Recurly Acquires Prive and Redfast

Recurly Announces Strategic Acquisitions of Redfast and Prive to Accelerate the Future of Subscription Growth

Recurly acquires Prive and Redfast, marking a significant step in its mission to deliver the most comprehensive subscription management platform on the market. These acquisitions enhance Recurly’s offering with powerful tools for real-time subscriber engagement and advanced commerce automation.

Following these acquisitions, Recurly is now the only subscription platform that handles payments, billing, real-time engagement, analytics, and ecommerce subscription management all in one place. This positions Recurly to serve as a true end-to-end solution for subscription businesses.

The move underscores Recurly’s strategic focus on helping merchants drive recurring revenue, optimize the subscriber lifecycle, and compete more effectively across both digital and physical commerce channels.

Key Takeaways
  • By acquiring Shopify‑focused Prive (now Recurly Commerce) and real‑time engagement tool Redfast (rebranded Recurly Engage), Recurly becomes the first platform to fully integrate payments, billing, analytics, ecommerce, and subscriber engagement, all under one roof.
  • With Prive’s Shopify‑native technology, Recurly now supports automated workflows, pricing intelligence, and checkout optimization for physical‑product subscription brands. This positions them in a market projected to grow to $1 trillion by 2028.
  • Redfast adds predictive churn models and in‑product prompts, enabling brands to intervene at critical moments for upgrades or renewals. Engaged subscribers typically spend 67% more than newer users.
  • The acquisitions build on Recurly’s recent SubSummit award (Best Subscription Management Platform 2025) and its AI‑powered Recurly Compass. According to Recurly CEO Joe Rohrlich, subscription businesses today must go beyond billing; they need to manage every stage of the subscriber lifecycle, deliver personalized experiences, and stay adaptable.

Recurly Acquires Prive and Redfast – Expands Platform to Support Full Subscriber Lifecycle

The subscription model has shifted the way businesses think about revenue and how customers expect to pay for services. Instead of a one-time purchase, companies now build ongoing relationships with subscribers, and that predictability can be a game-changer. Juniper Research reports that the subscription market was around $593 billion in 2024 and is on track to nearly hit $1 trillion – $996 billion – by 2028, a jump of roughly 68% in four years. Another forecast puts the total at $599 billion by 2026, thanks to booming demand for everything from streaming video and digital music to meal kits and curated product boxes.

To put it in perspective, video services make up about $60 billion of that, music subscriptions another $41 billion, and those physical goods boxes pull in roughly $102 billion. Those numbers underscore why any company looking to tap into recurring revenue needs billing, analytics, and engagement tools that keep pace with customer expectations.

Recurly’s journey began in September 2009 when Dan Burkhart, Tim Van Loan, and Isaac Hall set up shop in a San Francisco apartment. Their goal was simple: build a better way to manage payments for subscriptions. Over the years, they’ve attracted investors like Accel-KKR, Polaris Partners, and Fidelity, and grown into a platform used by more than 2,000 brands around the world. You’ve probably interacted with it if you’ve signed up for Sling TV, BarkBox, Twitch, Paramount+, FabFitFun, or Sprout Social. Headquartered in Austin, Texas, with additional offices in San Francisco, Broomfield, Colorado, Medellín, Colombia, and London, Recurly combines a local touch with global scale, processing billions of dollars in recurring revenue every year.

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On May 7, 2025 – right after being honored as “Best Subscription Management Platform” at SubSummit 2025 – Recurly revealed plans to acquire two fast-moving startups: Prive, a Shopify-first subscription commerce solution, and Redfast, a real-time engagement and personalization service. The idea was to fill gaps in its offering so customers don’t have to stitch together separate tools for payments, billing, analytics, ecommerce, and subscriber engagement.

Joe Rohrlich put it like this: subscription companies today can’t stop at billing, they have to cover every stage of the subscriber lifecycle, act on data as it arrives, and give people both flexibility and personalized experiences throughout. Bringing Redfast and Prive into the mix makes Recurly the first platform to unite payments, billing, analytics, ecommerce, and subscriber engagement in one place. That lets customers pick the exact tools they need and see results right away.

Prive’s technology now forms the core of what Recurly calls Recurly Commerce, extending its reach into physical goods subscriptions – a space Juniper Research expects will top $1 trillion worldwide by 2028. Brands built on Shopify can automate recurring orders, run pricing experiments, and optimize revenue without tearing down their existing storefronts. Companies like Public Goods, Coterie, GEM, and Kudos, which already relied on Prive, will gain direct access to Recurly’s robust billing engine and analytics suite.

Alex Craciun, co-founder of Prive, pointed out that subscription billing is often inflexible, especially as customer needs continue to evolve quickly. His co-founder, Claudia Laurie, noted that with the rise of physical goods subscriptions, businesses need tools that are both adaptable and driven by data. They both expressed that joining Recurly allows them to support fast-growing brands in building more efficient, scalable subscription models.

Both founders will serve as advisors during the integration to ensure existing clients keep the hands-on support they value.

On the engagement side, Redfast has been reborn as Recurly Engage. It zeroes in on churn by spotting subscribers at risk of leaving and delivering targeted messages – whether it’s in-app prompts, emails, or special offers – at the precise moment they’re most effective. Recurly’s data shows that subscribers who receive active engagement spend about 67% more than newcomers do.

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Rajeev Raman, Redfast’s CEO, pointed out that as acquisition costs climb and personalization becomes a basic expectation, subscription businesses should engage subscribers at the right moment – whether it’s suggesting an upgrade, sending a renewal reminder, or offering a targeted incentive.

Raman is joining Recurly’s leadership team to accelerate product development and make sure real-time engagement stays central to the platform.

Bringing billing, commerce automation, engagement intelligence, and analytics together on one platform delivers a single source of truth for subscriber data. You can launch a new price test in Recurly Commerce, see its effect on retention in Recurly Engage, and tweak your approach – all in a matter of minutes instead of weeks. That cuts down on fragile, expensive integrations and lets product, marketing, and finance teams move in lockstep.

Earlier in 2025, Recurly rolled out more than 50 new features, including Recurly Compass, an AI-driven growth engine that surfaces insights and predictive analytics to guide decisions on pricing, marketing and retention. With Prive and Redfast layered on, customers can now bring subscribers in, decide how to charge them, and keep them engaged for the long haul, all without leaving the Recurly environment.

Recurly’s leaders are already on the conference circuit sharing lessons learned and best practices. On May 14 at 3:30 p.m. BST, Chief Product Officer Priya Lakshminarayanan will close out SubscriptionX in London with a presentation on scaling ecommerce subscriptions. Then on May 28 at 10:00 a.m. CT, Joe Rohrlich and CMO Lina Tonk will accept the SubSummit award in Dallas and appear alongside Megan Krouse of Cinemark to talk about personalization. Finally, on June 11 at 10:20 a.m. BST, Lakshminarayanan returns to London Tech Week to discuss how predictive analytics can shape retention strategies.

For any company trying to stake its claim in a market heading toward $1 trillion a year by 2028, these moves from Recurly matter. By lowering the bar on experimentation – whether that’s new offers in Recurly Commerce or targeted messaging in Recurly Engage – teams can learn faster, iterate sooner, and, ultimately, build stronger subscriber relationships. If you’re curious how this platform could fit your business, you can request a demo at recurly.com.

About Recurly

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Recurly, Inc. is a San Francisco–headquartered subscription management platform founded in 2009 by Isaac Hall and Dan Burkhart. From its origins in an apartment building, the company has scaled into a global leader, powering thousands of businesses across industries such as streaming media, SaaS, digital publishing, and consumer goods. Its developer-first, API-driven architecture underpins a comprehensive suite of solutions – covering pricing models, trial and account management, payment orchestration, recurring billing, intelligent retries and dunning, revenue recognition, and built-in analytics – augmented by AI-based insights through Recurly Compass and add-ons like Recurly Engage and Recurly Commerce.

Today, Recurly’s platform processes over $12 billion in annual payment volume, supports more than 67 million active subscribers, and recovers over $1.3 billion in revenue for its customers each year – delivering an average 16× ROI for merchants. Since launch, the company has raised more than $41 million in funding: a $1.6 million seed round in 2010; $6 million Series A in 2012; $12 million Series B in 2014; $16.5 million Series C in 2019; and growth-equity backing from Accel-KKR in 2020 to fuel ongoing product innovation and global expansion.

Conclusion

Recurly’s acquisition of Prive and Redfast marks a clear pivot from subscription billing provider to a full-service platform for recurring revenue businesses. As the subscription economy pushes toward $1 trillion in global value, companies need more than just invoicing—they need flexibility, automation, and data-driven engagement to stay competitive.

By integrating real-time analytics, personalized messaging, and physical goods commerce into its offering, Recurly eliminates the need for fragmented tools and gives teams the ability to test, adapt, and scale in one place. For businesses looking to build sustainable subscriber relationships, Recurly’s expanded platform offers the tools to keep pace with rising expectations and growing market complexity.

Small Business Index

April Small Business Sales Improved from March, Though Consumers Continue to Trim Discretionary Spending

Small business sales rose in April, even as consumers brace tighter budgets, pulling back on non-essential purchases, and spending less while dining out.

Fiserv, Inc. (NYSE: FI), a global powerhouse in payments and financial technology, has released its April 2025 Small Business Index. According to the Fiserv Small Business Index report, sales soared by 3.2% year-over-year, with transaction volumes jumping 6.9%, signaling robust consumer activity despite economic headwinds. Even on a month-to-month basis, sales edged up by 0.4% and transactions ticked up by 0.3%, demonstrating steady momentum. The seasonally adjusted index climbed to 151, up one point from March, another sign of sustained strength.

Key Takeaways
  • Small business sales rose 3.2% year-over-year in April, with transaction volumes up 6.9%. Every month, growth was more modest – sales were up 0.4%, and transactions increased by 0.3%. The index reading of 151 reflects stable but cautious consumer activity.
  • Spending patterns show a shift toward essential categories like groceries, healthcare, insurance, and ground transportation. At the same time, areas like accommodation, restaurants, and certain retail segments are seeing either slower growth or outright declines.
  • The service sector led growth again, up 3.6% year-over-year compared to a 2.2% rise for goods. Professional services and health care were strong performers, while travel-related services such as accommodation and transportation saw declines due to tighter consumer budgets.
  • Restaurants saw a 9.6% rise in foot traffic from last year, but average spending per visit fell 7.8%, leading to flat overall sales. Retail posted a 2.2% annual gain, but nearly all of it came from essentials like groceries and clothing, while general merchandise and sporting goods declined.

Consumers Shift Toward Essentials as Small Business Sales Show Modest Growth in April

Small business sales in April crept up from March, even as consumers kept a tighter grip on their wallets. According to the latest Fiserv Small Business Index, the seasonally adjusted reading for April hit 151, a one-point bump from March. But that modest uptick masks mixed behavior beneath the surface – while overall spending remains in growth mode, shoppers are increasingly funneling dollars toward essentials and dialing back on discretionary splurges.

