Hello Fintech Friends,

Former New York City Mayor Eric Adams is facing allegations of a rug pull involving his new crypto "NYC Token" (or NYC Coin).

On-chain data shows that a wallet linked to the token’s deployer removed approximately $2.5 million to $3 million in liquidity, effectively crashing the price and leaving investors with worthless assets. Adams was dubbed the "Bitcoin Mayor" for his pledge to take his first paychecks in BTC.

At this point, I would assume most people investing in celebrity 'exit scam' tokens expect to be rugged and are just trying to time the top...

In very, very non-rug pull news from a promising fintech company, MagicCube raised $10 million this week from investors including Verifone! Mary Ann covers the fundraise below:

Exclusive: MagicCube Raises $10M to Expand Beyond Tap-to- Phone, Adds Verifone as Investor

MagicCube, a startup focused on secure software-based payments and device security, has raised $10 million in funding, the startup tells This Week in Fintech exclusively. Founded in 2014, the Cupertino-based startup develops software-based security that aims to turn everyday smartphones and tablets into “highly secure” payment and compute environments without

This Week in FintechMary Ann Azevedo

Please find another week of fintech financing events below.

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News coverage written and provided by Rachel Chang.

Stat of the Week

Bitcoin climbed past $97,000 aga, hitting an 8-week high, and ETH broke $3,400 amid renewed optimism around digital asset legislation and broader market sentiment.

Venture Financing

• Rain raised $250 million in series C funding led by ICONIQ, boosting its stablecoin payments and wallet infrastructure at a $1.95 billion valuation.
• Mal raised $230 million in seed funding to support the product development of its AI-native Islamic digital bank, targeting the world’s 2 billion Muslim population and other underbanked communities.
• Alpaca raised $150 million in series D at a $1.15 billion valuation to expand its brokerage infrastructure APIs.
• VelaFi raised $20 million in series B to expand its global stablecoin infrastructure across Latin America, the U.S., and Asia.
• Klearly raised $14 million in series A led by PayPal Ventures to scale its payments platform for restaurants, bars, and clubs across Europe.
• Bluecopa raised $7.5 million in series A to expand its AI-native platform automating enterprise finance operations.
• GrowthPal raised $2.6 million to accelerate its AI-powered M&A copilot for deal sourcing and execution.
• Onsetto raised $2.2 million in seed funding to build its white-label, AI-powered platform that simplifies and accelerates commercial account switching.
• Mylapay raised $1 million in funding to scale its compliance first payments infrastructure in India and expand globally.
• UBXY raised an undisclosed strategic round from Barclays to expand its institutional stablecoin settlement platform.
• DeepSee raised an undisclosed strategic investment from Broadridge to apply agentic AI to optimize global post-trade operations.

Debt Financing

• Atome secured a $345 million expanded syndicated debt facility to accelerate growth of its BNPL and lending products across Southeast Asia.