Happy Friday the 13th 😬!!!
 
Hey, hey, hey – it’s Happy Father’s Day weekend 🙏 to all the Dad’s out there getting it done week after week, month after month, and decade after decade 💪♥️!!!  Here is the Uncle Sean Update for 6/13/25:
 

• In a bit of good news (hey – I’ll take it), consumer prices (while still increasing) actually came in a little less than expected.  The BLS May CPI Report came in at 0.1% for the month putting the annual rate at 2.4% (last month was 0.2% and 2.3%, estimate was 0.2% and 2.4%) with Core CPI at 0.1% and 2.8% (estimate was 0.3% and 2.9%).  CNBC has a good summary ahead of the FOMC meeting next week.

 

• 👉 UFS announced they have acquired Quest Analytics.  “With the combination of Quest Analytics and UFS’s leading technology and best-in-class service delivery organization, banks now have a single partner to power their entire customer engagement and banking operations platform. Offered through nine flexible modules, Quest Analytics provides a complete suite of customer success solutions including marketing, lead generation, prospecting, cross-selling, servicing, customer profitability, data analytics, and much more.”  Nice combination!!! 👏

 

• 👀 Yessir – Uncle Sean is watching Kotapay’s Kavinu bank-direct BaaS platform (a bank-first approach to embedded payments), a division of First International Bank & Trust (FIBT; FDIC 10248; total assets $5.5B), as FIBT named service bank for Raisin’s global savings and investment platform.
  • Peter Stenehjem, CEO of FIBT, added, “We’ve been a proud partner since June 2024 and are excited to see our Kavinu platform come to life as Raisin’s new service bank. By reclaiming embedded payments from fractured middleware models, we're ensuring financial innovators like Raisin have the stability, efficiency, and speed they need for long term success.” (bold emphasis added by Uncle Sean)  Love this!!!! 😊

 

• WaveCX (personalized, digital product engagement solutions for FI’s) announced a partnership with CSI with full implementation coming Fall 2025.   By integrating with CSI NuPoint® and Meridian® core platforms, CSI clients can access the WaveCX platform to increase customer engagement within digital banking channels.

 

• Pretty sure everyone saw this one coming as It was just a matter of time after the Capital One breakup…  OnePay (Walmart’s fintech arm) and Synchrony to launch a new credit card program this fall with the credit card experience embedded inside the OnePay app.  The card offering includes two options: a general-purpose (open-loop) credit card that can be used anywhere Mastercard is accepted and a store card (closed-loop) that will only allow Walmart purchases.

 

• Cross River Bank (FDIC 58410; total assets $8.5B) announced the launch of Request for Payment (RfP) on the Real-Time Payments (RTP)® network.  Plaid will be the first to implement RfP (through its bank payments platform, Plaid Transfer) to power instant car purchases for Carvana customers.

 

• Velera adds real-time account validation (for both personal and business accounts) to its suite of digital channels, enabling Velera credit unions to process payments across the ACH network in real time.
  • “This will enable credit unions to immediately confirm account status and ownership by eliminating the traditional five-day wait period when a new account is added or updated, significantly reducing the time between account setup and transaction initiation to provide a more seamless member experience.”

 

• Shout-out to Arise Community Credit Union set to officially launch on Juneteenth as Minnesota’s first Black-led community credit union!
  • Be sure to visit the Arise booth at the Juneteenth Family Celebration at the Minnesota State Capitol on Saturday, June 21, 2025, from 12 PM to 6 PM.

 

• Treasury Prime announced that People Trust Community FCU (charter 24940; total assets $2.6M) has joined the Treasury Prime Bank Network as Treasury Prime’s first credit union partner.

 

• Plaid leverages their market presence and launched Plaid Protect to proactively identify suspicious activity using machine earning. 
  • “A real-time fraud intelligence system that helps detect and prevent fraud from the moment a user first interacts with your app or service. By drawing on fraud signals across a billion devices in the Plaid network, Protect goes beyond what any single company can see – surfacing fraud patterns that exist between linked bank accounts, connections to financial apps and services and more.” 👍

 

• Affirm (BNPL) gets the flex award 💪 this week as they have reached 2 million debit cards issued, an increase of about 600,000 cards (or 43%) since January! 💥

 

• 🪙 A new bitcoin rewards card coming soon…  Check out the Coinbase One Card with up to 4% bitcoin rewards (coming Fall 2025) – an American Express credit card issued by First Electronic Bank and powered by Cardless.

 

• Congrats to Chime as CHYM shares peaked at $45 and closed at $37 in their first day of trading yesterday, finishing well above their initial public offering (IPO) price of $27, resulting in a market cap of $13.5B at the close. 💰

 

• Some personnel moves:
  • Travillian hires Amber Buker as its first-ever Chief Research Officer.
  • ACI Worldwide appointed Robert (“Bobby”) Leibrock as Chief Financial Officer effective July 1, 2025.
  • Imprint hires Will Larson as its new Chief Technology Officer.
  • Better hires Leah Price as Vice President to lead its Tinman™ AI Platform.
  • Corpay names Peter Walker as Chief Financial Officer effective July 21, 2025.

 

• Notable FinTech funding for the week:
  • Parlay Finance (AI-powered loan intelligence system) raised $2M Seed round.
  • GrailPay (ML risk analytics infrastructure for ACH) raised $6.7M in Seed round.
  • Piston (cardless payments platform for fleets and gas stations) raised $6.1M in Seed round.
  • Congratulations to Vine Financial (AI-powered commercial loan platform; and a Bankers Helping Bankers Fund company) as they have secured Seed Funding and finalized its Board of Directors - check out the impressive team of industry investors and the BoD.  Good things are happening at Vine Financial!!! 🚀

 
 
Random Uncle Sean stuff:

• Ah - Father’s Day!!!  Looking forward to backyard grilling, ample family time, and maybe even some key lime pie this weekend!!!! 😊 😋
• 🏀 The Indiana Pacers continue to give the OKC Thunder all they want as they now lead the series 2-1 despite their underdog status coming into the series.  Game 4 of the NBA Finals is tonight at 7:30 CDT.
• And here are the Dad / Bad Jokes for the week:
  • I love board games.  My favorite is the one where people put meat and cheese on a board, maybe some fruit and crackers, and definitely some wine…  I win every time!!! 🤠
  • At my age, running is a great way to meet new people.  Today I met two EMTs, three nurses, and a cardiologist!!! 🏃‍♂️‍➡️😅
  • Very few things upset my wife, so it makes me feel very special to be one of them! 🏆😉
  • Looking back at all the successes and failures in my life, I can’t help but be proud that at least the potty training thing has stuck!!! 😂🤣

 
 
Have a GREAT Father’s Day weekend and please stay safe!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
Don’t forget that Father’s Day is fast approaching (Sunday, June 15th) – If anyone asks, I wear a size two-week vacation 🤠!!!  Here is the Uncle Sean Update for 6/6/25:
 

• The BLS issued the May Jobs Report showing +139K new jobs added (Dow Jones estimate was +125K) compared to a downwardly revised +147K in April (note that March and April were both revised down by 65K and 30K respectively - full revision history can be found here).  Unemployment rate was unchanged a 4.2% in line with estimates (and consistently ranging between 4.0% and 4.2% since May 2024).  Average hourly earnings came in at 3.9% over last year (estimate was 3.7%) and continues to outpace inflation.  CNBC has a good summary.
  • Keep in mind the next FOMC meeting is scheduled for June 17-18 (less than two weeks away) and will include the always enlightening Summary of Economic Projections (i.e. Dot Plot).

 

• 👉 Virtual high five’s all around as Bankers Helping Bankers welcomes Bankers’ Bank of Kansas as a Friends of BHB Sponsor!!!! 👏
  • As a correspondent bank built to serve community banks exclusively, “Bankers’ Bank of Kansas is more than a service provider — they’re a true advocate for community banking,” said Matthew Smith, CEO of Bankers Helping Bankers. “They share our deep belief in the power of community banks to lead, serve, and innovate — and we’re proud to be walking this path together.” 🎉

 

• Klarna announced they are piloting a new physical debit card in the US, dubbed the Klarna Card, as it looks to diversify its business beyond short-term credit products ahead of their pending IPO.  The Klarna Card is powered by Visa Flexible Credential that lets users chose from multiple payment options (like debit, credit and BNPL) from a single payment card.  It’s a debit card by default, but users can also toggle to one of Klarna’s “pay later” products, including “Pay in 4″ and “Pay in 30 Days.”
  • The Klarna Card physical debit card is issued by WebBank.