On the year-over-year front, small business sales climbed 3.2%, with total transactions rising 6.9%. Looking month-to-month, sales edged up 0.4% and transactions were up 0.3%. Those figures were supported by an inflation tailwind of 2.4% in April 2025 – steady with March but notably cooler than the 3.4% inflation contribution seen in April 2024.

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Services have outpaced goods for every month of 2025 so far. Compared to April a year ago, service-sector sales grew 3.6% versus 2.2% for goods. Professional Services led the charge at +5.0%, followed by Ambulatory Health Care at +4.2%. On the flip side, high-flying categories like Accommodation fell 5.0%, and Transit and Transportation dipped 1.9% as budget-conscious consumers pared back on travel-adjacent spending.

Even within services, April’s month-over-month winners were in the essentials. Ground Transportation bookings jumped 4.1%, Insurance services were up 2.7%, and Rental and Leasing climbed a robust 7.1%. But accommodation flipped from a 3.7% gain in March to a 0.6% decline in April – a clear sign that tastes are growing more selective.

Restaurants tell a similar story. They saw a modest 1.8% gain in year-over-year sales, but on a month-to-month basis, revenues were flat to slightly down (-0.1%) even as foot traffic ticked up 0.6%. Diners are still showing up – transactions were 9.6% higher than a year ago – but average checks are shrinking fast, down 7.8%, as diners hunt deals and watch their budgets.

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Over in retail, growth is cooling. April’s small business retail sales were up just 2.2% year-over-year, with transactions essentially flat at +0.1%. Grocery stores (+7.0%), Clothing retailers (+5.3%), and Building Materials/Garden Supply (+4.6%) held the front lines. Meanwhile, Gasoline Stations saw a 4.1% drop, and Health & Personal Care outlets fell 1.9%. Month over month, retail was nearly parked – sales +0.2%, transactions +0.1%, ticket sizes +0.1% – with Gas Stations (+1.5%) and Building Materials (+1.0%) inching ahead even as General Merchandise (-2.6%) and Sporting Goods (-1.5%) slid.

As National Small Business Week kicks off, Fiserv’s data shows a clear pattern that consumers are shoring up essentials – healthcare, groceries, insurance – while reining in travel, big-ticket retail, and restaurant spending. Prasanna Dhore, chief data officer at Fiserv, noted that while consumer spending remains resilient overall, economic uncertainty is prompting more budget-conscious choices. Shoppers are prioritizing essentials like healthcare and groceries, where small businesses saw solid gains. Meanwhile, more discretionary categories – especially in travel and parts of retail – are seeing growth start to taper off.

For small business owners, these nuances matter. April’s numbers show that while the overall pie is growing, where consumers slice it is changing. Essentials and service-based offerings remain robust, but enticing cautious consumers back into discretionary spending will require creativity, whether through promotions, loyalty perks, or streamlined experiences. As we head into May, keeping a close eye on next month’s index could reveal whether this cautious tone holds or if consumers loosen up again.

About The Fiserv Small Business Index®

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The Fiserv Small Business Index® is published during the first week of each month, incorporating all point-of-sale transaction data for the full previous month and refreshed on the 2nd with updated figures. Rather than relying on survey or sentiment data, the Index aggregates real card, cash, and check transactions captured through Fiserv’s payment processing platforms across approximately two million U.S. small businesses, providing an up-to-date view of both consumer spending and customer traffic.

Benchmarked to January 2019, the Index produces two metrics – a sales index and a transaction index measuring foot traffic – and computes monthly values for 16 broad sectors and 34 sub-sectors as defined by NAICS codes. Users can explore data via a simple web interface, filtering by national, state, metro, or industry level, covering all 50 states to deliver consistent, timely insights into small business performance – even in industries dominated by larger players – and to support risk assessment, benchmarking, and strategic planning across government, finance, and media.

To explore the full Fiserv Small Business Index and subscribe to their monthly updates.

About Fiserv

about Fiserv

Fiserv, Inc. is a financial technology company based in Milwaukee, Wisconsin, and is part of the S&P 500 index (NYSE: FI). In fiscal year 2024, the company reported $19.12 billion in adjusted revenue, a 7% increase from the previous year. It has about 38,000 employees and supports transactions in over 100 countries.

Fiserv operates through two main business units: Merchant Solutions and Financial Solutions. The Merchant segment offers services like payment processing, fraud prevention, and point-of-sale systems. The Financial segment provides tools for banking, account management, and card services. The company has grown through several acquisitions, including the $22 billion merger with First Data in 2019, the 2022 purchase of Finxact, and more recent deals with Payfare in March 2025 and Pinch Payments in April 2025. Fiserv has been recognized by Fortune in both its Most Innovative Companies and World’s Most Admired Companies lists.

Conclusion

April’s data highlights a key shift in consumer behavior; overall spending is still rising, but it’s increasingly concentrated in essential categories. Small business sales continued to grow, helped by gains in healthcare, groceries, and insurance-related services, while more discretionary segments like travel, dining, and general retail saw slower momentum or slight declines.

For small business owners, this trend suggests that understanding where demand is holding firm – and where it’s pulling back – will be critical in the months ahead. With consumers tightening budgets, success may depend less on overall demand and more on aligning products, pricing, and experiences with changing priorities.

Chime Financial IPO

Chime Financial Launches IPO, Begins Trading Under Ticker ‘CHYM’

On June 11, 2025, Chime Financial, Inc. officially announced its highly anticipated IPO, pricing 32 million shares of its Class A common stock at $27.00 per share.

Of the shares offered, 25.9 million were issued by Chime, raising nearly $700 million in fresh capital. An additional 6.1 million shares were sold by existing stockholders, who collectively secured approximately $165 million. Chime did not receive proceeds from these secondary sales.

Chime Financial IPO shares began trading a day earlier, on June 12, 2025, on the Nasdaq Global Select Market under the ticker CHYM. The debut was nothing short of explosive – the stock opened at $43.00 and closed the day at $37.11, delivering a 37% surge above the IPO price.

To support further investor demand, Chime granted underwriters a 30-day option to purchase up to 4.8 million additional shares. With an offering that totaled around $864 million, Chime’s fully diluted valuation was pegged at $11.6 billion.

Key Takeaways
  • Chime announced its IPO on June 11, 2025, at $27 per share. The share price was above the projected range of $24 to 26. The company sold 25.9 million new shares while existing investors sold about 6.1 million. The sale brings in $864 million in total proceeds.
  • With its initial pricing, Chime’s fully diluted valuation came in around $11.6 billion, a drop of more than 40% from its peak private valuation of $25 billion in 2021.
  • On its first trading day (June 12), CHYM opened at $43, a roughly 59-60% jump from the IPO price. It closed somewhat lower later in the day but remained well above the offer price.
  • The strong IPO reflects revived interest in fintech listings after recent successes like Circle and eToro. However, Chime’s business model carries risks: it remains unprofitable, relies heavily on interchange fees, and could be affected by regulatory changes or cost pressure.

Chime Financial IPO Filed and Stage Set for Market Debut

On May 13, 2025, Chime Financial took the first definite step toward its long-anticipated public debut by filing a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. In that filing, the San Francisco–based fintech disclosed that its revenue rose to $1.67 billion in the fiscal year ended 2024, up from $1.28 billion the year before, and confirmed that it would trade under the ticker “CHYM” on the Nasdaq Global Select Market. Morgan Stanley, Goldman Sachs, and J.P. Morgan were named as lead underwriters for the offering.

Founded in 2012 by Chris Britt and Ryan King, Chime has built a mobile-first banking platform that partners with chartered banks to provide fee-free checking accounts, high-yield savings, early direct deposit access, and interest-free overdraft protection through its SpotMe feature. By the end of Q1 2025, Chime served roughly 8.6 million active members, each generating an average of $251 in revenue and averaging 54-55 transactions per month, about 75% of which were purchase transactions on Chime-branded cards. The users also launch the app roughly four to five times a day.

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Attracting that many customers comes at a steep cost. Between 2022 and 2024, Chime invested about $1.4 billion in marketing. Once members set up direct deposit, retention exceeds 90%.

Chime’s revenue mix is heavily weighted toward interchange fees – the small charges merchants pay whenever a Chime debit or credit card is swiped, which make up roughly 72% of its top line. That stands in contrast to legacy banks, which rely more on overdraft penalties and minimum­-balance fees. Many analysts noted that the model’s simplicity is almost surprising given its scale.

The broader U.S. IPO market had been largely dormant due to higher interest rates, inflationary pressures, and the turmoil caused by tariff threats earlier in the year. But as trade negotiations began to progress and markets stabilized, institutional investors started to circle back to high-growth technology and fintech names. A successful Chime IPO was seen as a bellwether that could reopen the IPO window for other companies eager to go public.

In the S-1 filing itself, Chime highlighted its private funding history, noting that it had raised $2.65 billion from investors such as SoftBank Investment Advisers, General Atlantic, and Tiger Global Management. That last private round in August 2021 had valued the company at $25 billion. Its investor roster includes Yuri Milner’s DST Global alongside prominent firms such as General Atlantic and ICONIQ. According to PitchBook, it has attracted $2.65 billion in private funding since its founding.

Beyond the financial metrics, the filing emphasized Chime’s mission to serve everyday consumers who often face punitive banking fees. It also laid out the legal and structural framework, reiterating that Chime is a financial technology company, not a bank, and that deposits are FDIC-insured through partner banks.

Chime

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By June 2, Chime began its IPO roadshow, detailing the offering to potential investors. The company planned to sell 32 million shares of Class A common stock – 25.9 million new shares issued by Chime and 6.1 million held by existing shareholders – and granted underwriters a 30-day option to purchase up to an additional 4.8 million shares. The price range was set between $24.00 and $26.00 per share, with the same lead underwriters joined by additional bookrunners and co-managers to support the deal.

Targeting a fully diluted valuation of up to $11.2 billion, Chime positioned its IPO as both a fundraiser for continued growth and a way for early backers to realize some gains. Analysts noted that pricing at the lower end of private-market valuations could help ensure strong demand in a still-cautious environment.

When final pricing was set on June 11, Chime fixed the offering at $27.00 per share, above the marketed range, raising $864 million in total. Of that amount, Chime received nearly $700 million in primary proceeds, while selling shareholders realized roughly $165 million. This pricing implied an $11.6 billion valuation on a fully diluted basis, making it one of the largest U.S. fintech IPOs in recent memory.

The decision to price at $27 reflected Chime’s improving financials: after a $203 million loss in 2023, the company narrowed its net loss to $25 million in 2024 and achieved profitability in Q1 2025. That performance, coupled with a 31% year-over-year revenue increase, helped justify the valuation and tempered concerns about overheated fintech valuations.

At market open on June 12, Chime shares debuted under the ticker ‘CHYM.’ The stock leapt to $43.00 – 59% above the IPO price before closing at $37.11, and more recently trading at around $35 at the time of writing. It marked a high-profile success for a sector that had struggled to go public in 2024 and early 2025.

