🚀 Bolt’s Superapp Is Live

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Hey Fintech Explorers—Welcome back to Money Explored, the essential Sunday newsletter to stay ahead in fintech!

This week, the fintech gears are grinding harder than ever. A founder makes his comeback with a crypto superapp. A rising unicorn aims for a $25M government breakthrough. And the IPO pipeline? Tariff shock just slammed it shut.

Here’s what we’re diving into:

• Bolt’s superapp signals Ryan Breslow’s bold return. 🚀

• Ramp eyes a $25M U.S. government contract. 🏛️

• New tariffs rattle public markets and freeze fintech IPOs. 🚪

It’s all happening—and that’s just the start…

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Let’s dive in!

🌎 3 Major Stories

Dive into this week’s top Fintech developments.

Bolt's New Superapp: Breslow's Bold Comeback 🚀

The Big Story 📰: Ryan Breslow, the founder and recently reinstated CEO of Bolt, is making waves with his new “superapp” that combines crypto transactions and everyday payments in one platform. This ambitious initiative comes after a tumultuous period for Breslow, marked by investor lawsuits and scrutiny over past fundraising efforts. The app aims to compete head-to-head with established players like Coinbase, Zelle, and PayPal, targeting non-technical users with features like real-time crypto trading and peer-to-peer payments. Additionally, Bolt has partnered with Midland States Bank to launch a debit card offering substantial rewards, while claiming continued growth in user engagement despite prior revenue challenges.

Key Takeaway ⚡️: Breslow's return with the “superapp” has the potential to reshape the fintech landscape, especially for users looking for a user-friendly way to handle crypto alongside traditional payments. As he seeks to revitalize Bolt's revenue model through interchange fees and crypto transactions, this app could bridge a gap left by competitors. With tens of millions of users already on board, the stakes are high; successful execution could position Bolt as a leader in a fiercely competitive market. Industry watchers should keep an eye on this development—if Breslow’s vision comes to fruition, it could signal a significant shift in how consumers interact with cryptocurrencies and digital payments.

Ramp Eyes $25M Gov Contract After DOGE Tweet 🏛️

The Big Story 📰: Expense management startup Ramp has positioned itself as a contender for a charge card pilot program under the U.S. government's SmartPay initiative, which encompasses a staggering $700 billion in spending. Reports suggest that the potential contract for Ramp could be valued at up to $25 million. Known for its technology that aims to eliminate inefficient spending, Ramp has been strategically lobbying for government engagement for several months. After catching attention from the Department of Government Efficiency (DOGE) via a public post, Ramp entered the Request for Information (RFI) process. With a recent valuation surge to $13 billion after a $150 million share sale, Ramp is mindful of the competition but confident in its proposal's potential to save taxpayer dollars.

Key Takeaway ⚡️: Ramp's pursuit of a government partnership is significant for several reasons. Firstly, winning the SmartPay pilot program would validate its technology on a national scale, potentially transforming how public sector spending is managed. The implications of saving billions could resonate throughout the government, encouraging a broader adoption of fintech solutions in public finance. Ramp's claims and investor ties to Silicon Valley elites could prompt further scrutiny and interest in its efficiency-driven approach. This could set a precedent for other fintech companies aiming to penetrate government contracting, signaling a shift in how public spending could leverage innovative financial technologies for greater efficiency.

Tariff Turmoil Closes Fintech IPO Window 🚪

The Big Story 📰: Recent trade tariffs imposed by former President Donald Trump have effectively slammed the door on a much-anticipated wave of fintech initial public offerings (IPOs). Notable companies like Klarna and Chime have postponed their plans to go public amidst falling valuations and increased market uncertainty. This decision comes on the heels of Plaid's disappointing capital raise at just $6 billion, a stark decline from its peak valuation of $13.5 billion. Investors are jittery, causing significant drops in fintech stocks as they steer away from risky investments in favor of established cash flows. The formerly bright outlook for 2025 IPOs has dimmed considerably, pushing fintech companies to consider alternative financing options.