 

• Hmmm – a bit of different spin on open banking (“permissioned” anyway)…  Experian and Plaid have teamed up to provide cashflow based credit decisioning to help lenders assess risk more accurately, expand access to credit and deliver better outcomes for consumers.

 

• Apiture announced the launch of Fintech Connector to enable fintech partners to rapidly integrate their solutions with the Apiture Digital Banking Platform, without the need for custom integrations.

 

• Well, well, Wells Fargo (see what I did there) gets a bit of a reprieve as the Fed removes the asset growth restriction the bank has been operating under since 2018.  Banking Dive has a good summary article for more info.

 

• Karat Financial expands beyond its Visa credit card for creators by launching additional business banking solutions, powered by Grasshopper Bank (FDIC 59113), broken down into two tiers:
  • First is a free version consisting of a business checking account with automated tax planning (as most “creators” are independent contractors requiring quarterly estimated tax payments); second is their premium offering that costs $20 per month or requires a $35,000 minimum balance, but provides 2% to 3% APY on checking accounts, free wires, and enhanced customer support, with AI bookkeeping coming soon.

 

• The Citizens Bank of Edmond (FDIC 4084; total assets $413M) expands its digital offerings by partnering with InvestiFi to integrate securities trading, including stocks, ETFs, and cryptocurrency options, and guided investing solutions directly into its current online and mobile banking platforms.  Nice! 😊

 

• Save partners with Customers Bank (FDIC 34444; total assets $22.4B) to launch its Market Savings Sub-advisory Program, a unique investment-driven FDIC insured deposit program designed for RIA’s. “The program uniquely combines deposit accounts provided by Customers Bank with a market-based yield enhancement strategy managed by Save Advisers LLC, an SEC-registered investment adviser.”

 

• Peach State Federal Credit Union (charter 14676; total assets $1.1B) has selected Velera for credit and debit processing.  Velera will begin providing PSFCU credit card processing support in August 2025 and add debit the following month. 

 

• Frontier Credit Union (charter 68376, total assets $698M) has selected Lumin Digital for online and mobile Lumin Digital for online and mobile upgrade.
  • If Frontier CU sounds familiar, it’s because they announced they were acquiring First Citizens Bank of Butte at the beginning of May.

 

• Sunward Federal Credit Union (charter 5851; total assets $4.25B) announced they have added Buy Now, Pay Later (BNPL) to its suite of online banking products, powered by equipifi.

 

• Some personnel movements:
  • Congratulations to Fed Gov. Michelle Bowman with her confirmation as the Fed's Vice Chair of Supervision.
  • Tradeweb appointed Sherry Marcus as Head of AI.
  • Blend names Reva Rao as Head of Digital Transformation for Credit Unions.
  • Congratulations to Cinda McGinnis at Bedel Security for her recent promotion to VP Chief Administrative Officer.

 

• Notable FinTech funding for the week:
  • Oatfi (embedded financing infrastructure for B2B payment platforms) raised $24M in Series A funding round.
  • Kiwi (AI-Driven credit platform for latino communities in the U.S.) raised $7.8M in Series A round.

 
 
Random Uncle Sean stuff:

• On a bit of a personal note, If you are fortunate enough to still have aging parents and / or in-laws that need help with transportation (we are working though some of these issues with Aunt Patty’s parents; and it will happen to all of us eventually) – these two technology expansion programs are certainly worth looking into…  Check out the recently launched Uber Senior Accounts as part of the Uber Family Profile – allows shared family members and / or caregivers to book rides and track movements if needed.  This follows Lyft’s successful launch of Lyft Silver which also includes more accessible vehicles for our seniors.  Both solutions allow for a more simplified app, saved destinations, multiple payment options, and real-time updates for shared family members (who can all help and assist even if they are hours away).  Now, convincing our aging family members to actually use the service is a completely different matter - LOL! 😊 Nonetheless, I am super happy to see technology applications assisting with the quality of life, independence, and service for our elder population that they so much deserve. ❤️
• 🏀 HOLY SMOKES!!!!  Congrats to the Indiana Pacers for their Game 1 victory of the NBA Finals over the Oklahoma City Thunder.  That buzzer beater basket by Tyrese “hold my beer” Haliburton with 0.3 seconds left was the first time Indiana led the entire game – amazing!!!!  Whoever wins out in the seven game championship series will celebrate their first-ever franchise NBA Championship!!!  Now that’s cool!!!
• And here are the Dad / Bad Jokes for the week:
  • According to a scientific study…  Fertility appears to be hereditary.  For instance, if your parents didn’t have children, chances are you won’t either!!! 😉😅
  • Internet recipes should include photos of the mess you’re going to have to clean up after cooking! 🤐🙃
  • If attacked by a group of clowns, remember to always go for the juggler! 🤡
  • Attempted to exercise this morning…  Didn’t work out… 😎
  • The salesman at the boat center said, “this particular boat will fit 5 people without any problems.”  I replied, “Dude - I don’t even know 5 people without any problems!”  😂🤣

 
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 
 

​Happy Friday!!!
 
Hoping everyone had a fantastic Memorial Day!!!  Don’t forget that you can sign up here to get the Uncle Sean Update sent straight to your inbox each week along with 18,000+ of your peers!!!  Here is the Uncle Sean Update for 5/30/25:
 

• ICYMI - 🎉 CSI named Nancy Langer as their new President and CEO succeeding David Culbertson, who will transition to the role of vice chair of the board and will work closely with Langer throughout the leadership transition.  Congratulations to all including Mr. Culbertson who has had an amazing 36 year career at CSI!!! 👏

 

• 💥 Shout out to my friends at Atomic as Galileo debuts 'Payment Switch' by Atomic for easier Bill Pay.  This is in addition to Atomic’s existing partnership with Galileo for Direct Deposit Switching (back in Dec 2022). 👍

 

• The FDIC released Quarterly Banking Profile report for 1Q2025…  A few key points:
  • It was a good quarter for banks as Net Income increased 5.8% from the prior quarter, driven by higher noninterest income (even though NIM decreased slightly).
  • Provision expense increased 9.1% over last year as the industry continues to build reserves.
  • Asset quality remains generally favorable with past-due and nonaccrual (PDNA) at 1.50% of total loans (below the pre-pandemic average of 1.94%).
  • Unrealized losses on securities decreased both quarterly and annually as Treasury rates decreased in the first quarter (HOWEVER - this trend has reversed substantially thus far for 2Q2025).
    • Of course if you follow our BHB Inside The Numbers quarterly webinar (a macro look at the early release of call report data and economic indicators) brought to you by our Bankers Helping Bankers sponsors, you already knew all of this… 😊
  • The number of “Problem Banks” decreased from 66 to 63 representing 1.4% of total banks in the first quarter (which is in the middle of the normal range for non-crisis periods of 1 – 2% of all banks).
    • For comparison sake (and a bit of bragging I might add 😊), our FedFis Rating© is tracking 66 banks in the lowest 1% scoring 3.92 or higher (on a 1.00 – 5.00 scale with 1.00 being best).

 

• Another CU acquisition of a bank…  Avenir Financial Federal Credit Union (charter 4915; total assets $382M) to acquire in-state peer Mission Bank (FDIC 57137; total assets $194M).
  • This is now the 7th announced CU acquisition of a bank for 2025 (whole-bank acquisition of a charter, not just branch purchase).  This compares to 22 for 2024, 11 in 2023, 16 in 2022, 13 in 2021, 7 in 2020, and 16 in 2019. Source: FedFis Bank M&A data.

