Executive Summary
This week in fintech, payments and personalization take the lead—Shopify expands installment options, Paysend boosts open banking transfers, and Lloyds brings Google Cloud AI into the mix. Wealthtech and cyber startups secure major funding, while FNZ’s $500M raise highlights long-term optimism in the space.
On the risk side, data breaches hit healthcare, manufacturing, and food industries, and regulators are stepping up AML enforcement globally. AI adoption sparks internal audits and public scrutiny, and the crypto sector focuses on security with new tools from Bitget and Taurus. Across the board, fintech is balancing rapid growth with increasing pressure to protect and prove value.
📩 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
US lab testing provider exposed health data of 1.6 million people: Laboratory Services Cooperative (LSC) has released a statement informing it suffered a data breach where hackers stole sensitive information of roughly 1.6 million people from its systems.
LSC is a Seattle-based nonprofit organization that provides centralized laboratory services to its member affiliates, including select Planned Parenthood centers.
It plays a crucial role within its niche, supporting organizations in the reproductive health services across more than 35 U.S. states, handling sensitive lab testing, billing, and personal data.
Food giant WK Kellogg discloses data breach linked to Clop ransomware: WK Kellogg Co. confirmed that at least one employee was affected in a December hack related to a vulnerability in Cleo file-transfer software, according to a regulatory filing with the Maine Attorney General’s office.
The Michigan-based breakfast cereal company said Cleo servers, which were used to transfer employee files, were hacked on Dec. 7. WK Kellogg said it first learned of the hacking incident on Feb. 27.
The breached data included the name and Social Security number of one employee based in Maine. However, it is not immediately known if the personal data of other employees was also breached.
Sensata Technologies’ operations disrupted by ransomware attack: Sensata Technologies (known as Sensata) has suffered a ransomware attack last weekend that encrypted parts of the company network and disrupted operations.
In an 8-K filing to the U.S. Securities and Exchange Commission (SEC), Sensata says that the attack occurred on Sunday, April 6, and involved data theft, too.
“The incident has temporarily impacted Sensata’s operations, including shipping, receiving, manufacturing production, and various other support functions,” reads the notification.
Latest Funding News
Rain secures $75m Series B to boost financial wellness for U.S. workers: US-based employer-integrated earned wage access (EWA) and financial wellness platform Rain has secured $75m in a Series B equity financing round, led by Prosus.Other participants in the financing include Nextalia Ventures, Spark Growth Ventures, and existing investors like QED and Invus Opportunities.
Rain intends to use the funding to scale its market reach and develop new financial wellness solutions for employees and employers.
Qevlar AI Raises $14M to Supercharge Security Operations Centres with Agentic AI: Qevlar AI, a trailblazer in the cybersecurity sector, has announced a significant capital infusion of $14m to expand its innovative approach to SOCs.
The funding aims to bolster the productivity of SOC teams, empowering them to more effectively tackle a rising tide of cyber threats.
The investment was spearheaded by EQT Ventures and Forgepoint Capital International, with notable contributions from industry veterans including Olivier Pomel, Florian Douetteau, and Mehdi Ghissassi. The round also marks the addition of Damien Henault, Managing Director at Forgepoint Capital International, to Qevlar AI’s Board of Directors.
Gen Z WealthTech Alinea Invest secures $10.4m in Series A funding: Alinea Invest, a pioneering WealthTech platform, has successfully secured $10.4m in a Series A funding round.
The innovative app, tailored specifically for the Gen Z demographic, was co-founded by Anam Lakhani and Eve Halimi who began their journey at Goldman Sachs and Citi before launching Alinea in 2021. With a modest team of ten, Alinea has impressively scaled to over 1 million users—predominantly women and belonging to the Gen Z cohort, according to Finextra.
The funding was led by Play Ventures, alongside other notable investors including GFR Fund, Y Combinator, Gaingels, FoundersX, F7, and Visible Ventures. This financial backing marks a significant milestone in the company’s expansion efforts.
Banking and Payments
Shopify Launches Affirm Powered Instalment Payment Options to Customers in Canada: The companies announced Wednesday (April 9) that Shopify merchants in Canada who have signed up for early access can begin offering the Affirm-powered Shop Pay Installments program, marking its first availability outside the U.S.
“We’re thrilled to launch Shop Pay Installments in early access to Canada as our first step beyond the U.S.,” Kaz Nejatian, Shopify’s chief operating officer, said in a news release.