That debut wasn’t just a winner for Chime; it continued the winning streak for the U.S. IPO market. With Chime’s strong performance, the Renaissance IPO Index and other measures of new-issue activity edged closer to matching the gains of established benchmarks, signaling renewed confidence among issuers and investors. Companies such as Klarna, Gemini, and Cerebras – long in the wings – began to accelerate their listing plans.

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In interviews around the IPO, CEO Chris Britt emphasized that despite Chime’s rapid growth, it still served fewer than 5% of the roughly 200 million Americans earning $100,000 or less per year. He maintained that with much of its core market yet to adopt fee-free banking, Chime had “just scratched the surface” of its opportunity.

The IPO also unlocked liquidity for employees and early investors, many of whom had waited years for a public market exit. At the same time, Chime assumed the heightened responsibilities of a public company – regular financial reporting, regulatory compliance, and increased scrutiny from analysts and shareholders.

In the wake of the 2021 IPO surge, rising borrowing costs and recessionary jitters have weighed on both valuations and appetite for new share offerings, leading many private companies to put their public‐listing plans on hold. Still, a few fast‐growing outfits are tentatively dipping back in.

Space‐technology upstart Voyager (VOYG.N) saw its shares more than double on their Wednesday debut, and stablecoin issuer Circle (CRCL.N), which went public last week, has already seen its stock quadruple above its initial price. Yet analysts urge restraint, warning that lingering uncertainties around trade talks under the Trump administration could temper any broader revival. On the heels of these showings, firms such as crypto exchange Gemini, buy-now-pay-later provider Klarna, AI-chip designer Cerebras, and medical-supplies vendor Medline remain the most watched prospects in the current IPO pipeline.

About Chime

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Chime Financial, Inc. is a San Francisco–based fintech pioneer founded in 2012 by Chris Britt and Ryan King. Partnering with The Bancorp Bank and Stride Bank to hold member deposits, Chime delivers fee-free mobile banking, checking, and savings accounts, high-yield savings, peer-to-peer transfers, early paycheck access, a secured credit card, and its SpotMe™ overdraft feature – without monthly charges, minimum balances, or traditional overdraft fees. Built on a member-first ethos, Chime leverages interchange revenue instead of punitive fees, earning its spot as one of America’s most loved and most downloaded banking apps.

Since launching its service on April 15, 2014, Chime has exploded in scale: as of June 2025, it serves roughly 8.6 million active users and processes over $8 billion in transactions every month, generating $1.3 billion in revenue in 2023 while markedly reducing its losses. Backed by top-tier investors – including Sequoia Capital, DST Global, General Atlantic, and Coatue – Chime raised over $2.3 billion in private funding, peaking at a $25 billion valuation in 2021. On June 12, 2025, Chime made its public market debut on Nasdaq (ticker CHYM), raising $864 million at an $11.6 billion valuation, cementing its asset-light, payments-driven model as a formidable challenge to traditional banks

Conclusion

Chime’s IPO marks a key moment for both the company and the broader fintech sector. After years of rapid user growth, significant private funding, and strategic positioning as a low-fee alternative to traditional banks, Chime entered the public market with strong investor support and solid financial momentum. The successful debut, priced above range and followed by a strong opening day performance, reflects renewed institutional interest in high-growth fintech firms despite a still-cautious IPO environment.

While Chime faces questions about long-term profitability and regulatory exposure tied to its interchange-heavy model, its scale, brand recognition, and early 2025 profitability provide a base for continued expansion. The IPO also serves as a signal to other private fintechs watching for signs of investor readiness. For now, Chime’s entry into public markets stands as one of the few high-profile tech offerings in 2025 to clear expectations – and possibly raise the bar for what’s next.

Coinbase buys Deribit

Coinbase to Buy Options Exchange, Deribit

Coinbase has announced a landmark $2.9 billion acquisition of Deribit. Deribit is a leading Dubai-based crypto derivatives exchange, and with this deal, Coinbase will expand its international footprint and strengthen its position in the global derivatives market. As Coinbase buys Deribit, this transaction marks the largest acquisition in the history of the cryptocurrency industry. The deal comprises $700 million in cash and 11 million shares of Coinbase’s Class A common stock.

Shares of Coinbase, which had declined nearly 21% year-to-date in 2025, rose 5.7% following the announcement.

Key Takeaways
  • Coinbase agreed to acquire Deribit for $2.9 billion, comprising $700 million in cash and 11 million Coinbase Class A shares.
  • The move will strengthen Coinbase’s position in the crypto derivatives market by offering a broader range of spot, futures, and options trading.
  • Coinbase shares, down nearly 21% in 2025 before the announcement, rose about 5.2% in pre-market trading after the news.
  • The transaction reflects growing consolidation in the crypto sector, following Kraken’s $1.5 billion acquisition of NinjaTrader earlier in March.

Coinbase buys Deribit in a $2.9 Billion Deal, Aims to Reshape Global Crypto Derivatives Trading

On May 8, 2025, Coinbase agreed to buy Deribit outright for about $2.9 billion – $700 million in cash plus 11 million new Class A shares. They announced it at the same time on Coinbase’s blog and Deribit’s Insights site, and they expect to wrap everything up by the end of the year once regulators sign off and routine closing steps are done. This deal tops anything we’ve seen so far in crypto M&A – Kraken’s $1.5 billion buy of NinjaTrader now looks small by comparison.

What drives this move is the chance to fold Deribit’s options business into Coinbase’s existing lineup of spot, futures, and perpetual futures markets. That means traders will be able to move collateral and margin around more easily, cutting funding costs and smoothing out how they manage positions across different products.

Deribit brings deep liquidity and a solid market-making setup, so Coinbase can offer tighter spreads and faster execution across its global venues. Plus, Deribit already has a big footprint in Europe and Asia, so Coinbase gets instant scale in markets where leverage trading is standard.

The overall crypto derivatives scene has blown up fast – there’s now over $3 trillion in notional open interest floating around, and some analysts say it’s on par with the equity options boom of the ’90s. In places like Europe and Asia, where Deribit is strong, traders have been hungry for more sophisticated tools, and regulators have set up frameworks that make options and perpetuals easy to use.

coinbase

Big names in the space know they need full-service derivatives platforms, and this isn’t the only consolidation you’ve seen – Ripple, Kraken, and others have been snapping up complementary businesses, too.

From a financial angle, Deribit has a history of healthy adjusted EBITDA, which should balance out the ups and downs of Coinbase’s spot business and give its margins a boost. Sure, issuing 11 million shares dilutes things a bit, but high-margin options revenue should pay off once the deal closes. Investors seemed to like the news – Coinbase’s stock jumped nearly 6% right after the announcement. And it fits with Coinbase’s strong start to 2025: in Q1, they pulled in about $2.03 billion in revenue, up 24% from a year earlier.

Coinbase has added Xapo, Tagomi, FairX, and One River Digital over the last few years. This time around, the $700 million cash portion shows they’ve still got room on the balance sheet, and giving Deribit’s team equity stakes lines everyone up on performance down the road. They’ve already started the groundwork to fold Deribit’s matching engine into their platform, targeting an early-2026 switch, so clients shouldn’t see much service disruption.

For traders and institutions, this should open up more ways to hedge and generate yield, and retail users will get better capital efficiency and risk tools. Deribit’s hedge-fund and market-maker crowd will benefit from Coinbase’s larger fiat onramps and global licenses, while employees at both firms can look forward to new projects and cross-training. Regulators will be watching closely, and this combined entity might set the bar for how regulated crypto derivatives platforms should work.

Speaking of regulators, Coinbase still needs the green light from the CFTC to offer options in the U.S., and they’ve got to confirm that Deribit meets Bermuda’s financial rules and any EU equivalence decisions. Their proactive approach – like beating back the SEC lawsuit earlier this year and joining the S&P 500 – should help, but shifting rules could slow down or tweak what products they roll out right after closing.

On the tech side, merging two low-latency systems is never easy. Coinbase’s process-driven style and Deribit’s startup culture will need to mesh, or they risk glitches or unhappy teams. They’ve got to make sure risk protocols line up and that client trust doesn’t slip while everything gets synced up.

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Coinbase plans to use Deribit’s backbone to build out more advanced options strategies and keep expanding regulated derivatives globally. They’ve already slated U.S. perpetual-style futures to launch on July 21, 2025, under CFTC rules. Down the line, traders can expect better custody, trading, analytics, and API tools, plus more liquidity across venues. And on the R&D front, Coinbase is eyeing ways to tie on-chain derivatives into its regulated setup, which could blur the lines between centralized and decentralized markets.

The acquisition takes place against the backdrop of growing political backing for digital assets, with U.S. President Donald Trump reaffirming his intent to make the United States a leader in the global cryptocurrency arena. As regulatory sentiment turns more favorable, crypto companies are accelerating strategic acquisitions to scale operations and capture new markets. In a notable example, Ripple recently purchased multi-asset prime broker Hidden Road for $1.25 billion – its largest deal to date. Similarly, in March, Kraken revealed a $1.5 billion acquisition of retail-focused futures trading platform NinjaTrader.

About Coinbase

Coinbase cryptocurrency payment platform for secure transactions.

Coinbase Global, Inc. is an American cryptocurrency exchange founded in June 2012 by Brian Armstrong and Fred Ehrsam, operating as a remote-first company with no physical headquarters. The platform enables individuals and institutions to buy, sell, transfer, and store a wide range of digital assets – such as Bitcoin, Ethereum, and USD Coin – through products like the Coinbase app, Coinbase Advanced, and Coinbase Wallet, while also offering services for staking, commerce, and custody across more than 100 countries.

Driven by the belief that “crypto creates economic freedom by ensuring that people can participate fairly in the economy,” Coinbase aims to update the century-old financial system for over 1 billion people by providing a trusted infrastructure for trading, safekeeping, and fast, free global transfers of crypto assets.

Coinbase went public via a direct listing on the Nasdaq on April 14, 2021, at a reference price of US$250 per share, valuing the company at approximately US$47 billion in one of the landmark debuts in crypto history. As of 2024, the exchange serves over 108 million users in more than 100 countries and holds upwards of US$400 billion in assets under custody – about 12% of all bitcoin and 11% of all staked Ether globally. In fiscal 2024, Coinbase reported revenue of US$6.56 billion, operating income of US$2.31 billion, and net income of US$2.58 billion, supported by a workforce of 3,772 employees.

About Deribit

Simple digital currency logo representing Deribit cryptocurrency platform.

Deribit is a Dubai-based crypto derivatives exchange founded in 2016. It focuses on Bitcoin and Ethereum options, futures, and perpetual swaps with leverage up to 50×. Known for its fast, institutional-grade trading engine, the platform supports advanced tools like portfolio margin and block trades. It serves professional and institutional users through a customizable web and mobile interface, backed by a team of 51–200 employees.

