FinTech Futures: Top five news stories of the week – 31 January 2025
Here’s our pick of five of the top news stories from the world of fintech this week, featuring US Bank, Swan, Nuvei and more.
US Bancorp announces leadership transition, Gunjan Kedia named new CEO
US Bank announces leadership transition
US Bancorp has appointed its president Gunjan Kedia as the new CEO, succeeding Andy Cecere, who will continue to lead the bank’s board of directors in the role of executive chairman.
The leadership switch will come into effect following the close of US Bancorp’s annual meeting of shareholders, scheduled for 15 April.
Kedia first joined the firm, headquartered in Minneapolis, as vice chair in 2016, before rising to oversee revenue lines with her appointment as president last May.
She has previously held executive vice president positions at State Street Financial and BNY, and served in leadership roles at McKinsey and PwC.
Social media platform X selects Visa to power payments for X Money
Visa has joined X, the San Francisco-headquartered social media platform, formerly known as Twitter prior to its October 2022 acquisition by Elon Musk, as the first partner of its impending wallet service X Money.
Announcing the partnership via a post on the platform, X CEO Linda Yaccarino shared that the company had opted for the Visa Direct solution.
The real-time payments platform will be used to power instant fund transfer and peer-to-peer (P2P) payment capabilities for US-based users of the X Money Account.
Yaccarino confirms that X Money will “debut later this year”, with the Visa partnership being the “first of many big announcements” to come.
BaaS fintech Swan raises €42m for European expansion
Swan plots expansion with fresh €42m
Embedded banking fintech Swan has received €42 million in additional Series B funding.
Eight Road Ventures spearheaded the round, which adds to the €37 million Swan secured in its first Series B raise in 2023, led by Lakestar.
The funds will be used to expand into new markets, per a post on its website. Swan, based in Paris, France, launched in the Netherlands in 2023 and Italy in 2024, with the UK and Belgium next on its expansion list.
The platform enables businesses to embed banking services directly into their own offerings, and claims to process over €1 billion in transactions per month for around 150 companies.
Trump Media and Technology Group to launch fintech brand Truth.Fi
Trump Media and Technology Group (TMTG) has revealed plans to expand into the financial services space with the launch of a fintech brand called Truth.Fi.
Founded in 2021 and majority-owned by US President Donald Trump, TMTG says its mission is to “end Big Tech’s assault on free speech by opening up the Internet and giving people their voices back”. It currently operates Truth+, a TV streaming platform, and Truth Social, a social media site.
Under the Truth.Fi brand, TMTG intends to introduce “multiple investment vehicles” in 2025, including customised ETFs and separately managed accounts (SMAs), Bitcoin and “similar cryptocurrencies or crypto-related securities”, as well as “traditional” investment options.
TMTG says: “To diversify the Company’s cash and cash-equivalent reserves of over $700 million as of December 31, 2024, the board has approved the investment of up to $250 million to be custodied by Charles Schwab.”
Nuvei seals deal to acquire Paywiser Japan Limited, launches direct acquiring capabilities in Japan
Nuvei to launch direct acquiring capabilities in Japan
Canadian payments processor Nuvei has expanded further into the Asia Pacific (APAC) region by acquiring the Japanese subsidiary of global B2B payment services provider Paywiser. Financial terms of the deal have not been disclosed.
The completed acquisition of Paywiser Japan Limited includes an acquiring licence granted by the Japanese Ministry of Economy, Trade and Industry (METI).
Alongside its new Tokyo office, Nuvei says it plans to use this licence to “progress with launching direct acquiring capabilities in Japan across all major card schemes”.
The company adds that it will also “extend its direct connectivity with all relevant alternative payment methods (APMs)” in Japan.
