Executive Summary
This week’s headlines highlight major fintech advancements, AI breakthroughs, crypto expansion, and cybersecurity concerns. Klarna deepens its presence in payments, Alphabet makes a historic $32B security move, and the AI sector sees multi-billion-dollar valuations. Meanwhile, data breaches continue to expose vulnerabilities, and regtech evolves to manage digital communications risks.
📩 Stay ahead of these fintech trends! Read our full report for expert insights and deeper analysis on the latest industry developments.
Trends in Fintech Verticals
Top Data Breaches
Russian zero-day seller is offering up to $4 million for Telegram exploits: Operation Zero, a Russian exploit broker specializing in zero-day vulnerabilities, has announced on its X account a bounty of up to US$4 million for exploits targeting the Telegram messaging app. The company, which sells exclusively to the Russian government and local entities, is looking for click and non-click remote code execution (RCE) exploits, as well as full-chain vulnerabilities that could give access to a target’s entire device.
“The vast majority of individual Telegram conversations-and literally all group chats-are likely visible on the app’s own servers,” says Matthew Green, a cryptography expert. This vulnerability has made Telegram a prime target for exploit brokers such as Operation Zero, especially given its widespread use in Russia and Ukraine.
Zero-day vulnerabilities are undisclosed software flaws that remain unpatched, making them highly valuable to hackers and governments. Operation Zero’s focus on Telegram aligns with the app’s popularity in Russia and Ukraine, where it serves as a key communication tool. According to TechCrunch, the Russian government’s interest in Telegram exploits is likely motivated by geopolitical tensions, particularly its ongoing conflict with Ukraine. The Ukrainian government banned Telegram on government and military devices last year in September 2024, citing concerns about Russian cyber espionage.
Western Alliance Bank notifies 21,899 customers of data breach: Arizona-based Western Alliance Bank is notifying nearly 22,000 customers their personal information was stolen in October after a third-party vendor’s secure file transfer software was breached. Western Alliance is a wholly owned subsidiary of Western Alliance Bancorporation, a leading U.S. banking company with over $80 billion in assets.
The bank first revealed in a February SEC filing that the attackers exploited a zero-day vulnerability in the third-party software (disclosed by the vendor on October 27, 2024) to hack a limited number of Western Alliance systems and exfiltrate files stored on the compromised devices.
Western Alliance found that customer data was exfiltrated from its network only after discovering that the attackers leaked some files stolen from its systems.
In breach notification letters sent to 21,899 affected customers and filed with the Office of Maine’s Attorney General, the company said it has since “determined that the unauthorized actor acquired certain files from the systems from October 12, 2024, to October 24, 2024.”
An analysis of the stolen files concluded on February 21, 2025, and found they contained customer personal information, including your name and Social Security number, as well as their dates of birth, financial account numbers, driver’s license numbers, tax identification numbers, and/or passport information if it was provided to Western Alliance.
Pennsylvania education union data breach hit 500,000 people: Personal records of more than a half-million people were compromised in a cyberattack that occurred last July on the Pennsylvania State Education Association. The union acknowledged the data breach this week.
On March 17, the state’s largest teachers union sent letters about a security data breach that occurred July 6, 2024. An investigation into the incident, completed Feb. 18, found that sensitive personal information was acquired by an “unauthorized actor” who accessed files on the union’s network, according to the letter.
The letter said people’s names were revealed, along with birthdates, user names and passwords, Social Security numbers, payment information, passport numbers, taxpayer identification and bank account numbers, and health insurance and medical information.
Oracle denies breach after hacker claims theft of 6 million data records: Oracle denies it was breached after a threat actor claimed to be selling 6 million data records allegedly stolen from the company’s Oracle Cloud federated SSO login servers.
“There has been no breach of Oracle Cloud. The published credentials are not for the Oracle Cloud. No Oracle Cloud customers experienced a breach or lost any data,” the company told BleepingComputer.
This statement comes after a threat actor known as rose87168 released multiple text files yesterday containing a sample database, LDAP information, and a list of the companies that they claimed were stolen from Oracle Clouds’ SSO platform.