 

• American Express is sunsetting its Bluebird Prepaid Debit Account program.  New cards are not being issued and the platform will be closed effective June 2026.  Thus ending a 15-year endeavor that began in 2012 as a partnership with Walmart after a 2011 pilot…
  • 👉 Memory lane (or is it…???).  From the 2012 launch PR (tell me if any of this sounds familiar almost 13 years later - LOL) – “Bluebird was shaped by feedback from consumers who said they were not getting the value they expect from traditional checking account and debit services because of increasingly higher fees.”
    • “The financial services landscape is changing. Technological advances, regulatory changes, and evolving consumer needs are redefining payments ranging from prepaid, to checking and debit.  Bluebird is our solution to help consumers who currently may be poorly served by traditional banking products. It allows them to easily and safely move, manage, and spend their money.  In an era where it is increasingly “expensive to be poor,” we have worked with Walmart to create a financial services product that rights many of the wrongs that plague the market today,” said Dan Schulman, group president, Enterprise Growth, American Express.
      • Insert Talking Heads song here – “Once in a Lifetime (same as it ever was)”. 🤠

 

• Apple Federal Credit Union (charter 11307; total assets $5.2B) partners with equipifi to launch the CU’s own BNPL solution branded as PayAdvantage, allowing members to split the payments on eligible debit card transactions over time.  That’s a big CU and a nice win for the equipifi Team! 🚀

 

• Mambu announced the launch of Mambu Payments, following its acquisition of payments technology provider Numeral in Dec 2024.
  • Mambu Payments infrastructure solution provides FI’s “with advanced, composable capabilities that integrate seamlessly into any core banking ecosystem. Acting as a universal gateway, it connects institutions to a growing network of pre-integrated clearing systems, partner banks, and payment schemes, while enabling end-to-end automation through a modern payments hub.”

 

• Meanwhile, Visa had a couple of key announcements last week:
  • Visa announced the “general availability” of Visa AR Manager in the US - designed to grow and maintain existing card volume by automating the virtual card transaction process, addressing a significant pain point for suppliers accepting commercial credentials.
  • Visa also announced the launch of Visa Commercial Integrated Partners to empower fintech and FI’s – “designed to improve connectivity between fintechs and Visa Commercial products through its commercial platform. Visa will make available advanced APIs to embed Visa products in a business partners’ applications and make these integrations available to its financial institution clients, allowing them to offer new, seamless payment experiences to their business customers.”

 

• 💪 Openbank (Santander’s direct digital bank) continues to flex by stating Openbank has amassed 100,000 customers and more than $4B in deposits (yep, $4 Billion with a “B” 💰💰💰 HOLY SMOKES!!!) as of May 2025 in the US since launching about six months ago late in 2024!!!

 

• Capital Bank, National Association (FDIC 35278; total assets $3.3B) partners with Q2 to upgrade its new digital banking platform.  Per the PR, the upgrade is designed to deliver a secure, modern experience for business customers (including advanced digital treasury management capabilities) and marks a major step in the Bank’s ongoing digital evolution.

 

• Global Payments (NYSE: GPN) to divest their payroll business, Heartland Payroll Solutions, to Acrisure for $1.1B as they continue to simplify their business focus as a pure-play payments processor.
  • “Founded in 1997, Heartland Payroll caters to more than 50,000 clients including Burger King, and will be rebranded after the deal closes — expected in the second half of 2025.”

 

• Circle, the largest U.S. issuer of stablecoins, announced their IPO of 24M shares at $24-$26 per share, and plans to list on the NYSE (CRCL).

 

• 👀 OMNICOMMANDER continues to innovate in the bank digital marketing arena making it easier for “the rest of us” (definitely me) to look like marketing and content heroes!!!  This week they announce the launch of OMNIPLAY digital display software to enable bankers to take full control of their “in-branch display” messaging and marketing .  It allows for cloud-based control from any location utilizing a drag-and-drop interface (with no tech skills needed) featuring real-time content updates across one or multiple branches.
  • This is in addition to their existing digital marketing arsenal that includes CHATCOMMANDER™,  CARCOMMANDER™, and custom video production (how about upgrading your annual reports to video – that’s cool!!!). 
    • Check them out at https://www.omnicommander.com/; and tell them Uncle Sean sent you!.  Did I mention they are veteran-owned and operated? 😊 🤙

 

• Oof 😬…  We’ve all seen this coming over the last several weeks, but it’s formal now…  The CFPB has officially determined that the 2024 rule authorizing "open banking" to be unlawful and plans to vacate the rule…  Quite the rug pull for those that have put a lot of time and effort into this based on the initial proposed ruling…

 

• Notable recent FinTech funding:
  • Airwallex (global payments and financial platform for businesses) raised $300M in capital consisting of a $150M Series F plus another $150M in secondary share transfers at a whopping $6.2B valuation.
  • Slash (business banking app) raised $41M in Series B at a $370M valuation.
  • Clair (EWA platform) raised $23.2M in Series B round.
  • Affiniti (SMB expense-management credit cards, software, and business analytics platform) raised $17M in Series A just 6 months after an $11M seed round; and noted a 10x revenue growth over the last year.
  • Monarch (PFM app) raised $75M in Series B funding round at an $850M valuation.
  • Palla (embedded real-time international payments platform for FI’s and fintech firms) raised $14.5M Series A round.

 
 
Random Uncle Sean stuff:

• Aunt Patty and I were fortunate enough to go on a fishing trip over Memorial Day weekend on the mighty Mississippi River (Vicksburg, MS area).  That river is both majestic and terrifying with an incredible flow rate being almost at flood stage – quite the difference from a few years ago when we were in drought conditions and worried about shipping transit through that area!  Beautiful scenery and a “boat load” of fun!!!
• The end is near – for the penny anyway LOL!!!  The US Mint has made its final order of penny blanks and will stop producing them when that supply runs out (projected to be in 2026).  Pennies will still be legal tender with more than 100 billion estimated to be in circulation - so don’t worry….  You can still get a penny for your thoughts; but you might have to accept payment digitally to avoid having to make correct change. 😊
• Foodie alert (nom, nom, nom) - Kinder’s has a couple of BBQ sauces / glazes that I have fallen in love with recently.  Their Spicy Teriyaki with Red Jalapeno & Ginger is a hands down winner on pulled chicken; and their Black Cherry Chipotle BBQ sauce matches superbly with baked pork loin!   
  • And here are the Dad / Bad Jokes for the week:
    • The part of your brain that decides what sandwich to eat is called your… subconscious… 🤔😏
    • I don’t mean to brag too much, but I have a flat stomach…  It’s just that the “L” is silent..!! 🤠
    • Saving the best for last…   I told my mother-in-law that WTF stands for “Wow, That’s Fantastic.”  Her text messages are so much more entertaining now! 😂🤣

 
 
Have a GREAT weekend and please stay safe!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
Just a heads-up that there won’t be an Uncle Sean Update next week as we take some time off to celebrate and honor our Memorial Day heroes that paid the ultimate price. 🎖️   Here is the Uncle Sean Update for 5/16/25:
 
Kicking this week off with some really cool economic updates (scroll on down if this isn’t your cup of tea – but you know how much Uncle Sean loves to geek out on macroeconomic data - 🤓):
 

• The BLS April CPI Report came in at 2.3% which is the lowest since Feb 2021 when inflation skyrocketed from Covid (March was 2.4% which was the lowest reading since March 2021).  Core CPI was 2.8% (same as March).  CNBC has a pretty good summary.

 

• The FDIC published their 2025 Risk Review (which is a review of market and credit risks to banks as of the end of 2024) with some very cool graphs…  TLDR Punchline:
  • Economic conditions remained solid and the banking industry was resilient in 2024 despite an inverted yield curve and higher interest rates.
  • Unrealized losses on securities remain elevated due to longer-term interest rates (30yr mortgage and 10yr Treasury) being higher than they were in 2023 (more on this in a minute from the Office of Financial Research)…
    • Although there was no mention of this (scope was 2024), Student Loan performance is something Uncle Sean is keeping an eye on as collections on student debt resumed on May 5th for the first time since March 2020 (but credit reporting has already started)….  Could potentially have a broader impact on overall consumer credit quality going forward.