By 2024, Deribit handled over $1.1 trillion in trading volume and held more than 85% of the global Bitcoin options market. It supports 16 cryptocurrencies and offers 24/7 customer support. The company is fully licensed by Dubai’s Virtual Asset Regulatory Authority and holds top security certifications. In May 2025, Coinbase announced a $2.9 billion deal to acquire Deribit, marking the largest crypto derivatives acquisition to date, pending regulatory approval.

Conclusion

Coinbase’s $2.9 billion acquisition of Deribit marks a defining moment for the crypto industry, signaling a major shift toward consolidation and maturity in the global derivatives space. By integrating Deribit’s deep liquidity, advanced infrastructure, and strong presence in Europe and Asia, Coinbase positions itself as a full-spectrum trading platform capable of serving both institutional and retail clients with a comprehensive suite of spot, futures, and options products.

The deal not only strengthens Coinbase’s international reach and diversifies its revenue streams but also underscores growing confidence in the regulatory direction of the digital asset space. With major players like Ripple and Kraken also executing billion-dollar acquisitions, the competitive landscape is rapidly evolving. Pending regulatory approvals, this landmark transaction could reshape how crypto derivatives are traded and regulated worldwide, potentially setting a new industry standard for transparency, efficiency, and institutional accessibility.

Adyen Fiskil Partnership

Adyen Partners with Fiskil to Enhance Merchant Onboarding and Account Verification

Adyen, the global financial technology powerhouse behind giants like Microsoft, Uber, Spotify, and eBay, has chosen Fiskil as its data-sharing partner to revolutionize merchant onboarding and account verification across Australia.

Through Fiskil’s cutting-edge banking API, Adyen will enhance its merchant experience, making onboarding faster, smoother, and more secure. Real-time financial data will give businesses the agility to onboard effortlessly while ensuring a streamlined, safe, and future-ready process.

This Adyen-Fiskil partnership goes beyond verification. Together, the two firms intend to expand the use of Open Banking beyond onboarding and verification, exploring new opportunities in areas such as credit risk assessment, transaction intelligence, and other high‑value financial services.

Key Takeaways
  • With this partnership, leveraging Fiskil’s Banking API, Adyen will streamline merchant onboarding in Australia. It means reduced delays, less friction, and improved both speed and security.
  • Leveraging live bank data allows merchants to sign up with higher confidence while meeting compliance standards through secure, consented connections.
  • This marks the start of using Open Banking beyond onboarding – anticipating tools in credit risk assessment, transaction intelligence, and future financial services.
  • With Australia’s Consumer Data Right progressing, the partnership demonstrates confidence in Fiskil’s platform and the region’s regulatory readiness for scalable, secure data-sharing

Adyen-Fiskil Partnership – Drive Real-Time Financial Data For Merchant Onboarding

On May 6, 2025, Adyen announced that it had chosen Fiskil – an Australian specialist in open banking – as its data partner in that market. Fiskil, accredited under the Consumer Data Right, offers an API that delivers account details, balances, and transaction histories straight from banks, all through a secure, standards-based interface. By plugging Fiskil’s API into its own platform, Adyen can now let merchants connect their bank accounts with a few clicks, then automatically fetch and check the necessary details in minutes instead of days.

This process is streamlined. When a merchant goes through Adyen’s onboarding flow, they’re asked to authorize access to their business bank account. Once they agree, Fiskil’s API springs into action, confirming account ownership, checking available balances, and scanning transaction history on the spot. That real-time verification replaces the old model of submitting static documents and waiting for manual review. The result is a smoother, more self-service experience that gets merchants up and running far faster, with fewer questions and less back-and-forth.

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Speed isn’t the only gain. Accurate, instant account checks also cut down on fraud and non-compliance. In the past, a payment provider might not spot a fake or risky account until long after it had already been approved. Now, with live data flowing in, Adyen can block suspicious merchants before they even finish signing up, meeting anti–money laundering and know-your-business rules right away. That keeps both Adyen and its merchant clients safer, and it means fewer headaches when regulators come calling.

Fiskil’s API is built for developers and security teams alike. It uses standard REST calls with JSON payloads, follows global open banking specs, and brings in OAuth 2.0 consent flows to make sure only approved requests go through. Data is encrypted in transit and at rest, there’s a SOC 2 certification for the infrastructure, and every access event is logged for auditing. Developers get a sandbox environment, clear documentation, and SDKs that let them test and integrate features without risking production systems. All of this made it possible for Adyen’s engineers to roll out the new onboarding and verification tools without major hiccups.

Adyen chose to improve its data setup just as Australia’s open banking rules are shifting. The government has overhauled the Consumer Data Right and will bring non-bank lenders on board in 2025, opening up fresh opportunities for services that rely on live financial data. In Australia, the CDR is overseen by agencies like the ACCC and the OAIC, and it sets strict guidelines for how banks and other data holders must share consumer data upon request. Companies that want to receive that data, like Fiskil, have to meet tough standards around privacy, insurance, dispute handling, and technical readiness. Since the CDR launched, the number of accredited recipients has climbed steadily, and Fiskil has become one of the top players, working with more than two dozen finance and energy ventures to date.

To see the impact in a real-world setting, let’s take an example of a mid-sized online store in Melbourne. Under the old process, the owner would gather business licenses, bank statements, and other documents, submit them to a payment provider, and then wait, often several days, while compliance teams waded through the paperwork. With the new Adyen-Fiskil setup, the owner only needs to click “Connect my bank,” agree to share data, and watch as the system checks everything in under an hour. By the end of the morning, they’re live and able to take payments, turning what used to be a week-long chore into a quick, digital handshake.

Leadership at both companies sees this as just the start. Blanca Ferrero, Adyen’s global lead for open banking, points out that the industry is only beginning to tap into the value of live financial data. She believes open banking is changing how businesses tap into and use financial data, leading to smarter, faster decisions. Working with Fiskil lets Adyen broaden those capabilities in Australia, offering smooth, scalable tools for verifying accounts, onboarding merchants, and more. Thanks to Fiskil’s secure data connections, Adyen can keep innovating without sacrificing compliance or user experience. She believes as Adyen extends its reach around the world, this partnership will be crucial for opening up fresh opportunities for merchants and businesses.

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On the other hand, Jacob Parker, Fiskil’s CEO and founder, says Adyen’s decision confirms that Fiskil’s infrastructure can deliver secure, real-time financial data at scale. He notes Adyen’s reputation for innovation and operational excellence sets a high standard, and Fiskil is proud to support their open banking strategy in Australia. This partnership reflects a wider market shift – reliable, consented data is now essential for smooth, intelligent customer experiences. Fiskil looks forward to helping Adyen reshape onboarding, verification, and beyond.

Of course, bringing together two complex systems isn’t without challenges. The teams had to nail down how data fields map between Fiskil and Adyen, build robust consent screens, and make sure errors, like a temporary loss of API access, don’t leave merchants stranded. They leaned on Fiskil’s sandbox to test edge cases, set up automated retries, and ran contract tests to keep both sides in sync. By working in short sprints and maintaining open communication, they rolled out the new features without disrupting existing customers.

Along the way, a few best practices emerged. Clear consent prompts are vital to avoid confusing merchants. APIs should be idempotent, meaning repeated calls won’t create duplicate records or unwanted side effects. Teams need to track latency and error rates closely, so they can spot issues before they affect real users. And having a cross-functional incident response plan, one that brings engineers, product managers, and compliance officers together, makes it easier to address problems quickly.

Real-time transaction feeds could also fuel dynamic credit scoring, so Adyen might one day offer short-term loans based on a merchant’s actual cash flow. The same data could feed analytics services that spot sales trends, predict fraud, or help merchants tailor their marketing. Open banking connections could even link directly to accounting software or loyalty platforms, giving businesses a unified view of their finances in one place.

For merchants, the immediate gains are that they get set up faster, face fewer compliance hurdles, and enjoy a lower risk of fraud. Small businesses can start selling sooner, while larger ones benefit from reliable, automated checks that scale with their volume. That means teams can spend less time on paperwork and more time on strategy, growth, and customer service.

About Adyen

About Adyen

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Adyen N.V. is a Dutch fintech company founded in 2006 in Amsterdam by Pieter van der Does and Arnout Schuijff. The firm offers a unified global payment platform that integrates online, mobile, and point‑of‑sale transactions through a single in‑house infrastructure. As both a payment gateway and acquiring bank, Adyen enables merchants to accept a wide range of local and international payment methods – debit, credit, real-time bank transfers, alternative local options like Brazil’s Boleto, and mobile wallets – while providing risk management, issuing, and acquiring services through one system. Headquartered in Amsterdam, the company has over 4,300 employees across more than 28 offices globally, and processed approximately €970 billion in transaction volume in 2023.

Adyen has grown rapidly and profitably, going public on Euronext Amsterdam in June 2018. It posted €2.25 billion in revenue and €925 million in net income in 2024, and boasts a market cap of around €50 billion as of June 26, 2025 . Its platform powers payments for major global brands including Microsoft, Uber, Spotify, eBay, Booking.com, and H&M. With capabilities spanning unified commerce, fraud detection, data-driven insights, and issuing virtual and physical cards, Adyen positions itself as a tech-forward “engineered for ambition” partner that enables businesses to expand globally while optimizing conversion and controlling financial operations.

About Fiskil

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Fiskil is an Australian-founded fintech, established in 2020 by Jacob Parker, with its headquarters in Sydney and a second office in Brisbane. The company delivers an enterprise-grade, API-first platform focused on secure consumer-permissioned data sharing, enabling compliance with Open Banking frameworks (including CDR, FDX, Section 1033) across finance and energy sectors in jurisdictions like Australia, the UK, and the U.S. With over 115 financial institutions and more than 20 energy providers integrated – and a platform built for high availability (99.99% uptime) and robust security, including SOC 2 and ASAE 3150 Type II, AES‑256 encryption, cloud-native architecture, multi-factor authentication, and active monitoring – Fiskil is designed to simplify data connectivity while fulfilling stringent compliance requirements.

Fiskil’s offering includes a Data Holder solution, a Product Portal, Banking APIs, and Energy APIs, all customizable to embed consent flows that reflect each brand’s identity. Trusted by notable clients such as Adyen – and recently recognized as a 2025 Finnies finalist for Best Innovation in Open Banking/Open Finance – Fiskil empowers fintechs, banks, and utilities to reduce compliance risk, eliminate outdated methods like screen‑scraping, enhance fraud detection, and improve consumer experience. Its scalable, secure infrastructure has also been leveraged in high-impact partnerships, such as with treasury‑focused Finmo, enabling seamless real‑time financial data connectivity that streamlines treasury operations and cash visibility for corporate finance teams.

Conclusion

Adyen’s partnership with Fiskil reflects a clear shift toward faster, smarter, and more secure onboarding through the use of real-time financial data. By replacing manual checks with live, consented access to verified bank information, Adyen not only improves speed and accuracy but also reduces fraud risk and strengthens compliance.

The move is in line with the broader regulatory changes in Australia and shows how Open Banking can drive tangible improvements in business processes. For merchants, the result is less paperwork, quicker access to payments, and a system that scales with their growth. For Adyen and Fiskil, it’s a step toward a more connected, data-driven financial ecosystem.