Latest Funding News
SoftBank to acquire semiconductor designer Ampere in $6.5B all-cash deal: SoftBank Group said Wednesday that it will acquire Ampere Computing, a startup that designed an Arm-based server chip, for $6.5 billion. The Japanese giant expects the deal to close in the second half of 2025, according to a statement.
Carlyle Group and Oracle both have committed to selling their respective stakes in Ampere, which will operate as an independent subsidiary and will keep its headquarters in Santa Clara, California, according to SoftBank.
“Ampere’s expertise in semiconductors and high-performance computing will help accelerate this vision, and deepens our commitment to AI innovation in the United States,” Masayoshi Son, SoftBank Group’s chairman and CEO, was quoted as saying in a separate statement.
Alphabet to buy Wiz for $32 billion in its biggest deal to boost cloud security: Alphabet will buy fast-growing startup Wiz for about $32 billion in its biggest deal ever, the Google parent said Tuesday, as it doubles down on cybersecurity to sharpen its edge in the cloud-computing race against Amazon.com and Microsoft.
The blockbuster deal will make Wiz part of Google’s cloud unit and strengthen the company’s efforts in cybersecurity solutions that companies use to remove critical risks.
Shares of Alphabet dipped nearly 3%. The stock was down 13% this year before Tuesday on worries over its hefty AI spending against the rise of China’s lower-cost DeepSeek and a pullback in tech giants that led the market for the past two years.
To nail down the acquisition, Alphabet had to agree to a heavier price than last year’s $23 billion bid for Wiz, which the Israeli startup had rejected.
ResiQuant raises $4m to revolutionise property insurance with AI-powered insights: InsurTech startup ResiQuant, which specialises in property risk assessment, has raised $4m in a seed funding round led by LDV Capital.Additional investors include Foothill Ventures, Pear VC, Alumni Ventures, and strategic angel investors.
The fresh capital will support ResiQuant’s mission to transform how property insurers evaluate and manage catastrophe risks.
By leveraging AI-driven analysis of site inspection photos, aerial imagery, and public visuals, the company’s platform delivers building-level insights often overlooked by traditional data sources. Its technology pinpoints structural weaknesses that could impact a building’s resilience during natural disasters.
ClearGrid raises $10m to modernise debt collection with AI-powered platform: ClearGrid announced its launch from stealth with $10M in funding to build the first modern debt collection infrastructure for the digital age, turning what was once a liability into a competitive advantage that reinforces the financial foundation of the entire MENA region.
The funding comes across two rounds, with the pre-seed round co-led by Raed Ventures and Beco Capital, and the seed round co-led by Nuwa Capital and Raed Ventures. Additional institutional investors include Aramco’s Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital. The round also attracted marquee angel investors*.
Vouchsafe Raises £1M in Pre-Seed Funding:Vouchsafe, a UK-based identity verification platform, has raised £1m in a pre-seed funding round to address global ID poverty and improve financial inclusion.
The oversubscribed round was led by Bethnal Green Ventures (BGV) and included participation from Biometric Ventures, Fuel Ventures, and Seed X Liechtenstein. Angel investor Andrew Chevis, CEO of CitizenCard, also joined the round, bringing three decades of industry experience.
Vouchsafe is focused on tackling the challenges faced by people without official identification, a problem that affects an estimated one billion individuals worldwide. In the UK alone, 11 million people lack a passport or driving licence, making it increasingly difficult to access banking, credit, and other essential services. The company’s mission aligns with the United Nations Sustainable Development Goal 16.9, which aims to ensure “Legal Identity for All.”
Banking and Payments
Viamericas Launches Cash-to-Cash Money Transfer Service for Quick and Easy U.S. Money Transfers: Viamericas Corporation, a leading licensed money transmitter known for its international money transfer, bill payment, check processing, and top-up services, is proud to announce the launch of its domestic cash-to-cash money transfer service, available at thousands of agent locations across the United States. This new service improves how customers send and receive money within the United States, with funds available for cash pickup at any participating Viamericas location.
