TLDR Fintech 2026-08-20

Kraken has brought its multi-asset debit card to the US, letting users spend hundreds of crypto and cash currencies. Launched through the crypto exchange's Krak app, the card allows users to store money across more than 600 currencies and assets, and spend any of them at checkout.

Citi has agreed to acquire Kard Financial, a rewards and commerce media platform that uses predictive AI and transaction data to help issuers deliver personalized offers. The deal will bring Kard's technology, merchant network, and team into Citi's consumer cards business, which serves roughly 70 million customers, as the bank invests more heavily in loyalty and commerce.

Shares in buy now, pay later giant Klarna took a dive after the company reduced its guidance for revenue and transaction income over the coming year. The stock dipped on the New York Stock Exchange after Klarna revised its forecasts for full-year revenue of $4.08 billion to $4.16 billion, down from its previous forecast of more than $4.34 billion, while gross merchandise volume (GMV) is expected to come in at $149 billion to $151 billion, compared with an earlier expectation of more than $155 billion.

Bending Spoons has built a permanent-capital model around acquiring distressed digital brands such as Evernote, Vimeo, WeTransfer, Eventbrite, and Airtable at steep discounts, radically restructuring them, and holding them indefinitely rather than selling them like a traditional private equity firm. The strategy has driven rapid revenue and profit growth, but its heavy use of debt and dependence on consistently successful integrations make execution discipline the central risk.

Both Amazon and eBay have announced the introduction of Pay by Bank as a payment method in the UK. If there was ever any doubt, this signals that Pay by Bank is beginning to solidify itself as a mainstream global payment option. Initially a “made in Europe” alternative to card payments, Pay by Bank is now a genuinely disruptive force, challenging traditional payment methods and offering faster payments, stronger security, and a simpler user experience.

The Milken Institute highlights intensifying competition across stablecoins and digital banking, including the launch of consortium-backed Open USD, a wave of OCC trust bank charters, and growing interest in tokenized deposits and yield-bearing digital dollars. The newsletter also examines X Money's US rollout with Cross River Bank, as Elon Musk pushes X toward an “everything app” while regulators scrutinize the consumer protection and financial stability implications.

Merchants using Airwallex can now add flexible payment options for eligible US shoppers without completing another integration. Customers can choose four interest-free installments or monthly plans of up to 24 months, while businesses may benefit from higher conversion rates and larger transactions. The deal extends Affirm's reach through a platform serving more than 676,000 businesses worldwide.

Visa, Mastercard, Fiserv, Circle, Solana, and Remitly have joined the Agentic Payments Alliance (APA), a coalition of organisations working together to help guide the development of AI commerce.

Deel expanded its stablecoin wallet from Argentina to more than 80 countries across Latin America, Africa, the Middle East, and APAC, letting contractors hold earnings in a dollar-backed DLUSD balance and opt into rewards without leaving the platform. Deel also plans to launch a card later this year that will let contractors spend their stablecoin balance directly, extending its contractor payroll product into a broader financial account for global workers.

The OCC's decision could allow the company to issue stablecoins and bring services currently handled by BitGo in-house, though it must first meet additional requirements such as raising capital. The decision has intensified conflict-of-interest concerns because an entity affiliated with Donald Trump and his relatives owns 38% of the business, prompting Democratic lawmakers to propose restrictions on senior officials owning or controlling banks.

Monzo chair Gary Hoffman will step down next month, months after major shareholders pushed for his removal following the board's decision to oust CEO TS Anil. His departure comes as Monzo resets leadership under CEO Diana Layfield, exits the US, and shifts its international expansion strategy toward the UK and Europe.

Revolut plans to open its first branded airport lounge at Copenhagen Airport in 2027.

Jane Street suffered a $15 billion trading loss in July, its first monthly decline in a decade, exposing how its strategy has expanded beyond traditional market-making into longer-duration, directional bets more typical of hedge funds.

Klarna is deepening its US focus, seeking a New York-based finance chief as it pursues an industrial loan company charter and moves closer to investors and public markets.