Robinhood WonderFi

Robinhood to Buy WonderFi for $179M

Robinhood is making its biggest global move yet with the acquisition of WonderFi, a leading Canadian crypto company, for approximately CAD 250 million (USD 179 million) in an all‑cash transaction. The Robinhood WonderFi acquisition deal, announced on May 13, is on track to close in the latter half of 2025, pending customary approvals.

WonderFi operates Coinsquare and Bitbuy, leading regulated crypto platforms with a longstanding presence in the Canadian market, with over CAD $2.1 billion in assets under custody. Together, they offer trading, staking, and custodial services to retail and institutional users, making them central players in the Canadian digital asset market.

Upon completion of the acquisition, WonderFi’s team will join Robinhood Crypto, further strengthening the company’s presence in Canada.

Digital currency wallet with Bitcoin and Ethereum coins for crypto payment solutions.
Key Takeaways
  • Robinhood is acquiring WonderFi for approximately CAD 250 million in an all-cash deal. With this acquisition, Robinhood is expanding its international crypto footprint, notably in Canada.
  • The deal values WonderFi at C$0.36 per share. The valuation is a ~41 % premium over its closing price and ~71 % over its 30‑day VWAP at the time.
  • WonderFi, under its wings, runs Coinsquare and Bitbuy, which are top-regulated platforms. The company manages over C$2.1 billion in custody assets and has over 1.6 million registered users in Canada.
  • The acquisition is expected to close in H2 2025, contingent on approvals. WonderFi’s products will continue under Robinhood Crypto, with its leadership and employees joining Robinhood’s Toronto hub of over 140 staff.

Robinhood WonderFi Acquisition – Accelerates Canadian Crypto Expansion with $179M

On May 13, 2025, Robinhood Markets Inc. agreed to buy WonderFi Technologies Inc. in a C$250 million all-cash deal. The purchase price equates to about US$179 million and marks Robinhood’s first major entry into Canada’s regulated crypto market. Robinhood will pay C$0.36 for each WonderFi share, a 41% premium to the closing price on the Toronto Stock Exchange and roughly 71% above the 30-day volume-weighted average price as of May 12.

Robinhood plans to use its ample cash reserves to fund the transaction. At quarter-end on March 31, 2025, it held US$4.4 billion in cash and equivalents. The deal will consume about 14% of that balance, leaving room for further investments. In the same quarter, Robinhood generated $252 million in cryptocurrency transaction revenue, though this was down 30% from the prior quarter as market swings weighed on trading volumes.

The acquisition fast-tracks Robinhood’s push into Canada by tapping a firm already licensed under the local regulatory framework. WonderFi is a member of the Canadian Investment Regulatory Organization (CIRO) and is covered by the Canadian Investor Protection Fund (CIPF), allowing Robinhood to bypass a lengthy approval process and begin offering custody, trading, and staking services under existing licences.

WonderFi runs two of Canada’s longest-operating regulated crypto platforms, Coinsquare and Bitbuy. It managed over C$3.57 billion in trading volume in fiscal 2024, up 28% year-over-year, and held over C$2.1 billion in client assets under custody as of the deal announcement. These platforms serve both retail and institutional clients, offering services from over-the-counter trading to merchant crypto payments via SmartPay, and educational content through bitcoin.ca.

After closing, Robinhood will fold WonderFi’s technology and compliance infrastructure into its Robinhood Crypto division. By leveraging WonderFi’s back-end systems and protocols, it expects to accelerate the rollout of features such as staking, custodial wallets, and decentralized finance offerings. WonderFi will continue operating its products under its existing brands, while its leadership team remains in place to guide local operations.

The deal requires customary closing steps. WonderFi shareholders must approve the transaction by a two-thirds vote in a special meeting planned for July 2025. It also needs court approval under the British Columbia Business Corporations Act, clearance under Canada’s Competition Act, and sign-offs from Canadian securities regulators. Once those conditions are met, the deal is slated to be finalized in the latter part of the year.

Cryptocurrency coins representing Bitcoin, Ethereum, and Litecoin for digital payment solutions.

All WonderFi employees will join Robinhood Crypto, boosting its Canadian headcount above 140. Robinhood opened its Toronto headquarters in 2024 as an engineering hub and will integrate WonderFi’s staff into this base. The leadership team at WonderFi, including Executive Chairman Bobby Halpern, will stay on to support a smooth transition.

Investors reacted positively to the news. Shares of Robinhood rose 6.3% on the announcement day, extending a year-to-date gain of nearly 69% for the stock. WonderFi’s stock jumped 35% on the same day. Analysts note that adding Canadian crypto users to Robinhood’s 24 million funded accounts could drive fresh revenue and offset the near-term cash outlay.

This deal comes amid a wave of crypto-sector consolidation in 2025. Earlier this year, Coinbase paid $2.9 billion for Deribit, Ripple shelled out $1.25 billion for Hidden Road, and Kraken acquired futures platform NinjaTrader. These moves reflect a trend toward scale, compliance, and service diversification as digital-asset firms seek stability and institutional trust.

Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto, stated that WonderFi has made a strong portfolio of brands catering to both novice and experienced crypto users, making it the right partner to help advance Robinhood’s aim in Canada.

Bobby Halpern added that this agreement will serve as a springboard for Robinhood to democratize finance across the country by leveraging its brand strength in tandem with WonderFi’s deep local expertise.

About Robinhood

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Robinhood Markets, Inc. is an American financial services company headquartered in Menlo Park, California. Founded on April 18, 2013, by Vladimir Tenev and Baiju Bhatt, its mission is to “provide everyone with access to the financial markets, not just the wealthy,” a nod to its Robin Hood namesake and focus on democratizing investing.

Through its mobile and web-based platforms, Robinhood enables commission-free trading of exchange-traded funds (ETFs), stocks, index options, options, outcomes on prediction markets, futures contracts, and cryptocurrencies; it also offers cryptocurrency wallets, wealth and cash management products, FDIC-insured banking services via partner banks, and operates a financial news site, Sherwood.News.

Robinhood Markets went public on July 29, 2021, on the Nasdaq under the ticker HOOD, raising approximately $2.1 billion in its initial public offering. In fiscal year 2024, the company reported US$2.95 billion in revenue, US$1.05 billion in operating income, and a net profit of US$1.41 billion. As of Q1 2025, the company served 25.8 million funded customers with $221 billion in assets under custody and was supported by a workforce of about 2,300 employees.

The firm has expanded internationally – launching in the U.K. in March 2024 and securing a Lithuanian brokerage license in April 2025 to operate in the EU – introduced wealth management services in March 2025, and rolled out a cash-back credit card in 2024, underscoring its evolution into a diversified financial platform while navigating scrutiny over its payment-for-order-flow revenue model.

About WonderFi

About WonderFi

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WonderFi Technologies Inc. is a publicly traded Canadian technology company headquartered in Toronto, Ontario (TSX: WNDR; OTCQB: WONDF). Originally incorporated on November 1, 1990, as Austra Resources Corporation, it later became Austpro Energy Corporation before executing a reverse takeover of DeFi Ventures Inc. in January 2021 and rebranding as WonderFi Technologies Inc. in August 2021.

WonderFi now owns, operates, incubates, and backs ventures and infrastructure across international crypto markets, with flagship retail and institutional crypto trading platforms Coinsquare and Bitbuy, the SmartPay payment solutions business, Tetra Trust custodial services, and its WonderFi Labs incubation arm, while also developing new products such as the WonderFi Layer-2 blockchain and WonderFi Wallet.

WonderFi’s growth trajectory has been marked by accelerating financial performance and user adoption. In fiscal year 2024, Coinsquare, Bitbuy, and SmartPay generated combined revenue and interest income of C$62.1 million – a 108 % year-over-year increase – and delivered an adjusted EBITDA of C$12 million (versus a negative C$4.8 million in 2023), while its cash and digital assets balance swelled to C$48.7 million as of December 31, 2024.

By January 31, 2025, client assets under custody had climbed to approximately C$2.4 billion, with combined trading volumes of C$543 million and estimated monthly revenue of C$7.75–8.25 million, reflecting robust engagement across its platforms. In May 2025, Robinhood Markets announced an all-cash agreement to acquire WonderFi for C$250 million, underscoring WonderFi’s position as Canada’s leading crypto platform that is regulated and paving the way for its integration into a broader global financial ecosystem

Conclusion

Robinhood’s acquisition of WonderFi represents a strategic expansion into Canada’s regulated crypto market and reinforces its broader global ambitions. By acquiring two of Canada’s longest-standing digital asset platforms – Coinsquare and Bitbuy – Robinhood gains direct access to a well-established infrastructure, regulatory licenses, and a sizable user base.

The deal not only accelerates Robinhood’s international growth but also strengthens its ability to offer crypto services at scale, using WonderFi’s technology and operational experience. As regulatory clarity and user demand continue to shape the digital asset space, this acquisition positions Robinhood to compete more effectively across both North American and global markets.

TPG and Corpay Acquire AvidXchange

Corpay, TPG to Acquire AvidXchange in $2.2 Billion Deal

Corpay, a global powerhouse in corporate payments, has announced a landmark agreement to acquire a 33% stake in AvidXchange Holdings, partnering with TPG to take the company private. As TPG and Corpay Acquire AvidXchange, with the transaction valued at $2.2 billion, positions Corpay as a pivotal player in AvidXchange’s future, with an investment of roughly $500 million at $10 per share. The deal is expected to close in Q4 2025, pending shareholder and regulatory approvals.

AvidXchange, a leading provider of accounts payable automation for the lower middle market  – serving industries from real estate and homeowners’ associations to financial services and media – will benefit from the combined expertise and resources of Corpay and TPG to supercharge its growth beyond the public markets.

For Corpay, the investment is a strategic extension of its core offerings in commercial card issuance and payments automation. The agreement also includes an option for Corpay to acquire full ownership of AvidXchange by 2028, further strengthening the company’s position in payments and automation.

Key Takeaways
  • Corpay and TPG have partnered to acquire AvidXchange in an all-cash deal at $10 per share. The valuation is roughly a 22% premium over the stock’s close before the deal was announced.
  • Under the terms, TPG will be the majority stakeholder in the company, while Corpay will invest around $500 million for a 33% equity share, with an option to acquire more in 2028.
  • This is a strategic move that will favor both Corpay and TPG as both companies try to boost their presence in the corporate payments sector. This partnership is expected to strengthen operations as well, as AvidXchange offers automated accounts payable tools and supplier connectivity.
  • As the fintech unicorn from Charlotte that went public in 2021, AvidXchange will return to private status after the acquisition goes through.
  • AvidXchange currently employs over 1,600 workers, who will receive the same base pay and benefits for at least 12 months after the deal closes, and will continue to operate under the AvidXchange brand as part of normal business operations.