Viamericas’ cash-to-cash service is designed to support a wide range of customer needs, from assisting loved ones with bill payments to providing financial help for essential expenses. The person-to-person nature of these transfers makes the process simple, efficient and personal, ensuring that money reaches those who need it most when they need it.
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer: Flutterwave, Africa’s leading payments technology company, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank. With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolises the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
DoorDash partners with pay later service Klarna to offer US customers flexible financing: Klarna, a buy now, pay later service, announced on Thursday it is partnering with delivery service DoorDash to offer flexible payments to it’s customers. In just a few months, DoorDash customers will be able to take advantage of Klarna’s accommodating payment options while purchasing groceries, retail, and DashPass Annual Plan.
When customers check-out, they will see Klarna as an additional payment option. They can then choose to pay in full, pay in four equal interest-free installments, or pay later.
The move comes after Klarna last week announced its revenue last year increased 24% to $2.8 billion, and nearly one year after the Consumer Financial Protection Bureau (CFPB) cracked down on buy now, pay later (BNPL) lenders — announcing it will impose similar regulations on BNPL lenders that apply to credit card companies.
Block launches Cash App Afterpay: Block has rebranded Afterpay to Cash App Afterpay, embedding BNPL directly into Cash App. This move allows Cash App’s 57 million monthly users to access Pay Over Time products when shopping at partner merchants.
The integration strengthens Block’s vision of Cash App as an all-in-one financial platform that combines banking, payments, investing, and now BNPL to drive deeper engagement with both consumers and merchants.
The news is an indication that the BNPL space is heating up, with Cash App Afterpay now competing more directly with Klarna, which just secured an exclusive BNPL partnership with Walmart.
Adyen and Affirm Expand Partnership to UK: Global payments platform Adyen and BNPL platform Affirm have extended their partnership into the U.K., a move designed to help British merchants offer consumers more flexible payment options.
Under the expanded collaboration, Adyen’s merchant customers in the U.K. can now integrate Affirm’s installment payment services directly into their checkout systems. Affirm’s payment plans include both interest-free and interest-bearing options, allowing approved customers to select terms best aligned with their budgets.
“Adyen customers all over the globe are demanding best-in-class payment experiences to boost business and drive customer engagement, which is why we are expanding our partnership with Affirm into the U.K.,” said Nicole Olbe, Managing Director for Adyen in the U.K.
The partnership builds on proven success in North America, where Adyen merchants offering Affirm saw significant growth. Annual transaction volumes through the partnership have increased more than sevenfold from 2021 to 2023.
Wealthtech
Docupace acquires Hubly to revolutionise back-office operations for RIAs: Docupace, a provider of back-office software solutions for WealthTech enterprises and financial advisors, has acquired Hubly, a workflow management platform.
Hubly specializes in enhancing operational efficiency and client service for registered investment advisors (RIAs) and wealth management firms.
The acquisition of Hubly by Docupace is a strategic move aimed at expanding their comprehensive back-office ecosystem for the financial services industry. Although the exact financial terms of the deal were not disclosed, the merger is aligned with Docupace’s vision to streamline and enhance the operations of TAMPs, broker-dealers, banks, and RIAs.
Artificial intelligence
Perplexity AI in talks to raise funds at $18 billion valuation: Perplexity AI is in talks to raise funds at an $18 billion valuation, a person familiar with the matter told Reuters on Thursday, as the Nvidia-backed startup looks to grow and capture soaring demand for its search tools. The jump in valuation doubles the previous $9 billion figure, reported in November last year.
Perplexity is an AI startup that provides information by searching the internet, just like ChatGPT and Google’s Gemini, and is backed by Amazon.com founder Jeff Bezos and Japan’s SoftBank Group.
Auquan Launches Risk Agent: Transforming Risk Monitoring in Financial Services with Autonomous AI: Auquan has announced its Risk Agent, an AI that autonomously handles risk monitoring and reporting workflows for financial services. This technology provides early warning detection of emerging portfolio risks, allowing professionals to concentrate on high-value tasks.
