FinTech Futures: Top five news stories of the week – 14 March 2025
Here’s our pick of five of the top news stories from the world of fintech this week, featuring the PSR, Green Dot, Binance and more.
Barclays reportedly nears deal to offload UK merchant acquiring business to Canada’s Brookfield
Brookfield reportedly nears deal to acquire Barclaycard Payments
British bank Barclays is reportedly set to offload ownership of its UK merchant acquiring division to Toronto-headquartered investment firm Brookfield Asset Management in a £650 million deal, according to a report by Sky News.
Sky News reports that Brookfield, which manages over $1 trillion in assets, will initially acquire a 10% stake in Barclaycard Payments, with its share set to increase to 90% three years after the deal closes, with Barclays retaining a 10% minority stake.
The report adds that through the deal, the bank is expected to invest £400 million into the unit to “fund investment in returning it to sustainable growth”, according to Sky News‘ sources, alongside a regulatory capital investment of approximately £250 million.
Sky News reported back in November that the two firms were in detailed discussions over a potential deal for the unit that could possibly see Barclays receive no up-front cash payment.
Green Dot engages Citi to “explore potential strategic alternatives”, CEO George Gresham departs
The board of directors at US-based digital bank and fintech Green Dot have “engaged Citi to initiate a process to explore potential strategic alternatives”, according to a statement, while also announcing a new leadership transition, with CEO and president George Gresham departing the firm.
The company says that its “management team are committed to acting in the best interests of Green Dot, its stockholders and its stakeholders”, adding that “no assurances can be given as to the outcome or timing of the strategic review process”.
Meanwhile, board chairman William Jacobs takes the role of interim CEO in light of Gresham’s departure, effective 7 March, while Chris Ruppel has been named as president of Green Dot and interim CEO and president of Green Dot Bank.
Rocket Companies snaps up Redfin in $1.75bn all-stock acquisition
Rocket Companies aims to complete the deal in Q2/3 2025
Rocket Companies, a financial services and consumer lending firm based in Detroit, US, has agreed to acquire digital real estate brokerage Redfin for $1.75 billion in an all-stock deal.
Rocket plans to integrate Redfin’s home search platform and agent network with its mortgage origination and servicing business to streamline the homebuying process.
The transaction, expected to close in Q2 or Q3 of 2025, will result in Rocket shareholders owning approximately 95% of the combined entity, while Redfin shareholders will hold around 5%.
After the transaction closes, Rocket says that Redfin CEO Glenn Kelman, who has led the company since 2005, is expected to remain in charge of the Redfin enterprise and will report to Rocket CEO Varun Krishna.
UK government to abolish the PSR in push to cut “unnecessary regulation” and drive economic growth
The UK government has officially announced plans to scrap the Payment Systems Regulator (PSR) as an independent body, in a move aimed at cutting back regulation and “reducing the burdens on business”.
A statement released by the Prime Minister’s Office on Tuesday states that the regulator will be “abolished” and will “mainly be consolidated into the Financial Conduct Authority (FCA), making it easier for firms to deal with one port of call”.
The statement claims that the decision “follows complaints from businesses that the regulatory environment was too complex – with payment system firms having to engage with three different regulators, costing them time, money and resource”.
No immediate changes will be made to the PSR’s remit, and the regulator will maintain its statutory powers until legislation is passed.
The PSR welcomed the decision, stating: “We welcome the government’s commitment to maintaining effective regulation of payment systems, which was a gap before the PSR was set up.”
Binance lands record $2bn crypto investment from Abu Dhabi’s MGX
Binance secures investment from MGX
Cryptocurrency exchange Binance has secured a “landmark” $2 billion investment from MGX, an AI and advanced technology investor based in Abu Dhabi, to accelerate digital asset adoption and strengthen “blockchain’s role in global finance”, according to a joint statement.
The $2 billion will be paid in stablecoins, making it the largest investment ever paid in crypto and Binance’s first institutional investment. It also represents the “single largest investment into a crypto company”, the two companies say.
MGX, a state-owned investment firm founded last year, will also gain a minority stake in Binance, with the deal marking its debut in the cryptocurrency and blockchain sectors.
Binance is the world’s largest cryptocurrency exchange with over 260 million users and more than $100 trillion in cumulative trading volume. The company also has a “substantial footprint” in the UAE, employing 1,000 of its 5,000 global workforce in the country.
