FinTech Giants Raise Funds, Restructure Teams
FinTech Futures reports on a week of major developments in the global financial technology sector. The news includes significant funding rounds, corporate restructuring, and leadership changes across various platforms.
Jeeves Raises $110 Million for Stablecoin Expansion
Expense management software provider Jeeves has secured $110 million in equity funding to scale its stablecoin operations. The round was led by CoinFund and supported by Coinbase Ventures, Andreessen Horowitz, and Y Combinator.
CEO and founder Dileep Thazhmon confirmed the investment on Tuesday. He stated that revenue has increased by more than 50% in recent months since the Series C-1 term sheet was signed. The company will use the capital to launch stablecoin wallets supporting USDC and USDT, with payouts available to 190 countries.
Jeeves plans to introduce a new global AI spend tracking solution and an accounts receivable module. The stablecoin corporate card will expand to 10 new countries, with a focus on South America. The platform aims to provide businesses with faster cross-border transactions and more predictable spending controls.
Nu Holdings Rejects Monzo Acquisition Talks
Brazilian banking giant Nu Holdings has denied reports suggesting the company is pursuing a takeover of British challenger bank Monzo. The group released a statement clarifying that it is not pursuing such a transaction.
Nu Holdings emphasized that its capital allocation framework remains unchanged. The company said investment decisions are based on strategic fit, expected returns relative to cost of capital, and long-term value creation. The statement noted that the group is currently focused on growing its business in Mexico, Colombia, and the United States.
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Valley National Bancorp Acquires Bluevine
Valley National Bancorp has agreed to purchase the SME banking platform Bluevine for $340 million. The deal, which is expected to close in early 2027 subject to regulatory approvals, will be split 75% cash and 25% Valley common stock.
Bluevine began as a specialized invoice lender in New Jersey in 2013 and has since expanded to offer checking and debit services. The platform serves 175,000 small and medium-sized businesses. As part of the transaction, roughly 180 employees from Bluevine’s engineering, product, data science, and AI teams will move to Valley National Bank.
Trustly Cuts 200 Jobs Amid Financial Losses
Open banking payment provider Trustly is downsizing its workforce by eliminating approximately 200 roles globally. The Stockholm-based company confirmed the move to sharpen its focus on priorities that will help it lead the rapidly growing market.
Trustly currently employs about 865 people, meaning the job cuts will affect around a quarter of the organization. According to the company’s annual report for the financial year ending 31 December 2025, consolidated net loss widened by 33.2% to SEK 534.3 million ($54.4 million). The loss was higher than the SEK 401 million ($37.9 million) recorded in 2024.
Doku Appoints New CEO
Indonesian paytech Doku has promoted co-founder and chief marketing officer Himelda Renuat to the role of CEO. The appointment is effective immediately.