Material non-financial risks, which include operational, regulatory, reputational, and governance risks, are increasingly vital for investment performance but challenging to monitor effectively. The Risk Agent addresses these challenges by monitoring numerous portfolio companies across global data sources, enhancing risk visibility and awareness. It standardizes risk tracking, quantifies qualitative data, and prioritizes risks while adapting to the evolving regulatory landscape.
Waymo poised to expand robotaxi service to San Francisco International Airport, additional South Bay areas: Autonomous vehicle firm Waymo is in the process of expanding the locations it serves around the Bay Area
San Francisco has given the Alphabet subsidiary the go-ahead to begin mapping roadways around San Francisco International Airport ahead of possible robotaxi service to SFO.
On Monday, Mayor Daniel Lurie announced the 30-day temporary access agreement for Waymo to begin controlled mapping throughout the airport. The agreement allows for two Waymo vehicles to conduct mapping operations with a human driver in control of the vehicles at all times and no passengers.
The agreement began on March 14 and is valid through April 13, with an option for the airport to extend the term for another 30 days. The Mayor’s Office said while no decision has been made on passenger operations, this mapping process will help inform such decisions in the future.
Anthropic is adding web search to its Claude chatbot in a very smart way: Anthropic announced Thursday that it has added web search capability to its Claude chatbot. It’s not a new feature to the AI world—but the company’s approach stands as one of the most thoughtful to date.
Much like Perplexity, Anthropic’s Claude works relevant information from the web into a conversational answer, and includes clickable source citations.
Web search is available as a “feature preview” for U.S. users of the Claude 3.7 Sonnet model, with plans to expand to the free tier and to more countries.
It wasn’t immediately clear which search index might be powering the feature — one possibility was that Anthropic had developed its own. But evidence suggests it’s Brave Search, the search engine maintained by browser developer Brave.
NatWest inks collaboration deal with OpenAI: In a first for a UK-headquartered bank NatWest will receive access to all of OpenAI’s products and get early access to future tools, as well as bespoke consultancy and executive access.
The bank is already exploring more than 275 projects involving AI and is keen to use the ChatGPT maker to turbocharge its customer chatbot Cora and staff assistant ASkArchie.
NatWest originally gave Cora a GenAI boost last summer, working with IBM to ensure the bot can provide more nuanced, pro-active answers to customer queries.
The bank is particularly keen on using AI to help customers with more complex tasks, including the identification, reporting and resolution of fraud and scams.
Blockchain and Cryptocurrency
USDG Expands Global Footprint and is Now Available for Trading across More Than Ten Digital Access Exchanges Globally: Global Dollar Network, an open network designed to accelerate and reward global stablecoin adoption, announced that Global Dollar (USDG) is now available for trading across more than ten digital asset exchanges. These strategic listings expand the accessibility and liquidity of USDG, offering users enhanced trading opportunities. Now, millions of users globally can get safe, trusted US dollars in the form of USDG via their preferred trading platforms. Since January 1, USDG has grown more than 300%*, making it one of the fastest growing stablecoins.
Traders on BiLira Kripto, BitMart, CoinMENA, Coins.PH Coinstore, EarnBit, KoinBX, PDAX (Philippine Digital Asset Exchange), Orbital, PointPay and XT, can now access USDG through the USDG/USDT trading pairs. The USDG/BTC trading pairs, along with other local currency options, will also be available to users of EarnBit, PDAX and PointPay.
Insurance Technology (Insurtech)
Germany’s Munich Re to buy $2.6 billion Next Insurance: Munich Re is buying the 71% of Next Insurance that it doesn’t already own, strengthening its foothold in the United States and valuing the California-based company at $2.6 billion, a division of the German company said on Thursday.
Ergo, the primary insurance business of reinsurer Munich Re, will become the sole owner of Next, which is focused on insuring U.S. small businesses.
Kennedys IQ launches InsurTech’s first neuro-symbolic AI solution for global insurance market: Kennedys IQ, the client-facing technology division of global law firm Kennedys, has introduced SmartRisk, the first fully explainable neuro-symbolic AI risk analysis solution for the insurance sector.
This latest addition to its data-driven IQ Platform aims to revolutionise policy review, liability, and coverage analysis by enhancing decision-making speed, accuracy, and consistency.