TPG and Corpay Acquire AvidXchange in $2.2 Billion Deal

In early May, TPG and Corpay agreed to buy AvidXchange in an all-cash deal worth $2.2 billion. The offer was announced on May 6, 2025, at $10 a share, which is 22% above its $8.20 closing price on May 6, 2025. That price was about 22% above AvidXchange’s closing price that day. It also stands 16% higher than the 90-day volume-weighted average through that date, and 45% above the $6.89 closing price on March 12, 2025, just before media reports of a possible sale surfaced. After the announcement, its stock jumped nearly 20% in after-hours trading.

Under the deal, TPG will hold the majority stake, and Corpay will invest about $500 million for a 33% share. Corpay can buy the rest in 2028 if it chooses. The transaction must clear regulators and win shareholder approval. If all goes as planned, it should close in the fourth quarter of 2025.

After closing, AvidXchange will become a private company. That status will give it more freedom to invest in growth and to roll out integrated payment tools that drive efficiency, visibility, and control for its customers.

Michael Praeger, AvidXchange’s CEO, said the agreement offers strong value to shareholders and positions the company for long-term success. He noted that over the past 25 years, AvidXchange has built a leading platform in AP automation and payment software. With support from TPG and Corpay, the company will have the resources and focus to expand its platform and deliver new solutions that help clients across the country streamline their accounts payable processes.

TPG sees a big chance in accounts payable automation. It already backs payment companies like Freedom Pay and Toast. Adding AvidXchange gives it software for invoice processing and a network to handle payments in real time. TPG believes businesses need tools to cut manual work, boost security, and get faster payment data.

John Flynn, a partner at TPG, said there’s a big opportunity for companies to automate their accounts payable and make it more efficient, secure, and accurate. AvidXchange is filling that gap with a unique payment network and end-to-end tools that slot directly into existing workflows, giving businesses and their suppliers better connectivity. He added that they’re excited to team up with Michael Praeger and the AvidXchange team, along with Ron Clarke and the Corpay team, to help the platform keep growing.

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TPG partner Tim Millikin said their tech team has spent years working on accounts payable automation and has always seen AvidXchange as a leader in the field. He added that today’s businesses need up-to-date payment technology, and as a private company, AvidXchange will be able to keep improving its tools to boost visibility and efficiency throughout the payment process.

Corpay, which used to be called FleetCor, focuses on spend management and payment solutions. It already processes card payments for AvidXchange customers. By taking an ownership stake, Corpay can blend its transaction services with AvidXchange’s software. This could mean one platform for managing invoices and payments, with revenues from subscriptions and transaction fees.

Corpay’s chairman and CEO, Ron Clarke, said they “couldn’t pass up the chance” to join the deal and invest in a big corporate payments business. He said AvidXchange’s AP automation tools support over 8,500 mid-market businesses and fit well with their corporate payments services. He added that they’re excited about the company’s future.

TPG partner John Flynn pointed to a large opportunity. He said many companies still handle payables by hand and need more efficient, accurate systems. His colleague, Tim Millikin, added that modern firms demand modern payment tech. He said AvidXchange can keep improving its tools to give users better visibility and smoother workflows.

The global market for accounts payable automation is growing fast. It was about $4.48 billion in 2024 and is set to reach $6.17 billion in 2025. Analysts expect a compound annual growth rate of 12.6% through 2030. Growth drivers include cloud finance systems, e-invoicing rules, and faster payment networks. Companies aim to cut costs, meet tax rules, and see cash flows in real time.

AvidXchange competes with firms like Tipalti, Bill.com, Stampli, MineralTree, and FreshBooks. Big ERP vendors such as SAP Concur, Oracle, and Sage also offer AP modules. The sector moves quickly, with AI, robotic process automation, and APIs changing how invoices get processed. Providers try to stand out with advanced analytics and touchless workflows.

After the deal news, some analysts noted a competing bid earlier in the week. A British firm, Alpha Group International, had made a cash proposal that AvidXchange turned down. That hinted at a strong interest in the company’s mid-market AP platform. Now, with the public market behind it, AvidXchange can spend more on product development and maybe buy smaller tech companies without quarterly earnings pressure.

The planned structure is a tender offer at $10 per share. If enough shareholders agree and regulators sign off, AvidXchange will leave the NASDAQ and go private. Its board will include people from both TPG and Corpay. And if Corpay exercises its 2028 option, it could own the whole business, depending on performance goals and market conditions.

As a private company, AvidXchange may expand into related areas like accounts receivable automation and financial supply chain tools. TPG’s capital and Corpay’s payment network could help bring in new clients and products. Being free from quarterly reports gives the firm room to invest in AI-driven forecasting and fraud detection. Corpay’s treasury and expense systems might merge with AvidXchange’s invoice-to-pay software, creating a unified solution that handles everything from invoice receipt to supplier reconciliation. That could open new revenue streams and keep customers tied to the platform.

AvidXchange engaged Financial Technology Partners and Barclays for financial advice and turned to Latham & Watkins LLP for legal counsel. TPG enlisted J.P. Morgan Securities LLC, Moelis & Company, and RBC Capital Markets as its financial advisors, while Davis Polk & Wardwell LLP and Schulte Roth & Zabel LLP provided its legal guidance. Corpay’s financial work was advised by Goldman Sachs, with Eversheds Sutherland handling its legal matters.

About Corpay

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Corpay, Inc. (NYSE: CPAY) is a publicly traded corporate payments and expense management company and a member of the S&P 500. Headquartered in the Terminus 100 building in Atlanta, Georgia, the company served over 800,000 business clients in 2024, generating $4.0 billion in revenue and $1.4 billion in adjusted net income.

Founded in 2000, the company was originally known as FleetCor Technologies, and under the leadership of Chairman and CEO Ronald F. Clarke, it grew through a series of strategic acquisitions and partnerships that expanded its reach across more than 100 countries. In January 2023, FleetCor completed the acquisition of UK-based Global Reach Group to enhance its cross-border payment offerings, and on March 25, 2024, the company officially rebranded to Corpay, Inc., trading under the ticker CPAY to better reflect its breadth of corporate payment solutions.

About TPG

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TPG Inc. (NASDAQ: TPG) is a leading global alternative asset management firm founded in San Francisco in 1992 by Jim Coulter and David Bonderman. Headquartered in both San Francisco, California, and Fort Worth, Texas, the firm manages approximately $251 billion in assets across a diversified set of strategies, including private equity, growth capital, real estate, credit, and impact investing. As of March 31, 2025, TPG’s total assets under management reached $251 billion – a 12% increase year-over-year – with fee-earning AUM growing to $143 billion, underscoring its robust fundraising and deployment capabilities.

Under the leadership of sole CEO Jon Winkelried since 2021, TPG operates through five core platforms – Private Equity, Growth, Real Estate, Credit, and Impact Investing – and maintains a presence in over a dozen countries with roughly 400 investment professionals collaborating across disciplines. Bolstering its global reach, TPG completed the $2.7 billion acquisition of Angelo Gordon in 2023 to strengthen its credit and real estate capabilities, and in March 2024 launched a mega Asian buyout fund valued at W6.7 trillion, reflecting its commitment to strategic expansion in high-growth markets.

About AvidXchange

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AvidXchange, Inc. (Nasdaq: AVDX) is a leading fintech company that specializes in automating accounts payable (AP) and payment processes for middle-market businesses and their suppliers, helping organizations cut costs, improve visibility, and drive efficiency. Founded in a Charlotte coffee shop in 2000 by CEO Michael Praeger and David Miller, the company’s AvidPay Network now serves over 8,000 North American companies, has paid more than 1.3 million suppliers across 79.1 million transactions, and managed $242 billion in spend in 2024 alone.

Under the leadership of Co-Founder and CEO Michael Praeger, AvidXchange has grown to more than 1,600 employees and achieved recognition on the Forbes Cloud 100 and Deloitte Technology Fast 500 lists for its rapid expansion and innovation in AP automation. The company went public on the Nasdaq in 2021 under the ticker AVDX. With this acquisition by Corpay and TPG in a $2.2 billion all-cash transaction, AvidXchange will be private again, positioning it to make further strategic investments in its integrated payment solutions.

Conclusion

The $2.2 billion acquisition of AvidXchange by TPG and Corpay marks a major shift in the accounts payable automation space. By going private, AvidXchange gains the flexibility to invest in innovation without public market pressures, while Corpay and TPG strengthen their foothold in financial technology.

With combined resources, industry expertise, and a clear growth strategy, the partnership sets the stage for expanding integrated payment solutions that help businesses modernize their financial operations. As regulatory approvals move forward, all eyes will be on how this alliance reshapes the mid-market payments landscape in the coming years.

Stripe Sessions 2025

Highlights from Stripe Sessions 2025

Stripe Sessions 2025 brought together thousands of Stripe users, developers, and business leaders eager to learn how to get the most out of the platform’s ever-expanding suite of products. Across multiple deep-dive sessions, Stripe’s engineering and product teams shared best practices, launched new tools, and demonstrated real-world integrations built to be simple, resilient, and scalable.

Here are the highlights you don’t want to miss.

Key Takeaways from Stripe Sessions 2025

The Stripe Sessions event in 2025 felt like a reality check for online commerce. It brought together developers, businesses, and tech leaders to discuss how payments and business processes are changing. The focus was simple – make it easier for businesses to move money, no matter where they operate.

Stripe founders Patrick and John Collison opened the event by highlighting the company’s growth. Stripe now handles roughly $1.4 trillion in payments every year – about 1.3% of global economic activity. Businesses using Stripe are growing faster than average companies in the S&P 500. It was clear from the start that Stripe has grown beyond just handling payments. With over 500 API endpoints covering payments, billing, taxes, and more, Stripe now acts as a complete financial operating system.

A conversation with Mark Zuckerberg followed. The focus was on AI and how it can help businesses work more efficiently. Zuckerberg spoke about AI being a tool that can reduce repetitive work and make it possible for smaller teams to do more.

Another highlight was a talk with Jony Ive. The former Apple designer spoke about making products that work well for people. He spoke about focusing on values and simplicity. In an event largely about payments and platforms, this was a reminder that design still needs to revolve around the person using the product.

Stripe Sessions

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Stripe used the event to launch new tools and to highlight how it’s responding to changes in commerce. Will Gaybrick, Stripe’s chief product officer, spoke openly about what businesses need now. The focus was on making payments more flexible and making it easier to operate in more places. Stripe announced a feature called Orchestration that lets businesses manage payments across providers.

Instead of polling the API, developers can subscribe to precisely the events they need, be it payment_intent.succeeded for a successful charge or payout. paid when funds hit a recipient’s bank account – and receive those notifications through webhooks or the newer cloud destinations (such as Amazon EventBridge, Azure Event Grid, or Google Pub/Sub).

Within the Stripe Dashboard’s Workbench environment, developers registered webhook endpoints, subscribed only to the specific events their applications require, and secured deliveries with a unique signing secret. The demonstration also covered enhancements to the Stripe CLI, which now supports local forwarding and live-mode tail operations for both standard and cloud-destination events, along with fixture generation to prototype against representative data without touching production. In addition, new commands simplify replaying and inspecting webhook payloads during development.