 

• The New York Fed published their Q1 2025 Quarterly Report on Household Debt and Credit (more really cool charts – you know I love it 😊)…  TLDR Punchline:
  • Aggregate household debt continues to increase…  Up to $18.2T as of 1Q2025…  A 0.9% increase from 4Q2024 (and up about 28.7%, or $4.06T from 4Q2019 before the pandemic).
  • 👀 And here are those pesky Student Loans…  Outstanding student debt stood at $1.63T at 1Q2025 (for comparison, all CC balances are $1.18T).  Missed federal student loan payments that were not previously reported to credit bureaus between 2Q2020 and 4Q2024 are now appearing in credit reports (as Scooby-Doo would say, “Ruh Roh!!!”). Consequently, 7.7% of aggregate student debt was reported 90+ days delinquent in 1Q2025 compared to less than 1% reported in 4Q2024. 😬😲

 

• An last but not least, the Office of Financial Research published a really good (and short) blog on The State of Banks' Unrealized Securities Losses (yep, you guessed it – more cool graphs and great analysis! 😊)…  TLDR Punchline:
  • It’s not just unrealized losses on securities; it’s the composition (mix) of those securities that are proving to be “sticky” related to negative performance in conjunction with longer term rates (i.e. 10yr + Treasury rates).  Unrealized securities losses could persist for some time even if/when the Fed lowers rates.
    • 👉 Residential mortgage-backed securities (RMBS) followed closely by Treasuries make up a substantial portion of banks’ securities portfolios.  Most RMBS have maturities greater than 15 years coupled with negative convexity (yes, I had to look that up - LOL) making their price less sensitive to decreasing rates. The longer average maturity of RMBS coupled with higher 10-year Treasury yields may account in part for why unrealized securities losses persist.
      • In summary - “While the Federal Reserve can influence short-term interest rates by adjusting the federal funds rate, long-term interest rates reflect financial market participants’ expectations of inflation and willingness to accept the risk of lending long term. The magnitude of future unrealized securities gains or losses will depend on the trajectory of long-term interest rates, related hedging, and the duration of banks’ securities portfolios. Market supply and demand can also affect the value of the securities, independent of the direction of interest rates.”
        • 😉 Of course this is all assuming the Federal Reserve doesn’t go on another QE bond buying spree targeting the longer end of the yield curve (artificial demand to push rates down)… 🤷‍♂️

 
 
Now, back to the rest of the update!!! 😊
 

• Finally….  Chime has filed to go public on NASDAQ under the ticker symbol “CHYM” – Banking Dive has a good article; and you can check out their full S-1 filing here.  I’ll let you be the judge on the financial stability of a (primarily) interchange based revenue model; and subsequent valuation 🤐...  However, here are a few cool BaaS updates in the S-1:
  • “The Bancorp Bank MSA has an initial 60-month term ending in July 2028, while the Stride Agreements each have initial 36-month terms ending in November 2025. Our bank partner agreements automatically renew for successive one-year periods unless either party provides written notice of non-renewal, which can be provided without cause to the other party at least 365 days, in the case of the Bancorp MSA, and at least 180 days, in the case of the Stride Agreements, prior to the end of any such term, or unless earlier terminated for cause.”
  • “…transactions have historically been processed by Galileo Financial Technologies, LLC (“Galileo”), a third-party payment processor, though we are in the process of transitioning our members’ transactions to being processed by ChimeCore; as of the end of 2024, we had transitioned all credit card transactions to being processed by ChimeCore, while all debit card transactions were still processed by Galileo.”
    • ChimeCore is their proprietary payment processor and ledger – also has proprietary AI and ML model helping to reduce fraud loss.

 

• Acorns (savings and investing app) has acquired EarlyBird, an investment gifting platform for families…
  • 🤔 IMO (even though nobody asked me 😊) - This appears to be an acquihire (acquisition based on the HR talent, not so much the tech or product platform) as “EarlyBird will shut down, and all customer accounts will officially close on June 23. Customers’ funds will be returned to the bank account connected to their account.”  The PR goes on to state that EarlyBird users will not be able transfer their funds directly to Acorns, but will need to withdraw their funds from EarlyBird and open a new account with Acorns if they want to join.
    • EarlyBird CEO and co-founder Jordan Wexler and co-founder Caleb Frankel will join the Acorns team to help build out Acorns Early (which was part of the GoHenry acquisition announced back in April 2023).

 

• SavvyMoney acquires CreditSnap strengthening its ability to work alongside existing LOS and account opening systems.  Per the PR – “Financial institutions can now offer a seamless, end-to-end experience by leveraging SavvyMoney’s demand-generation capabilities in conjunction with CreditSnap’s flexible integration process. From personalized credit insights to frictionless application and booking, allowing every integration to work with one unified platform.”

 

• More developments in the SMB space…  Square debuted Square Releases, a bi-annual product launch summary; and also revealed Square Handheld – a pocket-sized portable POS device equipped with integrated barcode scanner and camera. 💥

 

• First Business Bank (FDIC 15229; total assets $3.9B) partners with CorServ to issue commercial, business and consumer credit cards.  By utilizing CorServ’s hybrid issuing model (opposed to an Agent Bank referral mode), the bank is able to “gain more control over their credit card program, participate in credit decisioning and strengthen relationships with their customers.”

 

• Clearview Federal Credit Union (charter 9007; total assets $2B) partners with MANTL to enhance its business and consumer account opening experience “across all banking channels, including online, mobile app, in-field, and across its branch network.”
  • “By integrating MANTL with its Jack Henry Symitar core, Clearview will now be able to automate over 85% of deposit application decisions, including KYC, AML, BSA, product service ordering, funding, and core booking, to create efficiencies and keep manual processes to a minimum.”

 

• Speaking of Jack Henry…  SouthTrust Bank, N.A. (FDIC 13919; total assets $552M) selects Jack Henry for core and digital to fuel the banks growth and innovation efforts – targeting $2B in assets over the next decade.
  • 👉 Perhaps more importantly, the incumbent core processor had a strategic position within the bank (same vendor for core, online, and mobile), so displacing this vendor was no easy task.  PLUG TIME!!!! 😊 For more info here – contact our very own Mr. Bobby Button and ask about our Fintegration Ecosystem© covering the full vendor tech stack for every bank and credit union in the U.S.

 

• Costco (NASDAQ: COST) and Affirm (NASDAQ: AFRM) partner together to launch buy now pay later option for online orders – allowing Costco members shopping online to use Affirm at checkout to pay over time without any late or hidden fees.

 

• Byline Bank (FDIC 20624; total assets $9.6B) announced the expansion of its Payments and Fintech Banking group, “including several key new hires and leadership appointments, which underscore the bank’s significant investment in embedded finance and modern digital payment solutions.”  🚀

 

• Greenlight (family banking app) announced the launch of Family Shield, “its newest subscription plan designed to help caregivers protect seniors from financial fraud and ensure their physical safety. This first-of-its-kind product streamlines financial account monitoring and alerts, provides protections against fraud (including deceptive transfer fraud), identity theft, and money management errors, and offers remote features to help ensure senior safety.”  Nice!!!! 👏

 

• Zoho (business platform for CRM, payroll, workflows, and more) launched Zoho Payments, “a unified payment solution that helps businesses collect payments online using multiple payment methods like cards and ACH. The solution offers native payments capabilities within Zoho, enabling businesses to manage payments directly within their existing financial workflows.”

 

• 😬 Coinbase hack…  In a company blog, Coinbase said criminals targeted its own overseas customer support agents with cash offers and was able to obtain limited customer data; and then tried to extort Coinbase for $20 million to cover this up.  Instead, Coinbase is offering a $20M reward for the arrest and conviction of the criminals. 👍              
  • Per this 8-k filing, while Coinbase “has preliminarily estimated expenses to be within the range of approximately $180 million to $400 million relating to remediation costs and voluntary customer reimbursements relating to this Incident, prior to further review of potential losses, indemnification claims, and potential recoveries, which could meaningfully increase or decrease this estimate.”

 

• Notable FinTech funding for the week:
  • Stash (personal finance app including banking, investing, and advice) raised $146M in Series H funding round to expand its AI capabilities to further boost product development as the company looks to "drive subscriber growth".
  • FlexPoint (payments platform for managed service providers) raised $12M in Series A round citing “revenue growth of nearly 4x year over year, FlexPoint is trusted by over 40,000 businesses with their payments.”

 
 
Random Uncle Sean stuff:

• WOW – this update really wore me out!  But I thoroughly enjoyed that RMBS securities analysis from the OFR if you couldn’t tell (nerd alert!!!). 😂  So let’s just jump right into the good stuff and close this week out (I see a cold beer 🍺 in my immediate future)!!!
  • And here is the good stuff!!!  Everyone’s favorite part of the Update - the Dad / Bad Jokes:
    • Never play tennis with a cymbal…  It makes a terrible racket! 😏
    • When I want to feel cultured, I eat yogurt! 🤠
    • Olive’s really should have been called “Greece’s Pieces”… 🤔😜
    • Dogs aren’t the only animal you can train.  I had a goldfish that could breakdance on the carpet…  But only for like 20 seconds. 🐟🕺🤣
    • Remember when we used to laugh at the commercial “I’ve fallen and I can’t get up!”?  Yeah, not so funny anymore… 😬😅

 
 
Have a GREAT weekend and an even greater Memorial Day weekend since I won’t be posting next week.  Oh – and please stay safe!!! ❤️
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
❤️❤️❤️ Happy Mother’s Day wishes to all the Mom’s this weekend ❤️❤️❤️!!!  Keeping this week short and sweet so we can begin the weekend celebrations!  Here is the Uncle Sean Update for 5/9/25:
 

• It’s Fed Week!!!  As expected, the FOMC unanimously voted to maintain the fed funds rate at 4.25% - 4.50% as the hard data continues to show an economy that is in a solid position, plus continued uncertainty over tariff policies.  Powell stated, “The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.”
  • If you want more info – here is Chairman Powell’s Press Conference Transcript (25 pages); as well as the video (47:46).

