This week in the fintech sector featured significant capital injections, strategic partnerships for digital currencies, substantial international expansion plans, and a major divestiture in the banking sector.
Business banking fintech Tide secured over $120 million in a new strategic investment round led by TPG, through its impact investment platform The Rise Funds. This funding round values the company at $1.5 billion post-money, achieving unicorn status. Apax Partners, through its Apax Digital Funds, also supported this investment. Previously, Apax led a $100 million round for Tide, which resulted in a post-money valuation of $650 million. The new capital is designated to accelerate Tide’s international expansion, support rapid product development, and advance its investment into agentic AI.
Separately, nine prominent European financial institutions have collaborated to develop and launch a euro-denominated stablecoin. The consortium, which includes Danske Bank, ING, Banca Sella, CaixaBank, KBC, DekaBank, UniCredit, SEB, and Raiffeisen Bank International, stated their aim is to create “a real European alternative to the US-dominated stablecoin market, contributing to Europe’s strategic autonomy in payments.” The initiative is open to additional banking partners. This MiCAR-compliant digital currency is scheduled for initial issuance in the second half of 2026 and is intended to facilitate around-the-clock, near-instant cross-border transactions, alongside enhancing supply chain management and digital asset settlement processes.
In a related development, Peter Glyman, co-founder of Geezeo, has departed Jack Henry to launch a new stablecoin venture named Coinbax. Glyman indicated that Coinbax will focus on providing infrastructure for stablecoin payments and escrow, utilizing risk-controlled, reversible smart contracts. The offering is designed to serve banks, fintechs, and corporates engaged in B2B payments, cross-border transactions, and trade finance. Coinbax is slated for a public launch by the end of this year, with early preparations, including capital raising and team building, currently in progress.
Digital challenger Revolut has outlined its international growth strategy following the opening of its new global headquarters in London’s Canary Wharf. The company aims to increase its retail customer base from 65 million to 100 million globally by mid-2027 and enter over 30 new markets by 2030. To achieve these targets, Revolut plans to invest £10 billion ($13 billion) globally over the next five years, projecting the creation of 10,000 new jobs. Of this investment, £3 billion ($4 billion) is allocated to the UK market, expected to generate over 1,000 domestic positions. Additionally, £375 million ($500 million) will support its US expansion, and £880 million ($1.2 billion) will be directed towards operations in Western Europe.
Furthermore, Mexican financier Fernando Chico Pardo has agreed to acquire Citi’s 25% equity stake in Grupo Financiero Banamex for approximately $2.3 billion. The acquisition will be conducted through a company wholly owned by Chico Pardo and his immediate family members. The transaction involves around 520 million shares of Banamex’s outstanding common shares at a fixed price-to-book ratio of 0.80 times the local book value at closing. Citi originally acquired Banamex in 2001 for $12.5 billion. While Citi is considering a public offering for Banamex, decisions regarding the timing and structure of any potential IPO will be guided by market conditions and the receipt of regulatory approvals.