Security guidance stressed preserving the raw request body through framework middleware so signature verification always matches the original payload, and separating test-mode from live-mode secrets to prevent mistakes. Developers learned not to trust event ordering, since asynchronous workflows can emit multiple events that may arrive out of sequence; rather, one should always fetch the latest object state directly via the API before performing any side effects.

A preview of the thin-event format showed how future API versions will deliver only the minimal fields needed for triggering workflows, with full object snapshots available on demand through SDK calls. Thin events will soon expand to cover every event type, halving average payload sizes and reducing delivery latency while encouraging SDK-driven object hydration.

Following the events session, the focus shifted to synchronizing Stripe data with internal systems. Speakers outlined the trade-off between treating Stripe as the primary source of truth, which simplifies design but increases API usage and leads to eventual consistency, and maintaining one’s own database as the system of record, which reduces call volume but requires bespoke synchronization logic.

To optimize API efficiency, developers were encouraged to use the expansion parameter or the v2 include syntax to retrieve related objects in a single request. Metadata was presented as a lightweight mechanism for tagging Stripe resources with custom key-value pairs that link them to internal records; teams must validate metadata content and use explicit API parameters to propagate custom fields across related objects.

Upcoming support for Google Pub/Sub and Microsoft Event Grid as additional cloud destinations will give teams more choices for routing event streams into their existing infrastructures, while enhanced filtering and delivery guarantees will further reduce the need for custom retry logic.

A new data pipeline toolkit rounds out Stripe’s approach to data synchronization by providing a low-code way to export charges, customers, and balances into data warehouses or cloud stores on a schedule. By configuring a few steps in the dashboard, organizations can maintain reliable and consistent data without building and operating custom ETL pipelines. Tax teams also received news of improvements; automatic indirect tax capabilities for destination-based VAT are now generally available across more than thirty jurisdictions, and a tax simulation API allows platforms to preview invoice tax calculations without generating live records.

Stripe

Attention then turned to API versioning and the revised release cadence that delivers two major releases each year containing breaking changes, followed by monthly additions of new features. Each release now carries a human-friendly name drawn from botanical themes. Workbench surfaces the API versions in use across integration components, and request logs can be filtered by version to identify legacy clients.

Developers learned how to consult the changelog, filter for breaking changes by product area, and follow step-by-step upgrade guides that include sandbox testing, SDK update,s and webhook migration, before finally adjusting the account default version to catch any stray calls.

Later in the day, a unified accounts API was introduced to simplify customer and connected account management. The Accounts v2 model consolidates identity details such as business name and address, configurations representing roles like customer or merchant, and requirements that drive capability activation. In a demo of a fictional pet salon platform, presenters created a v2 account instance with multiple configurations, collected the required information to enable subscription billing and payment acceptance, and added a bank account for payouts via the new external accounts endpoint.

They showed how the same account identifier can be used across existing v1 APIs for charges, balance reads, and refunds. As an advanced example, they demonstrated paying subscription fees directly from the Stripe balance with a balance-type setup intent to illustrate on-network money movement flows.

To accelerate adoption, a Blueprint feature became available within Workbench. This provides interactive guides that run real API calls in a user sandbox while generating code snippets in multiple languages for each task. Initially supporting JavaScript, Ruby, and Python, Blueprint will soon add Go, Java, and PHP so polyglot teams can follow a single tutorial. Organizations can follow templates for common patterns such as subscription setup, embedded payments, and identity onboarding.

Stablecoin support was announced as part of Stripe’s effort to modernize programmable money rails. Platforms can now issue, manage, and settle in USD-pegged tokens such as USDC with both on-chain and off-chain minting and redemption. Native API endpoints allow the creation of customer balances in stablecoin, conversion between fiat and digital assets on demand and peer-to-peer transfers or external payouts. Stripe’s compliance and identity tools extend into the stablecoin flows, giving platforms a unified way to meet regulatory requirements while offering faster settlement and reduced counterparty risk.

Developers also gained access to an AI assistant embedded directly in the documentation site and Workbench. This assistant answers natural-language questions about endpoints, parameters, and error codes, generates or adapts code snippets on the fly, offers code-completion suggestions as developers type in the API explorer, and highlights common best practices. By reducing context switching, the feature accelerates learning and troubleshooting for teams as they adopt new Stripe capabilities.

In the final session, Stripe Workflows was presented as a fully managed orchestration engine that enables low-code automation of business logic without infrastructure to provision or maintain. Attendees compared a thirty-five-line Node.js script that required secret management, HTTP server code, webhook signature verification, idempotency handling, and error logging to a three-step visual workflow that sends an email on successful payment in minutes. Built-in features include detailed run histories with input and output inspection, one-click retry of failed executions, automatic idempotency key assignment for every action, and guard rails against recursive event loops.

Workflows support filtering on event payload fields, dynamic fields to pass data between steps, conditional branching, and over six hundred preconfigured Stripe actions. Use cases range from tagging high-value customers to automating compliance reviews, early fraud warnings, and end-to-end quotation to subscription pipelines. A preview of third-party actions showed how upcoming integrations with Slack, PagerDuty, and Twilio will enable fully cross-service automations without writing glue code. Throughout Sessions 2025, Stripe reinforced its commitment to secure, reliable, and developer-friendly tools that simplify the task of building sophisticated financial applications.

Final Thoughts

Stripe Sessions 2025 made it clear that Stripe is no longer just a payment processor – it’s positioning itself as a complete financial and operational infrastructure for modern businesses. From flexible payment orchestration to managed workflows and detailed sync strategies, the sessions focused on solving real implementation challenges for developers and scaling needs for companies.

Whether you’re building for scale, streamlining operations, or looking for more control over how payments fit into your broader systems, Stripe’s updates aim to reduce complexity without limiting functionality. The emphasis on practical tooling, clear APIs, and security-first architecture shows that Stripe continues to prioritize reliability and developer usability as it grows.

Xero Online Bill Payment

Xero Launches U.S. Online Bill Payments, Powered by BILL

Global small business platform Xero has launched a bold new bill payment feature for its U.S. customers, marking a major step forward in its strategic partnership with BILL – the leading financial operations platform for SMBs. With Xero Online Bill Payment integration, U.S. small businesses can now seamlessly manage and pay bills directly within Xero, eliminating the need to switch between platforms.

This powerful update allows users to pay multiple bills in one go, track every payment in real-time, and access BILL’s vast proprietary network of 7.1 million members to easily discover and pay vendors. Xero customers also benefit from enhanced security, with two-step verification safeguarding every transaction. It’s a smarter, faster, and more secure way to take control of cash flow – all without leaving the Xero platform.

Key Takeaways
  • U.S. small businesses can now pay bills directly through Xero using BILL.com’s infrastructure – no need for separate platforms or check-writing.
  • With 7.1 million vendors in BILL’s network, users can easily find and pay suppliers without re-entering information, reducing errors and setup time.
  • The system shows live payment statuses and automatically matches paid bills with bank feeds, helping keep books current and minimizing manual work.
  • There’s no added subscription fee – just per-transaction costs after a 30-day fee waiver. Two-step verification and fraud monitoring add a layer of security for small businesses.

Xero Online Bill Payment for U.S. Users Through BILL.com Integration

Xero, the global small business accounting platform, has rolled out a new embedded online bill payments feature for its U.S. customers, powered by BILL.com. Announced on April 29, 2025, this addition allows small businesses to pay vendor invoices directly within the Xero environment – no more juggling multiple portals or manually writing and mailing checks. By integrating BILL’s technology, Xero is aiming to simplify what has historically been one of the most time-consuming and error-prone tasks in small business finance: managing accounts payable.

The new service was unveiled simultaneously from Xero’s Denver and Bill.com’s San Jose offices, underscoring a strategic alliance between ASX-listed Xero (XRO) and the U.S.-based Bill.com platform. According to Xero’s media release, the integration is now generally available to all U.S. customers on the Early, Growing, and Established subscription tiers without any additional rollout phases.

At its core, the embedded bill payments feature delivers four principal benefits in one cohesive experience: the ability to pay multiple bills in just a few clicks; vendor discovery and onboarding via BILL’s 7.1 million-member network; real-time status tracking so users always know which invoices have been settled and when; and two-step verification to safeguard financial data against fraud. Each of these functions removes a key friction point – batch processing replaces repetitive check-writing, network access eliminates vendor data entry, status updates supplant manual follow-ups, and enhanced security mitigates risk.

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Beyond simple payment execution, the system automatically reconciles paid bills against connected bank feeds, marking invoices as settled and matching them to the corresponding transactions in Xero’s ledger. This auto-reconciliation reduces manual data entry errors and keeps accounting records continuously up to date, freeing business owners and advisors from hours of bookkeeping drudgery.

From a cost perspective, setting up online bill payments is free – there are no extra subscription fees or charges for additional users beyond what customers already pay for Xero. Instead, users incur only per-transaction fees when they select BILL as their payment method, and Xero is offering a promotional 30-day waiver on all transaction fees for customers who complete the BILL verification process during their initial onboarding. This model encourages small businesses to trial the service without upfront cost concerns, while still providing Xero and BILL with a predictable revenue stream based on usage.

Ariege Misherghi, Senior Vice President and General Manager of AP, AR, and the accountant channel at Bill.com, emphasized the significance of the partnership, expressing enthusiasm about bringing Bill.com’s integrated bill pay features to Xero customers in the U.S. Through this integration, businesses can now manage bill payments more efficiently, access multiple payment methods, and tap into a vast vendor network for fast, secure transactions. The collaboration aims to deliver greater value to small businesses and accountants by simplifying workflows and enhancing cash flow visibility and control.

Diya Jolly, Chief Product and Technology Officer at Xero, underscored the critical role that outgoing payments play in managing overall cash flow. She noted that for small businesses, cash flow challenges can be the deciding factor between success and failure. Staying on top of daily financial activity isn’t just smart – it’s vital for survival. By giving business owners a clear view of both upcoming bills and incoming payments, Xero helps them stay organized and confident. This level of visibility turns financial management into a strategic asset, empowering entrepreneurs to proactively shape their business’s future instead of constantly responding to unexpected challenges.

Early adopters like Dan Quigley – an accountant who also manages a touring music band – are already seeing meaningful efficiency improvements. Quigley shared that once a bill is entered into Xero, it automatically appears in the reports without the need for extra syncing or manual adjustments. This seamless integration saves time and minimizes errors. He also noted that vendors, such as merchandise suppliers, are getting paid faster. The embedded bill pay solution has significantly reduced his manual reconciliation workload and sped up his overall payment processes.

This launch comes at a critical juncture for U.S. small businesses, nearly half of which reported cash flow pressures over the past year, and 58% stated they spend more than four hours each month managing accounts payable tasks. By consolidating bill creation, approval, payment, and reconciliation into a single workflow, Xero and BILL.com directly address these pain points and help prevent late fees, vendor disputes, and strained supplier relationships.