 

• 💪 Check out my friends over at FIntegrate Technology as they reported nearly 80% revenue growth in the first quarter of 2025 compared to 1Q2024 helping FI’s manage credit and collections, dispute management, and data migration (FusionCRS, FusionDMS, and Fusion LRS solutions).  Congrats!!!! 🚀

 

• OakNorth Bank (London, England) announced they have surpassed $1 Billion in lending to US businesses since July 2023, marking another major milestone in its US expansion.
  • Keep in mind that OakNorth recently announced the acquisition of Community Unity Bank (FDIC 59305; total assets $67M) to further expand their US presence.
    • Okay – I admit it…  I was going to say something like “the British are coming!” – but I felt it would be in poor taste (see what I did there!)….  😅😬

 

• Santander Bank (FDIC 29950; total assets $105B) is closing 18 US branches by August as part of its ongoing digital strategy.  Recall back in early February where we talked about Santander’s new Direct Digital Bank, OpenBank, had hit $2B in deposits after only opening a few months prior in October!!! 💥
  • Ahh – but this whole internet thing is just a fad… 😂🤣

 

• 👉 Congratulations to Autobooks as they have acquired Allied Payment Network adding business bill pay to their existing suite of invoicing, bill pay, and accounting in one seamless platform.
  • Per this Autobooks blog post, “With the acquisition of Allied Payment Network, Autobooks gains a robust bill pay infrastructure that currently supports over 500 financial institutions, 150,000 customers, and processes more than $5 billion in payments each year. But this move is about more than scale — it’s about creating the first true all-in-one platform for small businesses. By integrating receivables, payables, accounting, and cash flow management directly into digital banking, we’re delivering a more seamless and complete financial experience for both institutions and their business customers.”
    • Also worth noting that Autobooks picked up $40M in fresh capital to support its continued expansion, including the acquisition of Allied Payment Network.

 

• CPI Card Goup announced the acquisition of Arroweye Solutions, Inc. for $45.55M in an all-cash transaction.  Per the PR, “The addition of Arroweye’s on-demand payment card solutions to CPI’s portfolio of payment card production, personalization, instant issuance, prepaid, and digital solutions will allow CPI to offer more choices to a larger combined base of thousands of customers. In addition, CPI anticipates leveraging its resources and market position to increase Arroweye’s share and expand penetration of its solutions to new customers. Arroweye’s revenues are expected to be in the mid-$50 million range in 2025, on an annualized basis.”

 

• Numerica Credit Union (charter 66841; total assets $4.1B) partners with MANTL for business and consumer account opening with full integration with its Jack Henry Symitar core.

 

• Blend Labs (NYSE: BLND) announced a new integration with Glia embedding Glia’s chat, voice, video and AI tools directly into Blend’s Digital Banking platform for FI’s.
  • “This seamless, in-application support is powered by Glia’s ChannelLess® Architecture, which unifies voice, digital service and AI into a single experience—eliminating data silos and preserving context across every interaction. Financial institutions can engage customers across devices, personalize support at scale and maximize both efficiency and satisfaction. For example, if a borrower encounters a question about required documentation, clicking the 'Let's Talk!' icon instantly opens a chat window with a loan specialist, all without navigating away from their application.”  Nice!!! 👍

 

• Perpay selects Marqeta to power the Perpay Credit Card (issued by Celtic Bank), a leading unsecured credit card designed to help people build or improve their credit by automating payments directly from a paycheck.

 

• Freedom Bank (FDIC 58010; total assets $140M) selects Vine Financial’s commercial lending technology allowing its bankers and borrowers to collaborate more effectively (including automation of many manual tasks) from application to close via AI-powered financial spreading, customer loan workflows, and document generation capabilities.

 

• Samsung is adding a new Tap to Transfer feature, as part of the Samsung Wallet and powered by Green Dot Arc, to enable fast peer-to-peer (P2P) payments to other digital wallets or contactless debit cards, with additional features and functionality planned.

 

• Verifone and Stripe announced a strategic partnership where “Stripe services will natively run on Verifone payment devices, offering Stripe customers even more flexibility and choice in deploying durable and performant in-person payments. The partnership will also expand Verifone’s reach to a new base of modern, fast-growing businesses seeking enterprise-grade hardware and global payment capabilities.”

 

• 👀 Upstart (Nasdaq: UPST; an AI lending marketplace) has signed a 1-yr deal with OnePay (Walmart Fintech arm)  Per this Upstart 8-K, “…Upstart and OnePay will collaborate on co-branded offerings, including co-branded direct mail campaigns.  Upstart does not expect the partnership to have a material impact on its financial condition or results of operations for the fiscal year ending December 31, 2025.”

 

• Some interesting personnel moves:
  • It’s official…  Fiserv (NYSE: FI) announced Michael P. Lyons has been appointed Chief Executive Officer of Fiserv after the confirmation of Frank Bisignano, Fiserv’s prior CEO, as Commissioner of the Social Security Administration.
  • BILL (NYSE: BILL) appointed Mike Cieri as EVP, GM of Software Solutions to lead and drive software strategy across the BILL platform, reporting directly to CEO and Founder, René Lacerte.

 

• Notable FinTech funding for the week:
  • Rippling (global workforce management solution) raised a massive $450M in Series G funding round at an incredible $16.8B valuation.  CHA-CHING!!!! 💰💰💰
  • Agree.com (AI-powered e-signature platform that includes invoicing and payment processing) raised $7.2M Seed Round to compete in the e-signature and B2B payments space as a differentiator.
  • Glide (embedded finance infrastructure for FI’s) $15M Series A to expand its product roadmap, scale its AI capabilities, and expand its world-class team.

 
 
Random Uncle Sean stuff:

• Cardinal Robert Francis Prevost, 69, was elected as the 267th leader of the Catholic Church as Pope Leo XIV — the first-ever American pope (although he has lived abroad most of his life in service of others and holds dual citizenship)!!!  Pope Leo XIV has a fascinating story (check out this CBS Report), and apparently per his brother’s clarification – is actually a Chicago White Sox fan. ⚾  It’s okay pontiff – nobody’s perfect! 😲😬😅🙏

• Okay, let’s close this week out and kick Mother’s Day weekend into high gear!!! 🍷🎉❤️  Here are the Dad / Bad Jokes:
  • Sometimes, just to annoy my therapist, I ask: “So, how does my lack of progress make you feel?” 😂🤪
  • I had a dream I was at work…  So when I woke up I called in sick…  Ain’t no way I’m working twice in one day!!! 🚫😊
  • We used to just have village idiots…  But now with the internet, they’ve gone global! 🌎🤷‍♂️😅
  • And last but not least…  ChatGPT asks Chuck Norris questions… 🤠

 
Have a WONDERFUL Mother’s Day weekend ❤️ and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

Happy Friday!!!
 
I can’t believe it is May already – certainly hoping the proverbial April showers do indeed bring May flowers!!! 😊🌻🌷  Here is the Uncle Sean Update for 5/2/25:
 
👀 With plenty of eyes on the FOMC meeting next week (5/6-7), here is a quick look at some economic updates this week:
 

• First quarter advance estimate for GDP came in at -0.3% (+0.1% expected, +2.4% prior) - the first negative GDP rating since 1Q2022.  However, a substantial pull-in of imports (negative to GDP) due to presumed tariff concerns impacted GDP by -5.03%.
  • When pulling out many of the Liberation Day anomalies, “Real Final Sales to Private Domestic Purchasers” was 3.0% versus 2.9% in 4Q2024.