“Our partnership with Affirm expands our global reach, giving shoppers the flexibility to pay over time, and drives higher conversion rates for merchants worldwide.”
According to the release, Shop Pay Installments will be made available in general access to Shopify merchants in Canada and the U.K. this summer, with cross-border commerce capabilities between the U.S., Canada, and U.K. expected to follow.
Lloyds Banking Group Leverages Google Cloud Vertex AI to Drive Personalisation: Lloyds Banking Group has partnered with Google Cloud, aiming to tap its artificial intelligence (AI) and data science capabilities.
The initiative aligns with the group’s objective to assist individuals and businesses in making informed financial decisions.
Central to this partnership is the development of a new machine learning (ML) and generative AI (genAI) platform utilising Google Cloud’s Vertex AI.
This platform has streamlined the deployment of AI applications, with over 300 data scientists and AI developers within the Group now actively using it.
The transition involved migrating 15 modelling systems, which included hundreds of models from the group’s previous on-premise infrastructure, resulting in a reduction of 27t of operational carbon emissions.
The migration is said to have opened new capabilities for the group, enabling the deployment of “advanced” AI models.
Absa Collaborates with UnionPay International to Expand Contactless Payments in South Africa: Absa has recently unveiled an exciting partnership with UnionPay International, aimed at enhancing the payment landscape by introducing contactless payments to UnionPay cardholders. This collaboration marks a significant stride in Absa’s dedication to providing customers with a seamless and secure payment experience.
Paysend Partners With Tink to Enhance Open Banking Payments for Faster Seamless Transfers: Paysend has partnered with Tink, a Visa-owned open banking platform, to improve its payment services across international markets.
The partnership aims to provide a faster, more seamless and secure payment experience for Paysend’s customers, according to FF News.
By integrating Tink’s Open Banking infrastructure, Paysend is enhancing its ability to deliver smooth, direct bank transfers and expand its services to new markets.
Ozone API Launches Industry-First Tool for US Banks to Calculate the Cost of Building API Infrastructure: Ozone API, the global leader in open banking technology, announces it has launched an industry-first tool which forecasts an accurate estimated cost for US banks planning on building their own API infrastructure.
It comes in response to the recent Section 1033 rulemaking under the Dodd-Frank Act, which means that American consumers will have the right to access and share their financial data.
The “Build It Calculator” can estimate the cost to a US bank of building and maintaining its own API infrastructure by analysing data points including, but not limited to, the desired length of time for project completion, the financial institution’s hosting costs and the value of a bank’s deposits.
LendTech
Affirm Joins MoreThanFair to Advance Inclusive, Transparent Lending: MoreThanFair, a community of organizations dedicated to improving access to affordable and inclusive credit for American consumers and small businesses, today announced that Affirm had joined as its newest member.
Affirm empowers consumers by offering a transparent and flexible way to pay over time with no late or hidden fees, like deferred or compound interest. Using advanced underwriting models and maintaining disciplined credit policies, including from their bank partners, Affirm has helped responsibly extend over $100 billion in loans to more than 50 million people since its founding over 13 years ago, and saved consumers $387 million in late fees.
Wealthtech
FNZ raises $500m to drive long-term WealthTech innovation: FNZ’s wealth management tech platform administers more than $1.7 trillion in client assets.
UK-headquartered wealthtech FNZ has secured $500 million in fresh capital from its existing institutional shareholders as the company looks to enhance its tech capabilities and advance its long-term growth strategy.
Founded in New Zealand in 2003, FNZ provides an end-to-end wealth management platform offering a wide range of investment options, including shares, ETFs, futures, and alternatives. The solution administers more than $1.7 trillion in client assets, with the company currently partnering with more than 650 financial institutions and 12,000 wealth managers globally.
Artificial intelligence
Shopify CEO says staffers need to prove jobs can’t be done by AI before asking for more headcount: Shopify CEO Tobi Lutke is changing his company’s approach to hiring in the age of artificial intelligence.
Employees will be expected to prove why they “cannot get what they want done using AI” before asking for more headcount and resources, Lutke wrote in a memo to staffers that he posted to X on Monday.
“What would this area look like if autonomous AI agents were already part of the team?” Lutke wrote in the memo, which was sent to employees late last month. “This question can lead to really fun discussions and projects.”
Nate founder charged with fraud over ‘AI’ shopping app secretly powered by humans: The founder of an AI-based tool for automating online shopping checkouts has been charged with defrauding investors over claims that the process was actually carried out by human workers in the Philippines.
