FinTech Futures: Top five news stories of the week – 21 March 2025
Here’s our pick of five of the top news stories from the world of fintech this week, featuring Santander Bank, OakNorth, Nerdio and more.
Klarna files registration statement with SEC for proposed New York IPO
Klarna files registration statement for proposed NYSE IPO
Klarna has publicly filed a Form F-1 registration statement with the Securities and Exchange Commission (SEC) as it gears up for its much-anticipated initial public offering (IPO) in the US.
The Swedish fintech plans to list its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol KLAR.
The size and price range of the proposed offering have “not yet been determined”, according to a company statement.
Goldman Sachs, JP Morgan, and Morgan Stanley are leading underwriting, with BoA Securities, Citigroup, Deutsche Bank, Société Générale, and UBS acting as bookrunners.
BNP Paribas, Keefe Bruyette & Woods, Nordea, Rothschild & Co, Wedbush, and Wolfe Nomura Alliance have also been named as co-managers of the proposed offering.
OakNorth set to acquire Michigan’s Community Unity Bank to fuel US expansion plans
UK-headquartered business bank OakNorth has agreed on a deal to acquire Community Unity Bank (CUB) in a stock-for-stock transaction expected to bolster its position in the US.
If the deal is approved by regulators, CUB will serve as “a solid foundation for OakNorth’s continued expansion across the US”, according to a statement by the challenger.
OakNorth began operating in the US in July 2023, and claims to have distributed over $700 million in loans to businesses there during this time.
The challenger’s expansion plans will now be led by CUB CEO Greg Wernette, who is set to transition to CEO of OakNorth’s US banking division through the acquisition.
US lender SmartBiz completes Centrust Bank acquisition to form SmartBiz Bank
SmartBiz acquires Centrust Bank to form SmartBiz Bank
US small business lender SmartBiz has completed its acquisition of United Community Bancshares and Chicago-based subsidiary Centrust Bank for an undisclosed sum.
The combined company will now be renamed SmartBiz Bank, with Centrust Bank to operate as a subsidiary under the bank holding company SmartBiz Bancshares.
Centrust Bank’s entire team will join SmartBiz Bank through the acquisition, with CEO Gerard Buccino taking on the role of president at SmartBiz Bank.
The new bank’s initial offering will include small business administration (SBA) lending options and personalised financial guidance, according to CEO Evan Singer.
Nerdio secures unicorn status with $500m Series C led by General Atlantic
End-user computing platform Nerdio, based in Chicago, US, has achieved unicorn status after raising $500 million in a Series C round led by General Atlantic with additional participation from Lead Edge Capital and StepStone.
The company, founded by CEO Vadim Vladimirskiy and CRO Joseph Landes in 2016, says that upon closing, the cash injection will “quadruple Nerdio’s valuation in just two years to $1 billion+”.
The funds will be used to expand its engineering and customer success teams and introduce “enhanced Windows 365, Azure Virtual Desktop, and Microsoft 365 management solutions” through new product development plans.
As part of the investment, General Atlantic partners Aaron Goldman and Asher Hecht are to join Nerdio’s board. The size of the minority stake secured by the New York-based investor in the deal has not been disclosed.
Verizon partners Santander Bank to launch digital savings accounts in the US
Verizon to debut savings accounts with Santander Bank next month
US telecommunications giant Verizon has partnered with Santander Bank, the North American division of Spain’s Banco Santander group, to launch digital high-yield savings accounts for its mobile and 5G Home customers.
The partnership leverages the digital banking platform of Santander subsidiary Openbank, which launched in the US in October 2024, and has culminated in a new offering called Verizon + Openbank Savings, set to be made available to Verizon customers from April.
Accounts offered through Verizon + Openbank Savings will feature interest rates “10 times the national average”, according to a joint statement, while also enabling Verizon wireless bill credits of up to $180 a year.
Customer onboarding will be managed by Openbank’s digital banking platform via the Verizon mobile app, and deposits are to be held by Santander Bank.
