📈 Ribbit’s $500M Bet

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

This week, fintech’s heartbeat is getting louder. A powerhouse VC firm is back with a $500M raise, Klarna is gearing up to take over Walmart’s checkout lanes, and crypto is edging closer to Wall Street standards with regulated XRP futures. These aren’t just headlines—they’re signals that fintech’s next wave is here.

Here’s what we’re diving into:

• Ribbit Capital raises $500M, signaling fintech’s venture rebound. 📈

• Klarna lands Walmart deal, squeezing out Affirm. 💥

• Bitnomial’s XRP futures launch, following the SEC’s retreat. 🛠️

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.

Ribbit Capital Raises $500M Fund, Fintech's Pulse Beats! 📈

The Big Story 📰: Ribbit Capital, a frontrunner in fintech investment, is gearing up to raise a substantial $500 million for its new fund, as unveiled in a recent filing with the SEC. This latest endeavor, identified as Ribbit Capital Y, comes on the heels of a successful $800 million fundraising for its previous flagship fund, Ribbit Capital X. With a proven track record investing in prominent fintech giants like Nubank and Robinhood, Ribbit has also ventured into emerging markets, backing companies such as Razorpay and PhonePe. Although this new fund is smaller compared to the $1.15 billion raised in 2022, it signals a rebound for the fintech sector, buoyed by increasing valuations and upcoming IPOs from notable players like Klarna.

Key Takeaway ⚡️: Ribbit Capital's new fundraise is more than just numbers; it's a pulse check on the fintech ecosystem, signaling a recovery and renewed investor interest. The smaller size of this fund compared to past efforts suggests a strategic pivot amid regulatory and economic shifts. For startups and investors, this might be a golden opportunity to position themselves in a revitalized market, harnessing potential growth post-2021's venture boom. Keep an eye on the forthcoming IPOs and fundraising events, as they indicate a broader resurgence in fintech that could shape investment strategies for years to come.

Klarna Snags Walmart Deal, Dings Affirm 💥

The Big Story 📰: Klarna, the Swedish fintech firm, has secured a significant partnership with Walmart to provide exclusive buy now, pay later (BNPL) loans, taking this lucrative deal from rival Affirm. As Klarna prepares for its much-anticipated IPO in the U.S., this partnership with Walmart’s fintech startup OnePay is particularly strategic. OnePay will manage the user experience through its app, while Klarna will oversee loan underwriting for amounts spanning from three to 36 months. The new BNPL product is set to launch soon, aiming for a complete roll-out across all Walmart channels by the holiday season, which could position Klarna as Walmart's sole BNPL option by year-end.

Key Takeaway ⚡️: Klarna's partnership with Walmart signifies a pivotal move in the competitive fintech landscape, reshaping the dynamics between leading BNPL providers. This deal not only enhances Klarna’s visibility as it eyes a public listing but also underscores the rising demand for flexible consumer financing options, particularly as Americans face increasing credit card debt—now topping $1.21 trillion. Likewise, for Walmart, partnering with an established player like Klarna affords OnePay an immediate boost in credibility and customer engagement. The partnership may ultimately redefine how consumers at Walmart access installment credit, reflecting a growing trend towards seamless financial solutions at the point of sale.

Bitnomial Launches XRP Futures, Hits SEC Reset 🛠️

The Big Story 📰: Bitnomial has officially launched the first CFTC-regulated XRP futures contract in the U.S., coinciding with the withdrawal of the SEC's appeal in its ongoing Ripple case. This development marks a significant shift in the crypto derivatives landscape, as it allows for a physically settled futures contract, meaning actual XRP will be delivered upon contract expiration. The exchange had previously sued the SEC over jurisdictional claims regarding XRP futures but has decided to drop its lawsuit amidst improving regulatory clarity. This move underscores potential growth in institutional-grade crypto trading and suggests an encouraging trend of blending digital assets with traditional financial practices.