Key Takeaway ⚡️: The current environment emphasizes a critical juncture for late-stage fintech startups, urging them to remain private longer. With IPO aspirations on hold, companies are likely to explore bridge financing or private equity investments while dealing with internal pressures for liquidity from employees holding onto illiquid equity. As geopolitical tensions continue to create volatility in the markets, the pathway to future public listings looks fraught with uncertainty. This situation serves as a timely reminder of the need for fintech firms to demonstrate defensibility and stable revenue streams rather than relying solely on growth metrics as they navigate these turbulent waters.

🔍 What Else We’re Watching

Keep an eye on these evolving Fintech Narratives.

• Moniepoint’s Bold Leap into Remittances 🌍: Nigerian fintech Moniepoint is diving into the crowded remittance scene with the launch of MonieWorld, focusing initially on the U.K.-Nigeria corridor. Backed by Visa, the unicorn aims to establish itself not just as another remittance app but as a comprehensive immigrant banking platform. CEO Tosin Eniolorunda emphasizes that while they plan to offer competitive pricing, the real goal is to provide a suite of financial services that help immigrants build credit and stay connected to their families. With existing infrastructure in Nigeria, Moniepoint hopes to carve out a meaningful place in this competitive market.

• OKX Expands U.S. Footprint with New Launches 🇺🇸🚀: Global crypto exchange OKX is making a major splash in the U.S. market with the launch of a centralized trading platform, a self-custody Web3 wallet, and the appointment of Roshan Robert as new CEO of U.S. operations. This expansion, centered in San Jose, California, will transition existing OKcoin users to OKX, promising high-speed trading, low fees, and deep liquidity. The new wallet supports over 130 blockchains, enabling users to swap tokens and access decentralized apps all within the app. Full nationwide rollout is expected by late 2025!

• Apple's Crypto Crackdown in Korea 🇰🇷: Apple has banned 14 crypto apps in South Korea, responding to a request from the Financial Intelligence Unit (FIU) amid concerns over unregistered virtual asset services. Notable exchanges like KuCoin and MEXC were targeted, following Google Play's earlier removal of 17 apps. The FIU stressed that these unregistered platforms pose risks including data breaches and money laundering. Despite the bans, South Korea's crypto market is thriving, with nearly one-third of the population holding accounts on major exchanges. Regulatory shifts are on the horizon too, as a pilot program for corporate crypto investment is set for 2025.

💸 Major Money Moves

Tracking big market shifts in Fintech this week.

• Global Payments Takes Huge Leap with $24.25B Worldpay Acquisition 🚀: In a landmark move, Global Payments has agreed to acquire Worldpay for a whopping $24.25 billion from FIS and GTCR. This transformative deal signals Global’s shift to a pureplay payments focus, shedding its issuer solutions unit for $13.5 billion. The combined entity aims to enhance its market dominance, serving over six million clients and processing a staggering 94 billion transactions globally. As both companies pivot to sharpen their competitive edge, this acquisition could reshape the payments landscape and reignite growth after facing share price challenges in recent years.

• Marshmallow Secures $90M to Soar! 🚀: U.K. insurtech Marshmallow has raised a hefty $90 million, catapulting its valuation past $2 billion. The startup, which tailors car insurance for overlooked immigrants, now boasts one million insured drivers and a $500 million annual revenue run rate. CEO Oliver Kent-Braham sees migration as a major growth opportunity, with plans to expand into financial services and home insurance. This fresh capital will help Marshmallow create a comprehensive financial services hub for newcomers in the U.K., capitalizing on a diverse and fast-growing market. Investors are betting big on its innovative approach!

• Glider's $4M Boost to Simplify Crypto 🌐: Crypto investment platform Glider has successfully raised $4 million in a funding round led by Andreessen Horowitz, joining forces with notable players like Coinbase Ventures and Uniswap Ventures. The startup aims to simplify crypto trading and DeFi access for users by automating processes while allowing full control over assets without relying on brokers or centralized exchanges. Co-founders Brian Huang and John Johnson emphasize a non-custodial approach, letting users manage their portfolios based on desired specifications, all while utilizing AI to personalize their investment experience.

Thanks for reading and have a relaxing Sunday,

— The Money Explored team