The launch of SmartRisk comes in response to increasing industry demand for AI-driven automation in risk analysis and underwriting.
Regulatory Technology (Regtech)
Theta Lake unveils updates to digital communications governance suite: Theta Lake has announced the launch of numerous industry-first capabilities within its Theta Lake Risk and Compliance Suite.
This announcement builds on its recent shift towards becoming a more comprehensive platform, moving from a specific application to a broad-based digital communications governance and archiving (DCGA) infrastructure with extensive API integration.
The need for the new product arises from the evolving landscape of digital workplace communications, necessitating robust governance and compliance solutions that can seamlessly integrate with a variety of communication tools.
The new capabilities aim to simplify and enhance how organizations manage digital communications across different platforms, ensuring compliance with regulatory standards and improving internal analytics and insights.
SEC grants additional compliance time for investment fund names rule: The SEC has recently announced a significant extension to the compliance dates for the amendments to the Investment Company Act’s Names Rule.
Initially set in September 2023, these amendments aim to prevent misleading fund names that could misrepresent the nature of investments and associated risks.
The revised timeline provides larger fund groups until June 11, 2026, to comply, while smaller fund groups have until December 11, 2026. This extension grants funds crucial additional time to enhance their compliance systems, complete necessary adjustments, and conduct thorough testing of their compliance strategies.
Muinmos teams up with Africa Due Diligence to drive financial trust in Africa: Muinmos has entered into a partnership with Africa Due Diligence, a UK-based provider of AI-powered due diligence and risk intelligence.
This collaboration aims to enhance compliance and trust across Africa’s financial sector, presenting significant growth opportunities in a market anticipated to reach $230bn in 2025 revenue according to McKinsey analysts.
The partnership has been catalysed by Muinmos acquiring an equity stake in ADD. This move is set to empower ADD with advanced onboarding technology and an effective KYC solution tailored to meet the complex needs of the African financial landscape.
Upcoming Events
- Instant Payments & Fraud Management Summit
The Instant Payments Summit (IPS) is now The World’s #1 Instant Payments Conference – Bigger, Stronger, Broader. With the integration of the Real-Time Payments Summit into our global series, IPS has solidified its position as the longest-running, most reputed, and dominant platform for instant payments innovation.
As the leading catalyst for innovation and collaboration, IPS drives meaningful discussions, fosters strategic partnerships, and shapes the future of instant payments. It is the ultimate platform for thought leadership, networking, and transformative growth in the payments landscape.
Date: March 24th
Location: SpringHill Suites Charlotte City Center
More Details Here - NEW YORK FINTECH WEEK 2025
New York Fintech Week was designed to be an inclusive collaboration of the entire startup ecosystem. It’s a series of events highlighting different fintech initiatives and range from conferences and invitation-only roundtables to events free to the community.
Date: April 21st – 25th
More Details Here
🎙️ Tech Behind Fintech Podcast Highlights
Coming Up This Week
Join us on Friday, March 28th, 2025, at 12 PM EST for an eye-opening episode of Tech Behind FinTech featuring Svitlanka Sergiichuk, CEO & Co-Founder of Neofin—a no-code lending automation platform helping financial institutions build and launch loan products in weeks, not years.
💥 Lending is being redefined. Traditional loan infrastructure has long been slow, expensive, and rigid—but a wave of digital lending innovation is flipping the script. With compliance demands rising and speed-to-market more important than ever, modern platforms are empowering lenders to launch faster, manage risk smarter, and scale globally. In this episode, Svitlanka shares how Neofin is transforming the way institutions think about lending—leveraging automation, APIs, and no-code workflows to replace legacy pain with agile precision.
🔍 What You’ll Learn:
✅ Why legacy lending systems are holding financial institutions back
✅ How no-code, API-first platforms are accelerating digital lending innovation
✅ The challenges of scaling a lending platform across borders—and how to overcome them ✅ What’s next for alternative credit, SME lending, and compliance automation
🚀 Whether you’re a bank executive, product leader, or fintech founder—this is your playbook for navigating the new era of lending.