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In the broader accounting software ecosystem, Intuit’s QuickBooks Online introduced its own Bill Pay service in 2023, offering users the ability to schedule ACH and check payments directly from QBO, invite vendors via the QuickBooks Business Network, and even select expedited next-day ACH transfers – features mirrored in Xero’s approach but underpinned by BILL.com’s extensive vendor network and security protocols. The competition between embedded payables solutions highlights the increasing demand for unified, digital-first financial operations.

Industry data underscores this shift: According to NACHA, the organization that oversees the U.S. ACH Network, the first quarter of 2025 saw 8.5 billion ACH payments valued at $22.1 trillion – a 4.2% increase in transaction volume and a 6.6% rise in value compared to the same period in 2024. As electronic payments become the norm, small businesses that move away from paper checks and disjointed banking portals are likely to gain a competitive edge through faster processing times and improved cash flow visibility.

By embedding bill payments directly within Xero’s platform, the partnership eliminates key friction points – logging into multiple portals, manual check-writing, delayed reconciliations, and siloed data – that have traditionally hindered small business operations and forecasting. Advisors and accounting firms servicing Xero clients can also leverage the tool to delegate payment preparations to team members while maintaining oversight through centralized approval workflows.

To maximize the benefits of the new feature, small businesses should map their existing vendor relationships against BILL.com’s network, inviting suppliers who aren’t yet members to join for streamlined payment processing. Setting up clear approval hierarchies within Xero ensures that the right managers vet payments prepared by staff, while routine reviews of payment status dashboards help preempt missed deadlines and identify potential cash flow bottlenecks – best practices that can turn a reactive AP function into a proactive cash management strategy.

For U.S. small businesses looking to streamline their payables, reduce manual overhead, and gain deeper insight into outgoing cash flows, the new online bill payments feature in Xero, powered by BILL.com, offers a consolidated, secure, and flexible solution that stands to redefine how invoices are settled and books are kept. Eligible customers can log in to their Xero accounts today to complete the BILL verification process and begin experiencing the efficiency gains of embedded bill pay immediately.

About Xero

About Xero

Xero Limited is a publicly listed technology company in New Zealand that provides cloud-based accounting software for small businesses. Founded in 2006 by Rod Drury and Hamish Edwards in Wellington, where its headquarters remain, the company has since expanded with offices across Australia, the United Kingdom, the United States, Canada, South Africa, and Singapore. Delivered via a software-as-a-service subscription model, Xero’s platform connects small businesses with their financial data, bank feeds, and advisors in real time, automating tasks such as bank reconciliation, invoicing, and expense management.

Xero went public on the New Zealand Exchange on 5 June 2007 and subsequently listed on the Australian Securities Exchange on 8 November 2012, trading under the ticker XRO and as a component of the S&P/ASX 200. Its software is now used by small businesses in more than 180 countries. In the fiscal year 2024, Xero reported revenue of NZ$2.103 billion and net income of NZ$227.8 million, supported by a global workforce of 4,610 employees

About BILL

About BILL

BILL Holdings, Inc. (NYSE: BILL) is a leading American fintech company that provides an integrated cloud-based financial operations platform for small and midsize businesses (SMBs). Founded in April 2006 by René Lacerte as Cashboard, Inc., the company completed its initial public offering on the New York Stock Exchange in December 2019 and is headquartered in San Jose, California. Through its SaaS model, Bill.com automates accounts payable, accounts receivable, and spend & expense management, connecting hundreds of thousands of businesses with a proprietary network of over 5.8 million members to accelerate payments and streamline workflows.

In fiscal year 2024, Bill.com reported revenue of US$ $1.29 billion, underscoring strong demand for automated financial operations among its 460,000 business users and strategic partners, including leading U.S. financial institutions and accounting firms. The company has bolstered its platform through notable acquisitions – Divvy for $2.5 billion in June 2021 and Invoice2go for $625 million in September 2021 – expanding its spend management and receivables automation capabilities. Leveraging AI-driven analytics and predictive cash flow forecasting, Bill.com continues to innovate, empowering SMBs to gain real-time visibility, optimize cash flow, and thrive in an evolving financial landscape.

Conclusion

Xero’s new online bill payment feature, powered by BILL.com, gives U.S. small businesses a more efficient way to manage accounts payable—directly from within the Xero platform. By combining bill entry, payment, and reconciliation into a single system, the integration reduces manual work, improves accuracy, and helps business owners keep better track of their cash flow.

With access to BILL’s vendor network, real-time status updates, and added security measures, the feature is designed to save time and support more informed financial decisions. For businesses already using Xero, it’s a practical upgrade that adds value without complicating workflows.

Square Expands Banking Services

Square Expands Banking Services to Give Sellers Better Control of Cash Flows

Square Supercharges Banking for Sellers: Instant Access, Smarter Saving, Faster Funding – All in One Place

Sellers spent $3.6 billion using debit cards linked to Square Checking in 2024, which is a 29% increase over the previous year, a strong signal of growing adoption and trust in Square’s banking ecosystem.

Square expands banking services on its platform with a suite of enhanced checking and savings tools designed to give sellers greater financial control. Sellers can now gain instant access to earnings, manage budgets more effectively, and secure financing faster, all within a unified experience.

Through a single, streamlined application on Square’s website or point-of-sale app, business owners can open both a Square Payments account and a free Square Checking account, simplifying account setup and integration.

Additionally, Square has upgraded its Savings feature with personalized recommendations powered by real-time cash flow data and industry insights. Now, sellers can easily organize funds into dedicated folders for key expenses like taxes, inventory, and supplies. It will significantly help them plan proactively and operate with confidence.

Key Takeaways
  • Sellers can now open a Square Payments account and a free Square Checking account through a single all-in-one application on Square’s website or POS app. They will gain instant, 24/7 access to their sales proceeds without traditional bank transfer delays.
  • Square Checking comes with zero monthly, service, or maintenance fees and no minimum balance. Without any extra charges, users can deposit cash at over 70,000 retail locations, accept ACH invoice payments fee-free, print/email checks, and use a Mastercard debit card and ATM withdrawals.
  • Square Savings now offers personalized savings suggestions based on sellers’ cash flow and industry trends. The tool helps allocate funds into expense-specific folders, such as taxes, payroll, or rent, with a competitive 1.00% APY, no fees, and FDIC insurance up to $2.5 million.
  • All this will completely (or significantly) eliminate waiting periods for transfers, and sellers reportedly save around 44 hours per month. With average customer satisfaction scores at 86%, which is over 20% higher than leading U.S. banks. Users also note a significant drop in bookkeeping time, freeing them up to focus on their business.

Square Expands Banking Services With New Features to Help Sellers Save Time and Manage Cash Flow

On April 29, 2025, Square expanded its banking tools for sellers. Now you can sign up for a Square Payments account and a free Square Checking account in one five-minute application, either online or right in the point-of-sale app. You get access to your sales revenue around the clock, with none of the delays or fees you often see at traditional banks. At the same time, Square Savings now gives you simple, personalized tips on how much to set aside for taxes, rent, payroll, and other costs, all based on your sales and what similar businesses are doing.

Square Banking first launched in 2021. Since then, hundreds of thousands of sellers have started using Square Checking and Savings every month. By building banking right into the same platform where you take payments, Square cuts out the need to switch between apps or wait days for your money to clear.

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Square Checking removes many common banking headaches. There are no monthly maintenance fees or minimum balances. You can deposit cash at over 70,000 retail locations – like Kroger, Walgreens, and Dollar General – without any extra charges. You can accept invoice payments and send money via electronic transfers using standard routing and account numbers, all at no cost. You can print or email checks to pay vendors and staff, or deposit checks remotely just by snapping a photo in the Square app. Your debit card is a Mastercard that works wherever Mastercard is accepted, and you get instant, fee-free payouts from select partner apps.

In 2024, sellers spent $3.6 billion using their Square Checking debit cards, a 29 percent jump from 2023. By year’s end, more than $300 million sat in Square Savings accounts. By cutting out the usual one- to two-day hold times on transfers, merchants saved an average of 44 hours each month. That’s time they could spend serving customers instead of getting themselves entangled with spreadsheets. Sellers rate Square Banking at 86 percent satisfaction, over 20 points higher than most main banks in the U.S.

Square Savings now makes it easy to plan for future costs. Based on your past sales and insights from Square’s network, the system suggests exact percentages of your sales to put into folders for rent, payroll, taxes, and other expenses. These folders earn 1.00 percent interest per year – more than twice the national average. There are no fees or minimum deposit requirements. You can move money back into checking instantly when you need it, and balances are FDIC-insured up to $2.5 million.

Adam Turnbull, who leads banking at Square, said sellers need banking that focuses on what matters to them – quick access to their money, easy ways to save, and a partner that supports their growth. He said Square Banking is built right into where small businesses get paid, so managing money becomes faster, simpler, and more automatic.

Money transfer illustration for Host Merchant Services.

Square Loans continues to offer simple credit. Instead of filling out long applications, eligible sellers receive loan offers based on their sales patterns. You repay by giving a small percentage of daily revenue, with no hidden fees or confusing terms. Funds land in your Square Checking account right away or by the next business day.

Not everyone will find the switch seamless. If you’re used to paper statements or face-to-face service, there can be a learning curve. Businesses that handle mostly cash or have specialized financial workflows may want to test the new tools before fully committing.

Sellers need simple banking built around how they work. They need fast access to money, clear ways to save, and a partner that supports their growth. Square Banking makes that possible by embedding banking in the same spot where you take payments.

By combining payments, banking, invoicing, inventory tools, and payroll features, Square gives merchants a single dashboard with real-time views of their performance and financial health. As more sellers see the time saved, the fee-free deposits, and the easy budgeting, Square Banking could become the financial backbone of small businesses.

The updated banking tools are available now on Square’s website and in the Square Point of Sale app. You can open a new account or link an existing one. These features are there to help you keep your money working for you every day.

About Square

About Square

Square, Inc. was founded on February 14, 2009, by Jack Dorsey and Jim McKelvey to provide an accessible platform for merchant services and mobile payments. Initially conceived around a compact smartphone-connected card reader, Square quickly broadened its offerings into a full-stack commerce ecosystem, and in December 2021, the company rebranded as Block, Inc., with Square now operating as one of Block’s core business segments.

Today, the Square segment offers merchants an integrated platform featuring point-of-sale hardware (e.g., Square Stand, Square Reader), software for inventory management, e-commerce, customer engagement, payroll processing, and business financing, alongside banking services. As of 2024, the Square ecosystem supports over 4 million sellers and 57 million end-users across eight countries, processing more than $241 billion in payments annually, making it one of the world’s largest business technology platforms.

Conclusion

Square’s expanded banking tools are built for the day-to-day needs of small businesses. By combining payments, checking, savings, and lending in one platform, Square helps sellers reduce delays, cut down on fees, and better manage their cash flow.

With fast account setup, automated savings guidance, and access to working capital based on real-time sales, sellers can spend less time managing finances and more time running their business. For those looking for a simpler, more connected way to handle money, Square Banking offers a practical alternative to traditional banks.