The firm raised tens of millions of dollars in funding, including a 2021 $38 million Series A round led by Renegade Partners and joined by Forerunner Ventures, Canaan Partners and Coatue Management.
According to the DoJ, it ran out of funds and was forced to sell its assets in early 2023, leaving investors with “near total” losses.
Former nate CEO Albert Saniger now faces an indictment from the Department of Justice’s Southern District of New York charging him with engaging in a scheme to defraud investors and prospective investors by making false and misleading statements about the firm’s “use of proprietary AI technology and its operational capabilities”.
Blockchain and Cryptocurrency
Bitget Wallet Launches Contract Risk Detection Tool to Strengthen Security: Bitget Wallet, a leading Web3 non-custodial wallet, has introduced the token contract risk detection feature to strengthen transaction security across its platform. The feature enables users to screen for potential risks before engaging with tokens, reflecting Bitget Wallet’s continued commitment to user protection and transparency in decentralized finance.
The feature is now available for tokens on six major blockchains including Ethereum, Solana, BNB Chain, Base, Polygon, and Arbitrum. Accessible directly within the token candlestick chart interface, users can review essential contract data, including permission status, token distribution among top holders, and burn ratios. These indicators help identify potential vulnerabilities such as excessive centralization or active minting permissions, which may signal higher risk.
Crypto fintech Taurus launches interbank network for digital assets: Swiss cryptocurrency fintech Taurus has launched an interbank network that is purpose-built for regulated institutions involved in digital asset operations.
On April 9, Taurus said in an announcement shared with Cointelegraph that it had launched Taurus-Network (TN), an interbank network designed to simplify and improve digital asset transactions between regulated financial institutions worldwide.
The network aims to improve collateral mobility, optimize settlement speed and reduce counterparty risk while benefiting capital and liquidity management in digital assets.
Mastercard and Kraken Team to Promote Crypto Payments in the EU and UK: Cryptocurrency exchange Kraken is working with Mastercard to allow customers in the UK and Europe to spend their crypto at over 150 million merchants worldwide.
The partnership will see Kraken launch physical and digital debit cards, enabling users to pay with their crypto and stablecoins anywhere that Mastercard is accepted.
“Crypto is transforming the payments industry, and we envision a future where global commerce and everyday payments are powered by crypto assets,” Kraken co-CEO David Ripley said in the news release. “Our customers want to be able to easily pay for real-world goods and services with their cryptocurrencies or stablecoins. Our partnership with Mastercard is a major step in realizing this vision. Together, we will unlock the full potential of crypto assets in everyday life, ensuring their long-term relevance and utility.”
Insurance Technology (Insurtech)
12.6 Million US Properties at High Risk From Hail Damage, Exposing Insurers to $189.5 Billion in Potential Losses: ZestyAI, a company specialising in property and climate risk analytics, has disclosed that over 12.6 million US properties are at high risk of hail-related roof damage, costing about $189.5 billion in potential replacement costs.
The information was obtained through ZestyAI’s Z-HAIL model, and highlights the growing financial threat of severe convective storms (SCS), including hail, tornadoes, and wind events.
In 2024, damages from SCS were estimated at $56 billion, surpassing losses from hurricanes. Currently, traditional risk models are designed to estimate portfolio-level exposure, not property-level risk. Since hail events increase in severity and frequency, the models often miss the structural and environmental conditions that drive real losses, warns ZestyAI.
Coalition launches new cyber insurance product for U.S. businesses: Coalition, the world’s first Active Insurance provider, has launched its new Coalition Active Cyber Policy, a redesigned surplus lines cyber insurance offering for the U.S. market.
The San Francisco-based company, known for integrating proactive cybersecurity measures with traditional insurance coverage, aims to redefine how businesses manage digital threats, according to InsurTech Insights.
The new product has been introduced in response to the evolving digital threat landscape.
AU Group and EIRS Launch Africa’s First Dedicated Trade Credit and Political Risk Insurance Platform: AU Group, a leading global specialist in Trade Credit and Political Risk insurance, has announced a strategic partnership with Export Trade Group (ETG) and its insurance arm, Export Insurance & Risk Solutions (EIRS).
Together, they have launched Africa’s first platform solely focused on Trade Credit and Political Risk insurance.
The initiative marks a significant milestone in the continent’s financial and risk management landscape, aiming to provide bespoke insurance solutions that foster economic resilience and growth across Africa.