 

• The BLS April Jobs Report came in with a solid 177,000 jobs added (138K expected, March was revised down by 43K to 185K; and Feb was revised down by 15K to 102K); and the unemployment rate unchanged at 4.2% (as expected and 4.2% previously).  Yahoo Finance has a good summary.
  • Keep in mind that employees on paid leave or receiving ongoing severance pay are counted as employed – so the full effect of DOGE reductions may not be captured until late this summer (paid administrative leave through Sept. 30).

 
More interesting merger news (and a CU liquidation):
 

• 👉 Another CU acquisition of a bank…  This week it is Frontier Credit Union (Charter 68376; total assets $698M) to acquire First Citizens Bank of Butte (FDIC 22502; total assets $75M).
  • If you are keeping score, this is now the 6th announced CU acquisition of a bank for 2025.  This compares to 22 for 2024, 11 in 2023, 16 in 2022, 13 in 2021, 7 in 2020, and 16 in 2019. Source: FedFis Bank M&A data.
    • 💥 Warning – here comes an Uncle Sean “off the rails” moment with some unsolicited commentary and speculation…  I haven’t seen anyone else post about the financial structure yet, so here goes…
      • “Comparatively speaking”…  This CU appears to be struggling with some asset quality issues in their concentrated indirect automobile loan portfolio.  They have a “relatively” poor liquidity position, high net charge-offs and delinquencies, a comparatively weak capital position in relation to amount of delinquent loans and loan loss allowance, and poor profitability (again, all relatively speaking).  Also carrying $28M in other borrowed funds even though Total Loans/Shares & Deposits is only at 89%.
      • The target bank is an old bank (est. 1977) to have only $75M in total assets – so I am assuming that succession planning is probably a determining factor in their decision to sell.
        • Uncle Sean’s opinion – this is a way for the CU to pick up some cash to help with liquidity (the bank has $18M in cash) plus another $22M in AFS securities (mostly treasuries at 1-3 years per RC-B so this sets them up nicely if the FOMC cuts rates in the next couple of quarters after mark-to-market merger accounting adjustments).  Also allows for low cost deposit grab at 1.75% for IB deposits ($53M worth) as well as a $33M loan portfolio comprised mostly of 1-4 (which the CU is familiar with) that includes a small amount of C&I ($4.6M) – also with mostly short dated repricing tenors.  This also allows the CU to further diversify away from their concentration of new and used vehicle loans – which has been a bit of an underwriting problem.  Worth noting that the target bank is running 7% yield on loans (10% for C&I) with a 4.03% NIM.
          • Don’t get me wrong – I’m all for free markets and I don’t have a dog in the “tax exempt CU acquisition of tax paying bank” fight…  But it does “feel” wrong to lose an FDIC charter to prop up a CU that is struggling with indirect automobile loan performance. 🤷‍♂️
            • 🤔 Maybe CU’s that acquire banks should do so in a reverse merger style and lose their NCUA charter and have to adopt the FDIC charter and taxable status going forward????  Just thinking out loud (which pretty much always gets me in trouble – LOL!!!)…  Send me an email or comment on LinkedIn and let me know your thoughts!!!! 🤙

 

• This one is cool to me a I spent many years running around Central and South-central Oklahoma in my younger days (fond memories for sure; and I love that Arbuckle Mountain area and the CNRA)…  Chickasaw Banc Holding Company (FR 3045721), bank subsidiary is Chickasaw Community Bank (Native American bank; FDIC 11521; total assets $549M) to acquire Oklahoma Heritage Bank (FDIC 22855; total assets $101M) headquartered in Roff, OK (which is just up the road from Sulphur, OK in case you were wondering 😊).

 

• First National Bank of Omaha (FDIC 5452; total assets $31.8B) to acquire Country Club Bank (FDIC 8888; total assets $2.2B) headquartered in Kansas City, MO – bringing together two privately owned institutions with multi-generational family leadership.

 

• Cadence Bank (NYSE: CADE; FDIC 11813 – no BHC) to acquire Industry Bancshares, Inc. (FR 2112439), a multi-bank holding company of Texas banks, in an all-cash transaction “between $20M and $60M” based on Industry Bancshares’ equity capital at the closing of the transaction. 
  • Yes, that’s more than just a little odd; and this Banking Dive article spells it out as “unique.”  Here is some additional detail from call report data (source: FedFis Bank Analyst platform) due to securities portfolio issues (AOCI losses) with the bank subsidiaries that helps to clear up the “unique” nature of the purchase price 😲:
    • Citizens State Bank (FDIC 12501; total assets $1.13B; total AOCI -$206.5M; total equity -$44M)
    • Bank of Brenham, NA (FDIC 57102; total assets $620M; total AOCI -$102M; total equity -$21M)
    • Fayetteville Bank (FDIC 3195; total assets $630M; total AOCI -$116M; total equity -$35M)
    • Industry State Bank (FDIC 12506; total assets $790M; total AOCI -$140M; total equity $7.7M)
    • The First National Bank of Bellville (FDIC 3099; total assets $731M; total AOCI -$124M; total equity -$26.5M)
    • The First National Bank of Shiner (FDIC 5529; total assets $813M; total AOCI -$159M; total equity -$44.2M)

 

• The NCUA closed Unilever Federal Credit Union (charter 5736; total assets $46.7M as of 12/31/24 call report) via involuntary liquidation and discontinued its operations after determining the credit union was insolvent and had no prospect for restoring viable operations.
  • It’s not completely unheard of, but it is somewhat rare that a CU is liquidated prior to going into conservatorship.  Looking back, there have only been 5 examples of this since 2019 (one was fraud) with the largest being $12M in total assets.  Smaller CU’s (less than $50M) can fail very fast.

 

• Flex (personal finance software for business owners) acquires Maza, a finance app designed for Spanish-speaking solopreneurs and consumers in the U.S..  Post closing, Maza will operate as Flex Consumer.

 
Core Processor headlines:
 

• Fiserv (NYSE: FI) processes their first card-based payment transactions under their new Georgia merchant acquirer limited purpose bank charter (MALB).

 

• FIS (NYSE: FIS) announced the launch of its next-generation enterprise treasury platform, Treasury and Risk Manager – Quantum Cloud Edition.  “In addition to leveraging the power of the public cloud, this version of FIS’ treasury and risk management solution offers a new Liquidity Hub module for harnessing data from multiple sources – such as enterprise resource planning systems and bank APIs – to enable cash-management analysis in real time.”

 
Product launches and funding:
 

• Zest.ai announced their AI-automated underwriting and fraud detection platform is now integrated with Temenos Loan Origination solution.

 

• Kraken launches “embed” – its new Crypto-as-a-Service solution allowing for embedded de-fi within trad-fi…  (🤯 Oh my head 😅!!!)  All kidding aside – check out Kraken Embed to see how banks, fintechs and payment platforms use Kraken to launch regulated crypto quickly and seamlessly.  Kraken Embed is already live with Dutch neobank, bunq (which recently applied for broker dealer license in the US).

 

• Square expands banking services to give sellers instant access to their cash flow as well as free and easier ways to manage their earnings.

 

• Fasten launches the Fasten Rewards Visa credit card for auto-related rewards targeting dealerships as a distribution strategy.

 

• Xero small business platform launches US online bill payments powered by BILL.

 

• Notable FinTech funding for the week:
  • Persona (the red-hot identity verification space) raised a $200M Series D round at a $2B valuation – CHA-CHING!!! 💰
  • Thunes (global cross-border payments) picked up a $150M Series D round to supercharge its expansion in the U.S.
  • Fundthrough (invoice factoring platform) raised $25M in Series B and subsequently announced the acquisition of Ampla (small business banking platform including lending).

 
 
Random Uncle Sean stuff:

• We are live – oops, I mean “autonomous” LOL!!!  Aurora Innovation has successfully launched a commercial self-driving trucking service in Texas with the initial route between Dallas and Houston.
• To all my outdoor enthusiast and backyard birders, check out this app - https://merlin.allaboutbirds.org/.  I downloaded this to my phone yesterday and really enjoy it.  It identifies birds by their call / sound  and provides pictures of the birds it identifies – super cool!!!  Special thanks to my friend and colleague, Mr. Rick Boals, for letting me know about this app! 😊 🐦
• And of course some obligatory Bad / Dad Jokes:
  • If time is money, does that mean ATM’s are time machines…??? 🤠
  • Apparently, Humpty Dumpty had a terrible winter…  Which sucks because I heard he had a great fall…  🤦‍♂️🙄
  • Universal parenting knowledge…  You can have kids, or you can have a complete and matching set of silverware.  You cannot have both! 🤣
  • A father noticed that his son was spending way too much time playing computer games, so he said, “Son, when Abe Lincoln was your age he spent his time studying books by the light of the fireplace.”  The son pondered this for a moment and replied, “When Abe Lincoln was your age, he was President of the United States.”  Well played young man, well played! 🏆

 
Have a GREAT weekend and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

​Happy Friday!!!
 
