asset instead.
Trump orders evolution of national crypto stockpile; prohibits CBDC work: President Donald Trump has established a working group on digital assets that will investigate the development of a federal regulatory framework for crypto and evaluate the creation of a national digital asset stockpile.
In a digital financial technology executive order, Trump says: “The digital asset industry plays a crucial role in innovation and economic development in the United States, as well as our Nation’s international leadership.
“It is therefore the policy of my Administration to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
To do this, Trump has set up a working group that will include the Secretary of the Treasury, Attorney General, and Secretary of Commerce. The group will, within 180 days, submit a report with regulatory and legislative proposals for the sector.
Artificial intelligence
New GhostGPT AI Chatbot Facilitates Malware Creation and Phishing: Cybercriminals are now offering a malicious generative AI chatbot named GhostGPT, designed to facilitate illegal activities such as creating malware and crafting phishing emails.
Researchers at Abnormal Security discovered the tool being marketed on Telegram since late 2024. They suspect GhostGPT operates by connecting to a jailbroken version of ChatGPT or another open-source large language model (LLM) through a wrapper, enabling uncensored responses for its users.
GhostGPT follows the launch of WormGPT in 2023, an AI chatbot built specifically to aid cybercriminals in carrying out business email compromise (BEC) attacks. Other similar tools, such as WolfGPT and EscapeGPT, have also surfaced in the cybercrime landscape.
Intryc Raises $3.1m Seed Round to Transform Customer Support Quality Assurance With AI-powered Automation: London AI-driven customer support quality assurance firm Intryc has secured seed funding worth $3.1 million. According to reports, the funds would be used in enhancing the features on their platform and streamlining workflows for customer services.
Intryc’s platform is designed to automate the traditionally manual process of quality assurance in customer support. Using AI algorithms, the system monitors customer interactions across various channels, including email, chat, and phone calls. It evaluates these interactions against predefined quality metrics, identifies areas for improvement, and provides real-time feedback to support agents. This automation ensures consistency in service quality and frees the valuable time of quality assurance leads to concentrate on strategic initiatives.
The One Challenge AI Couldn’t Overcome – Yet: AI has achieved incredible milestones over the years. It has excelled in simulating human conversations, writing text, and creating stunning works of art. But a new benchmark, called Humanity’s Last Exam, is proving that even the smartest AI systems still have a long way to go.
This benchmark, developed by the nonprofit Center for AI Safety (CAIS) and Scale AI, has challenged AI models in ways they’ve never been. Surprisingly, not one of the most advanced AI systems publicly available today scored better than 10%.
You might be wondering: Why should I care about a test for AI? Think about it this way. AI is already part of your daily life, whether it’s powering your voice assistant, recommending products online, or helping your car avoid accidents.If these systems can’t handle complex, real-world challenges, it could mean mistakes in areas like:
- Healthcare (misinterpreting medical data)
- Education (giving incorrect answers to students)
- Finance (mismanaging investments or loans)
By holding AI to higher standards, Humanity’s Last Exam is ensuring a safer, smarter future for everyone.
Tech Behind Fintech Podcast
In case you missed it – Past Episode Highlights
Navigating the Crypto Landscape in 2025
Last Friday, Tech Behind FinTech hosted Chiagozie Iwu, a blockchain enthusiast and serial entrepreneur, to explore the future of cryptocurrency and blockchain in 2025.
Key Highlights:
💡Bitcoin’s historic rise to six figures: What’s driving the surge and where it’s headed next.
💡The value of Bitcoin and blockchain technology beyond speculation.
💡How institutional adoption and evolving regulations are reshaping the crypto landscape.
💡Insights into the role of blockchain in financial stability for regions with volatile currencies.
💡Debunking common misconceptions about crypto and focusing on real-world use cases.
Missed the live show? Watch the full episode now on our website or any of the platforms linked below!
⭐Join the conversation below⭐
👉 https://techbehindfintech.com/podcast/all-episodes
This week on Tech Behind Fintech
Join us on Friday, January 31st, 2025, at 12 PM EST, for an enlightening episode featuring Matt Beecher, Chief Revenue Officer at interVal. In this episode, we’ll explore the critical role of the Chief Revenue Officer (CRO) in the rapidly evolving FinTech landscape. With deep expertise in driving growth, scaling teams, and shaping revenue strategies, Matt will share his unique insights into the challenges and opportunities CROs face in this dynamic industry.
🔍 What You’ll Learn:
✅ How the CRO role has evolved to meet the demands of modern FinTech.
✅ Revenue growth strategies that balance customer acquisition, retention, and innovation. ✅ The importance of aligning sales, marketing, and customer success for sustained success.
✅ Emerging trends and technologies shaping the future of FinTech revenue models.
Whether you’re a FinTech leader, a budding entrepreneur, or just curious about the behind-the-scenes strategies of high-growth companies, this episode will provide actionable insights into the art and science of revenue leadership. 💡 Don’t miss out on this engaging conversation with one of the industry’s top CROs!
Live Show Links
Website: https://techbehindfintech.com/featured/the-role-and-evolution-of-the-chief-revenue-officer-in-fintech
LinkedIn: https://www.linkedin.com/events/7288693345629990912
YouTube: https://www.youtube.com/watch?v=iBgwVXZZT-A
Facebook: https://www.facebook.com/events/467162833127084
Keep in Touch
Don’t miss exclusive updates, expert insights, and the latest FinTech trends delivered straight to your inbox. Subscribe to the Tech Behind FinTech weekly newsletter today!
Stay informed. Stay inspired. Stay ahead
👉 https://techbehindfintech.com/subscribe
💡Have a story or insight to share? Send us an email media@techbehindfintech.com — we’d love to feature it!