Regulatory Technology (Regtech)
Revolut slapped with €3.5M fine by Lithuania’s central bank over money laundering prevention failings: Lithuania’s central bank says it has fined Revolut €3.5 million for “violations of money laundering prevention requirements”.
The Bank of Lithuania said in a statement released last Tuesday that following a scheduled inspection of Revolut Bank UAB, the digital bank’s Lithuanian arm which enables its EU operations, that it identified “violations and deficiencies in the monitoring of business relationships and operations (transactions)”.
FCA boosts support for innovative firms in new work programme: The Financial Conduct Authority (FCA) has unveiled a series of measures to strengthen the UK’s FinTech ecosystem. Key updates include improvements to the Regulatory Sandbox, enabling companies to safely trial innovative products with tailored support, accelerating their path to market. The FCA is also widening its pre-application support to cover wholesale, payments, and cryptoasset firms, with the goal of attracting more FinTech businesses to the UK.
NY regulator slaps Block with $40m fine over anti-money laundering breaches: Block, the financial services firm behind the popular peer-to-peer payments platform Cash App, has been fined $40m by the New York State DFS for significant AML and virtual currency compliance failures.
According to FSTech, the penalty follows a DFS investigation that uncovered multiple lapses in Block’s AML programme and its handling of cryptocurrency transactions via Cash App. Block, which has been authorised to conduct money transmission in New York since 2013 and virtual currency business since 2018, was found to have failed in maintaining adequate risk controls and transaction monitoring systems.
Upcoming Events
- 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, April 18th, 2025, at 12 PM EST for a thought-provoking episode of Tech Behind FinTech featuring our host Nnamdi Osuagwu.
Live Show Links
Website: https://techbehindfintech.com/featured/the-bnpl-takeover
YouTube: https://www.youtube.com/watch?v=afEXJDIljHk
📌 In case you missed it – Latest Episode Highlights
Confessions of a Fintech Marketer – The Good, The Bad, and the AI
In this episode, host Nnamdi Osuagwu interviews Clemens Reclick, co-founder of BCN Fintech and COO of Hello Operator, a fintech marketing agency. The discussion explores the unique challenges of marketing in the fintech space—where trust, regulation, and education are more critical than in nearly any other industry.
Clemens explains why fintech marketing isn’t like selling t-shirts—you’re dealing with money, privacy, and people’s livelihoods, which requires a higher level of care, transparency, and regulatory awareness. The episode touches on building brand trust as a startup, the value of consistent messaging, and how even bootstrapped fintechs can use community engagement, strategic event attendance, and social media to build brand presence and loyalty.
🔑 Key Takeaways
1. Trust Is Everything in Fintech
- Trust takes time to build and can be destroyed quickly—especially in a post-2008 and post-FTX world.
- People are more cautious with financial products than everyday consumer goods.
- Fintechs must prioritize transparency and consistency, especially if they’re startups without a long track record.
2. Smart, Targeted Marketing Wins - Fintech founders should be present at niche industry events, engage directly with their community, and become active voices on platforms like LinkedIn.
- ROI-focused event attendance can yield better results than expensive, broad-audience conferences.
3. Compliance Can Be a Competitive Advantage
- Regulations around financial communication aren’t just limitations—they’re opportunities to demonstrate integrity.
- Proactively sharing compliance measures can be a powerful sales and trust-building strategy, especially in B2B fintech.
5. AI Is a Tool, Not a Replacement
- Using AI correctly can boost productivity—but if misused, it can lead to low-quality content and trust erosion.
- Content created purely with AI is at risk of becoming generic; brand voice, human editing, and strategic prompting are essential.
- Ethical AI usage, especially in marketing, requires awareness of biases, hallucinations, and long-term implications.
Closing Message
Clemens encourages marketers to embrace AI as a collaborator, not a threat. The combination of human insight, ethical responsibility, and smart use of AI will define the next era of fintech marketing.
🔗 Watch the full episode now: https://techbehindfintech.com/featured/confessions-of-a-fintech-marketer-the-good-the-bad-and-the-ai
Or stream it on your favorite podcast platform! 🚀
📩 Stay Connected
This is Tech Behind Fintech’s Weekly Fintech News Review, where we recap the week’s biggest fintech news. Want this delivered as a newsletter to your inbox every week? Sign up here: https://techbehindfintech.com/subscribe
💡Have a story or insight to share? Send us an email media@techbehindfintech.com — we would love to feature it!