Tell your friends to sign up here to join over 17,000 of your peers and get the Uncle Sean Update and the FinTech Cowboys interviews delivered straight to your inbox every week 🤠.  Here is the Uncle Sean Update for 4/25/25:
 
A quick look at some macroeconomic data:
 

• The Federal Reserve released the Beige Book - April 2025 with the theme “uncertainty around international trade policy was pervasive across reports” with some pull-in purchases ahead of anticipated tariff-related price increases.  Both leisure and business travel was down with several Districts noting a decline in international visitors.

 

• 🤐 Um, about those student loan payments…  The US Department of Education will resume federal student loan collections on May 5th.  The Department has not collected on defaulted loans since March 2020.  Per the PR:
  • Today, 42.7 million borrowers owe more than $1.6 trillion in student debt.
  • More than 5 million borrowers have not made a monthly payment in over 360 days and sit in default—many for more than 7 years—and 4 million borrowers are in late-stage delinquency (91-180 days). As a result, there could be almost 10 million borrowers in default in a few months. When this happens, almost 25 percent of the federal student loan portfolio will be in default.
  • Only 38 percent of borrowers are in repayment and current on their student loans.

 

• 👀 Looking ahead – next week brings some key data releases including GDP, PCE, and non-farm payrolls (jobs report).

 
The Merger Mania continues (not a holistic list for the week)!!!
 

• A CU mega-merger…  Wings Financial Credit Union (charter 68601; total assets $9.7B) entered into a merger of equals agreement to acquire Ent Credit Union (charter 68671; total assets $9.9B) effectively creating a combined proforma top 10 CU with approximately $20B in assets and almost 1 million members.  WOWZA!!!

 

• Columbia Banking System, Inc. (Nasdaq: COLB; FR 2078816), bank subsidiary is Umpqua Bank (FDIC 17266; total assets $52B), to acquire Pacific Premier Bancorp, Inc. (Nasdaq: PPBI; FR 3489594), bank subsidiary is Pacific Premier Bank, National Association (FDIC 32172; total assets $18B) in an all-stock transaction valued at approximately $2B.  CHA-CHING!!!! 💰💰💰

 

• And another CU acquisition of a bank…  This week, MIDFLORIDA Credit Union (charter 68600; total assets $8.1B) to acquire Prime Meridian Bank (FDIC 58694; total assets $975M) tying up a couple of FL institutions.
  • Worth noting that MIDFLORIDA is a serial bank acquirer and this marks their 3rd bank acquisition in 5 years.
  • This is now the 5th announced CU acquisition of a bank thus far for 2025.  This compares to 22 for 2024, 11 in 2023, 16 in 2022, 13 in 2021, 7 in 2020, and 16 in 2019.  Source: FedFis Bank M&A data.

 

• Eastern Bankshares, Inc. (Nasdaq: EBC – bank subsidiary is Eastern Bank; FDIC 32773; total assets $26B) to acquire HarborOne Bancorp, Inc. (Nasdaq: HONE – bank subsidiary is HarborOne Bank; FDIC 59070; total assets $5.8B) in a mixed deal of cash and stock valued at approximately $490M.

 

• Feedzai (identity, fraud, and AML platform) acquires Demyst – thus accelerating “Feedzai's vision to unify data orchestration and risk management into a single platform, providing financial institutions with the real-time data, analytics, and trusted artificial intelligence they need to make the best possible risk decisions.”

 
Core Processor’s making headlines:
 

• Fiserv (NYSE: FI) announced a plan to open a new strategic fintech hub in Overland Park, KS bringing 2,000 jobs to the area.  Located on the Aspiria campus at 6500 and 6550 Sprint Parkway in Overland Park, Kansas, the new site includes 427,000 square feet of space across two buildings.

 

• CSI announced the launch of its AI-powered AML compliance and fraud detection solutions: TruDetect and TruProtect powered by DATASEERS®.
  • Check out the TruDetect™ AML Solution which is live now with TruProtect rollout scheduled for later this year.  

 
Tech upgrades and divestitures:
 

• Southpoint Financial Credit Union (charter 68667; total assets $572M) selects MANTL for consumer and business new account opening (Deposit Origination) across all banking channels.  SouthPoint will also be part of the MANTL Loan Origination development partner program.

 

• Kirtland Credit Union (charter 12199; total assets $1.1B) selects Lumin Digital for its online and mobile banking services.

 

• NuMark Credit Union (charter 61447; total assets $878M) selects Alkami's Digital Banking Platform to enhance its online and mobile banking experience for both retail and business members.

 

• The Citizens State Bank of Ouray (FDIC 1779; total assets $204M) selects Apiture Digital Banking Platform to power digital banking as well as Apiture Digital Account Opening for both its consumer and business customers.

 

• MainStreet Bank (FDIC 57742; total assets $2.2B) to shut down Avenu, its embedded finance / BaaS subsidiary, after taking A $19.7M impairment charge in the 4th quarter reflecting the full capitalized intangible value of Avenu’s operating software (source - MNSB 4Q earnings release).

 
Partnerships, product launches, and more:
 

• Congrats to Thread Bank (FDIC 9499; total assets $768M) as they announce the opening of their new corporate headquarters for Thread Bancorp in Nashville, Tennessee. 👍

 

• Shout out to HC3 as a newly Endorsed Service Provider of the Independent Bankers Association of Texas (IBAT).  NICE!!!! 👏

 

• 👉 SQN Banking Systems partners with RiskScout as its preferred BSA/AML compliance partner to deliver enhanced fraud and AML solutions for community banks.

 

• Pinwheel flexes 💪 with a couple of announcements this week:
  • First up is an integration with Q2’s Digital Banking Platform enabling banks and credit unions that are Q2 customers to embed 1-click deposit switching via Pinwheel’s platform.
  • Paychex will be joining the Pinwheel PreMatch network enabling millions of Paychex Flex® users to utilize Pinwheel’s deposit switch solution.

 

• Klarna and eBay expand on their global partnership by bringing Klarna’s BNPL and installment payment solutions to millions of eBay’s U.S. shoppers.

 

• FedNow® Service continues momentum in Q1 2025 – now with more than 1.300 participating financial institutions headquartered in all 50 states are live on the service today. Small and midsize financial institutions, including community banks and credit unions, make up more than 95% of participants on the network.  More than 1.3 million transactions were settled on the FedNow Service in the first quarter, a 43% increase over the prior quarter. Consumers and businesses sent an average of $540 million through the service per day.

 

• Crypto.com selects Bread Financial (NYSE: BFH; bank subsidiary and card issuer is Comenity Capital Bank - FDIC 57570; total assets $13.3B) to launch a Visa crypto-based rewards credit card in the U.S..

 

• Notable FinTech funding for the week:
  • GreenFi (fka Aspiration) raised $17M Seed Round amid a relaunch as a climate-friendly consumer financial brand following the acquisition of Aspiration's consumer fintech division back in 2024.
  • Bloom Credit (consumer permissioned credit builder via existing recurring bill payment history) raised $10.5M in growth capital and announced a new partnership with Navy Federal Credit Union (charter 5536; total assets $181B).  NICE!!!!!
  • Alternative Payments (B2B payments and checkout infrastructure provider) raised $22M in Capital.

 
 
Random Uncle Sean stuff:

• 🏈 ICYMI – Miami QB Cam Ward went #1 overall to the Tennessee Titans in the NFL Draft.  Check out the remaining first round pics here - 2025 NFL Draft first-round results.  Oh and I can’t help but mention the Dallas Cowboys picked up Alabama offensive lineman, Tyler Booker.  Just look at his smile – knowing he will have pretty much the whole month of January and early February off for the next several years….  OUCH!!!! 😅
• You made it – here are the Bad / Dad Jokes:
  • “Crappy Diem”….  What happens when you seize the wrong day. 😬
  • It has been reported that 80% of the ocean floor has not been explored…  Pretty sure there is a Dollar General down there somewhere! 🤔🙃
  • I don’t want to be overly dramatic, but the workweek continuously restarting is really getting annoying! 😂
  • And my favorite this week…  
    • Cajun word of the day is “tariff”….  As in, “mah pants might tariff I eat more crawfish pie!” 🤠🤣

 
 
Have a GREAT weekend and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

Happy Good Friday!!!
 
