Hello TWIF UK & Europe friends,

This week has been ...newsworthy. Which is handy for me as I'm supposed to report on it. But this week has been especially so. As an industry commentator its sometimes hard to know where the line between deliberate focus and wilful ignorance lies when it comes to non-industry news. This has been one such. But as the readers of this newsletter likely don't come here for our take on world events, I'll leave the opinions on more urgent matters for the experts in the space and not attempt a cosplay as a international politics aficionado. That said, I hope that anyone affected by such events is safe and remains so.

In this weeks news we saw Stripe continue to defy market conventions and rather than bother with an IPO, they announced a tender offer for employees and shareholders, valuing the company at $159 billion.

At this stage I kind of imagine the Brothers Collison have their own version of the NYSE Opening Bell in Stripe HQ. The only difference being that on pressing it, we don't hear the clang of brass on brass, we instead hear M.C. Hammer's U Can't Touch This. What I wouldn't give to see them wear those pants on the next Stripe Tour.

We saw the private credit markets google the 'Saaspocalypse' and utter a collective, "Oops" as they realised that the advancing march of AI enabled start ups is beginning to pick the lock(in)s of complex vendor supply-chains across industry. It seems software only products, aren't the moat they once were. (Cue the market to start buying some servers and sticking them in the broom cupboard and proudly announcing the pivot to "hardware enabled AI powered enterprise"

In other news, 4000 jobs were put on the (chopping) Block as Jack Dorsey identified 10,000 people were unnecessary due to AI and not its previous decision to bloat the org with 2 company structures for the same company.

Then we have the PayPal Saga - Will Stripe buy them and strip them for parts or become the a rival to the likes of Global Payments? Will someone else come in? Will they not bother to sell after all?

Interesting times across payments. Only time will tell whats going to happen. Or we could ask AI.... Happy Reading Folks!

FUNDING

🇬🇧 Allica Bank raised $155m Series D to accelerate growth and begin international expansion

🇪🇺 Real-time compliance infra tool Copla raised €6m Series A

🌍 Basis raised $100m Series B to advance AI agent platform for accountants.

🌍 Rowspace raises $50m to propel its AI + proprietary data platform for investment firms.

🌍 Harper raises $47m (Seed + Series A) (AI-native commercial insurance brokerage).

🌍 Cross-border player Xflow raises $16.6m Series A for its B2B growth plans.

🌍 Financial statement prep automation tool Inscope raises $14.5m Series A

🌍 Cicada raise $13.5m Series A (electronic trading for LatAm local-currency bonds).

🌍 Hypercore raised $13.5m Series A (loan servicing platform for private credit).

🇪🇺 Secfix raises $12m Series A (security/compliance automation for SMBs).

🇬🇧 Augmentum Fintech agreed a £185.7m cash takeover (111p/share).

Challenger Banking

🇬🇧 Starling signed a 10-year Engine core-banking deal with New Zealand’s SBS Bank.

🇬🇧 Monzo launched a free tax tool for sole traders/landlords inside business accounts.

Assets ₿

🇬🇧 Revolut will test a GBP stablecoin in the FCA sandbox (with three smaller firms).

🇪🇺 EBA set out supervisory actions as the MiCA/PSD2 “no-action” transition ends 2 March 2026.

Traditional Banking

🇬🇧 The BoE confirmed CHAPS early-morning extension from Sept 2027.

Infrastructure

🇬🇧 Mastercard appoints Sir Jon Thompson as incoming chair of Vocalink.

🇪🇺 Triple-A partners with Mastercard Move to expand cross-border payout infrastructure.

Regulatory Corner

🇬🇧 The UK PSR opened feedback on its merchant survey for the cross-border interchange fees market review.

🇬🇧 HM Treasury published the Payments Forward Plan (roadmap under the National Payments Vision).

Longer Reads

Ode to America - A Personal History of American Finance by Marc Rubinstein

And Lastly!

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