Live Show Links
Website: https://techbehindfintech.com/featured/the-death-of-legacy-lending-how-modern-platforms-are-changing-the-game
YouTube: https://www.youtube.com/watch?v=gzfSUcHQCfM
📌 In case you missed it – Latest Episode Highlights
Navigating AI Adoption in Banking: Strategies for Success
In this episode of Tech Behind FinTech, Nnamdi Osuagwu is joined by Laura Gibson-Lamothe, Executive Director of the Georgia Fintech Academy.
💡 The episode underscores the importance of bridging academia with industry in the fintech sector. As the fintech market expands rapidly, educational programs are evolving to offer practical, hands-on learning experiences and to meet industry needs, making students more job-ready. Whether you’re from a technical or non-technical background, there’s a place for you in the growing fintech ecosystem.
Key Takeaways:
- Booming Fintech Industry:
- The global digital payment market is projected to reach USD 19.8 trillion by 2026, growing at a rate of 24.4% from 2019 to 2026. The digital banking platform market is also expected to grow from USD 19.94 billion in 2025 to USD 34.7 billion by 2033. These trends indicate a rapid expansion of the fintech sector, opening up massive career opportunities for graduates.
- Opportunities in Fintech Education:
- Universities and academies are responding to the booming fintech industry by designing curricula that not only align with industry needs but also incorporate real-world, hands-on learning experiences. The curriculum is constantly updated based on feedback from industry leaders, ensuring it stays relevant and practical.
- Collaboration Between Academia and Industry:
- To better prepare students for the job market, fintech programs collaborate closely with industry leaders. Through initiatives like industry guest speakers, project challenges, and real-time learning, students get opportunities to work on current, real-world problems. This experience helps them build practical skills and gives them a competitive edge in the job market.
- Diverse Career Paths in Fintech:
- Many students mistakenly believe that fintech careers require highly technical backgrounds in fields like data science or software development. However, fintech offers roles across a wide range of functional areas, including marketing, product management, project management, and more. This creates opportunities for students from non-technical backgrounds, as fintech is about problem-solving, innovation, and customer-centric solutions.
- Industry-Ready Graduates:
- The curriculum emphasizes experiential learning, where students can work on live challenges from companies. They are able to apply what they learn in class, present solutions to industry professionals, and gain exposure to the field. This boosts their employability and helps them build a professional network.
- The Role of Georgia’s Ecosystem:
- Atlanta is emerging as a major fintech hub, attracting large corporations like Visa, Mastercard, and Global Payments, as well as numerous fintech startups. The city’s strong academic institutions and large number of fintech companies make it a perfect environment for developing talent and fostering innovation.
- From Arts to Fintech:
- Many students from non-traditional backgrounds, such as Fine Arts or Liberal Arts, have found success in the fintech industry. The diverse range of roles and career pathways in fintech means that students with soft skills, creativity, and organizational abilities can thrive without needing to be deeply technical. One interviewee, for instance, transitioned from a Fine Arts background to lead PCI compliance projects at large organizations.
- Career Pathways Beyond Technical Roles:
- The fintech sector provides many career paths that don’t require technical expertise. Roles in product management, operations, customer service, and compliance are integral to the sector’s success. Students from various disciplines, including business, marketing, finance, and communication, can find roles that leverage their unique skills.
- Flexibility and Access for All:
- The Georgia Fintech Academy offers courses that are accessible to students from diverse backgrounds, whether they are undergraduate, graduate, or high school students. For people seeking to transition into the fintech space, the academy offers courses through the University System of Georgia and provides opportunities to engage with the industry even at the high school level.
- Expanding Talent Pipeline:
As the demand for skilled fintech professionals grows, programs like Georgia’s Fintech Academy are bridging the gap between academia and industry, creating a robust talent pipeline. Over 2,100 students have been placed in fintech roles in the past five years, highlighting the success of such educational models.
🔗 Watch the full episode now: https://techbehindfintech.com/featured/the-fintech-education-boom-can-academia-keep-up-with-industry-disruption
Or stream it on your favorite podcast platform! 🚀
📩 Stay Connected
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