Key Takeaway ⚡️: The introduction of Bitnomial's XRP futures represents a pivotal moment for the crypto market, reflecting a growing acceptance of cryptocurrency within structured financial frameworks. By linking futures to actual token performance, Bitnomial enhances risk management and may encourage wider adoption of hedging strategies among traders. The regulatory progress indicated by the SEC's withdrawal suggests a less hostile environment for crypto products, potentially inspiring further innovation. Investors and companies in the fintech space should pay attention, as this could pave the way for more regulated crypto offerings, enhancing investor confidence and market stability.

🔍 What Else We’re Watching

Keep an eye on these evolving Fintech Narratives.

• Nigeria's Digital Payment Revolution 💳: Nigeria is leading the global charge toward digital payments, showcasing the sharpest decline in cash usage worldwide, with a 59% drop from 2014 to 2024. A recent Worldpay report credits the Central Bank’s controversial currency redesign for this rapid transformation. This policy sparked a cash shortage but ultimately boosted platforms like OPay and PalmPay. Furthermore, strategic partnerships between banks and fintechs have driven a staggering 1,514% increase in electronic transactions since 2018. Nigeria is clearly reinventing its financial landscape.

• Robinhood Unveils New Prediction Markets Hub 🎱: Robinhood Derivatives LLC has launched a prediction markets hub within its app, allowing users to trade on significant global events. Initially, customers can dive into contracts for the upper bound of the target fed funds rate in May and the men’s and women’s College Basketball Tournaments. JB Mackenzie, VP & GM of Futures and International, noted the importance of prediction markets at the crossroads of news and various sectors. The hub aims for a regulated framework, enhancing liquidity and transparency through KalshiEX LLC, a CFTC-regulated exchange.

• DoorDash Teams Up with Klarna for Flexible Payments! 🚀: DoorDash is shaking things up with a new partnership with Klarna, giving US customers easy-to-use payment flexibility for their orders. Soon, shoppers can choose from options like "Pay in Full," "Pay in 4," and "Pay Later" at checkout, ensuring a more tailored payment experience. This collaboration caters to the growing demand for convenience, allowing customers to handle groceries, retail, and even their DashPass Annual Plan effortlessly. Klarna's Chief Commercial Officer noted this partnership as a key step in enhancing everyday shopping experiences for millions of Americans.

💸 Major Money Moves

Tracking big market shifts in Fintech this week.

• Kraken Acquires NinjaTrader for $1.5B 💰: Kraken is making waves in the fintech space with its acquisition of NinjaTrader, the top U.S. retail futures platform, for a staggering $1.5 billion. This move cements Kraken’s ambition to create a seamless trading ecosystem that combines crypto with traditional finance, offering clients unparalleled access to diverse asset classes. NinjaTrader's advanced trading tools will empower users to navigate the complexities of futures and crypto markets more effectively. This merger is a significant step toward bridging the gap between legacy finance and the crypto world, aiming to redefine retail trading on a global scale.

• ClearGrid Secures $10M for Debt Collection AI 🚀: Dubai-based ClearGrid has emerged from stealth with a hefty $10 million in funding to revolutionize debt collection in the MENA region through AI. Founded just this May, the startup aims to streamline the recovery process for banks and fintechs while enhancing borrower trust. Co-founder and CEO Mohammad Al Zaben highlighted the outdated practices of legacy agencies, noting ClearGrid's automated platform can reduce collection costs by 50%, cutting through harassment and improving recovery rates. With plans to expand aggressively, ClearGrid is on a mission to reshape the debt resolution infrastructure.

• Multiply Mortgage Secures $23.5M Series A! 🏡: Denver-based startup Multiply Mortgage has raised $23.5 million in a Series A round led by Kleiner Perkins, bringing total funding to $27 million. Founded in 2022, they pivoted from helping tech employees access equity value to providing mortgage benefits for companies like Anduril and Ramp. Multiply offers personalized mortgage advising, education sessions, and interest rate discounts for employees, with a focus on enhancing financial wellness. As they plan to expand their mortgage origination capabilities, Multiply aims to revolutionize homeownership accessibility amid rising rates.

Thanks for reading and have a relaxing Sunday,

— The Money Explored team