Hey fintech friends,

There’s never a dull moment in fintech, and Q1 was no exception:

• Fintechs filed to go public– and immediately put plans on hold, with Klarna’s $15B IPO, Circle’s $5B IPO, eToro’s $5B SPAC, Chime’s and Gemini’s IPOs all reportedly delayed due to economic uncertainty. 
• Deregulation is the flavor du jour in the US, where acting CFPB head Scott Bessent is attempting to fire the “vast majority” of employees, and in the UK, where the Payment Systems Regulator is being folded into the Financial Conduct Authority to cut red tape. 
• Rippling is suing Deel for alleged corporate espionage… at least, if they can serve Deel’s CEO, CFO, and legal director, who all appear to be in Dubai and out of reach from Rippling’s lawyers. 

Fintech remains resilient despite the chaos, with early-stage funding even rebounding from the past two years’ lows and renewed hype around financial AI opportunities (more below). 

For new readers, Signals is the premium subscriber edition of TWIF designed to get you away from the headlines and to explore the larger trendlines. Each quarter, we break down four key questions on fintech activity:

1. Which concepts are getting funded? 
2. Where are exits, M&A, and SPACs concentrated? 
3. Which firms are raising debt and venture funds for fintech? 
4. Which products were launched over the last quarter? 

If you haven’t already, subscribe to future editions here!

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