Happy Easter wishes to all!!! 🐰🐥  I hope everyone gets to spend some wonderful time with family and loved ones this Easter weekend!!! ❤️  It’s a smoking-hot news week, so let’s get to it!  Here is the Uncle Sean Update for 4/18/25:
 
Let’s kick this week off with some Merger Mania and key divestitures:
 

• 💥 Headlining this week is a bombshell announcement and significant market event in the payments space…  Global Payments (NYSE: GPN) announces agreements to acquire Worldpay from FIS and GTCR - and divest Issuer Solutions business to FIS.  There’s a lot to take in here, so let’s look at it from a very high level:
  • Worldpay was spun off from FIS back in 2023 as a stand-alone entity; and in July 2023, GTCR signed a definitive agreement to acquire a 55% majority stake in Worldpay from FIS (thus the Global Payments acquisition of Worldpay being from FIS and GTCR).
    • Side note..  For comparative PR purposes – Here is the merger PR from FIS as well as the PR from GTCR.
  • Now for the divestiture part from Global Payments…  Recall back in 2019 as part of the Payments Merger Frenzy days (more below) where Global Payments acquired TSYS processing solutions, well now they are selling that part of the business to FIS.  Here is some chronological perspective that might help clear things up (based on original announcement date):
    • Jan 2019 – Fiserv to acquire First Data.
    • Mar 2019 – FIS says “hold my beer” and acquires Worldpay.
    • May 2019 – Global Payments to acquire TSYS.
    • Feb 2023 – FIS spins off Worldpay as a separate entity and subsequently sells majority stake to GTCR.
    • Which brings us to the current Apr 2025 announcement of Global Payments acquisition of Worldpay from FIS and GTCR as well as the divestiture sale of the old TSYS processing business to FIS.
      • See – that wasn’t so bad, was it??? 🙃🤯
        • Giving credit where credit is due - Tanner Mayo has been talking about the “great unwinding to come” for a while now!

 

• Another CU acquisition of a bank…  Marion and Polk Schools Credit Union (charter 64166; total assets $1.4B) to acquire Lewis & Clark Bank (FDIC 58428; total assets $342M) in a local Oregon transaction.
  • This is the 4th announced CU acquisition of a bank thus far for 2025.  This compares to 22 for 2024, 11 in 2023, 16 in 2022, 13 in 2021, 7 in 2020, and 16 in 2019.  Source: FedFis Bank M&A data.
    • Lewis and Clark Bank recently announced their intention to exit BaaS as they were previously was using Solid as a middleware platform (now in Chapter 11 bankruptcy).
  • Unsolicited commentary warning… 😊  Of course no one asked me (LOL), but with bank stocks depressed and lingering unrealized losses in securities portfolios – Uncle Sean suspects we may see more of these CU purchases going forward due to the cash-basis nature of these acquisitions…  The flip side is also extremely relevant – when we finally due to come back to some sense of normalcy in bank stocks, it sure “feels like” there is a lot of pent up demand for bank to bank acquisitions…  Could be crazy 2H2025, but I broke (okay, smashed) my crystal ball years ago…  Time will tell… 🤷‍♂️

 

• 👉 Done deal…  Capital One gets the green light as they received approval from the OCC as well as approval from the Federal Reserve to acquire Discover Financial Services and thereby indirectly acquire Discover Bank.

 

• Trabian announced the acquisition of Mesh, a “comprehensive banking infrastructure platform that helps financial institutions and fintechs operate more efficiently, innovate faster, and adapt to evolving customer and market demands.”
  • “Mesh helps financial institutions and fintechs connect core systems, apps, and third-party services through its integration platform (iPaaS). The solution empowers teams to build on top of the core and seamlessly connect fintech partners.”

 

• Pipe acquires Glean.ai to bring together embedded capital and spend management for small businesses via its partners.

 

• 👀 Intuit (Nasdaq: INTU) continues to build out their fintech and embedded finance offerings.  This week they announced they will acquire key technology and welcome talented team members from Deserve, a mobile-first fintech company providing credit solutions and program management.

 

• ICYMI…  Shazam announced they have sold their merchant services portfolio to NCMIC Finance per this press release earlier this month; allowing for Shazam to streamline its core business and focus on its debit rails.

 
And a host of new partnerships:
 

• Zions Bancorporation, N.A. (FDIC 2270; total assets $88.8B) selects nCino (Nasdaq: NCNO) as they digitally transform their loan origination process. 🙌

 

• Klarna inks a deal with Fiserv (NYSE: FI) to make Klarna-powered BNPL and installment loans available through Fiserv’s Clover point of sale devices across 100,000 U.S. merchant locations initially, with a larger rollout to new and existing Clover merchants slated for early 2026.

 

• Brightstar Credit Union (charter 67347; total assets $907M) partners with Spiral to enhance member engagement by enabling BrightStar's members to achieve financial wellness while giving back to their communities through everyday banking via Spiral’s Roundup Center – giving members the ability to round up their everyday purchases to grow their savings and support their favorite charitable causes and nonprofits direct from their digital accounts.

 

• F.N.B. Corporation (NYSE: FNB; BHC for First National Bank of Pennsylvania – FDIC 7888; total assets $48.5B) introduced direct deposit switch capabilities as well as enabling clients to digitally move their recurring debit transactions to FNB later in 2025.  Both services are being launched through a partnership with the great folks over at Atomic, and marks another massive win for the Atomic Team!!!! 🚀🤙

 

• Latino Community Credit Union (charter 68430; total assets $1.1B) announced the successful implementation of its new digital banking platform powered by Lumin Digital.
  • Ah, but if you are a customer of our FedFis FinTegration Ecosystem©, you already knew that – so call our own Bobby Button for sales and strategic market intel! …  Nice shameless plug if I do say so myself!!! 😉

 
How ‘bout some new product launches, entrance strategies, and funding:
 

• 💥 Shout out to Natasha Vernier and the entire Cable Team for their new product launch.  In addition to BSA, Cable now supports automated control testing for Reg B, Reg E, and Reg Z — “some of the most critical consumer protection regulations in financial services.”
  • The announcement states, “Banks and fintechs can now automatically test Reg B, Reg E, and Reg Z controls across 100% of their dispute and lending data, ensuring compliance with credit access, disclosure, investigation, error resolution, and record-keeping requirements, all within a the Cable platform.”  Nice!!!!
    • And be sure to take the Cable Compliance Challenge quiz in the link above to win some SWAG!!! 🤠

 

• 👉 U.S. Bank (FDIC 6548; total assets $663B) launched a new all-in-one checking account combined with payments acceptance for small businesses that integrates into existing software and allows real-time insights and cash flow management with a business banking dashboard – all within a single interface.  YES, Please!!!!!! 😊🚀
  • Uncle Sean is continuing to see a tremendous amount of expansion and targeting in the small business space over the last few years – no doubt in response to serious fintech endeavors (i.e. Brex, Mercury, etc.).  Check it out direct at U.S. Bank Business Essentials®.

 

• 👀 Starling Bank (yeah, the UK digital bank) is coming to America…   Starling is opening a US subsidiary called Engine by Starling Services US and is now building a team and scouting for a regional headquarters on the US East Coast.  They are looking to bring a new core solution to the US targeting  mid-tier banks, community banks and credit unions.

 

• Bunq (yep – another European digital bank) has filed for a broker-dealer license in the US – completing the first step of its two-phase strategy of entering the US market.  Bunq is expecting to refile for a full banking license later this year.

 

• Edward Jones has filed for an ILC banking charter again with the FDIC and the Utah Department of Financial Institutions to establish Edward Jones Bank.

 

• And some Rumor Mill as reported by TmoNews (the unofficial T-mobile blog) – it looks like T-Mobile is once again looking to launch its own credit card, but this time it is allegedly working with Capital One (previously was working with Goldman Sachs).

 

• Notable FinTech funding for the week:
  • Tapcheck (EWA) raised $225M in capital consisting of a $25M Series A and a $200M credit facility.
  • Meadow (financial services provider for college students) raised $14M in Series A funding round to reform the student financial experience on behalf of over-burdened colleges and universities.
  • SoFi (Nasdaq: SOFI) secures an additional $3.2B for their Loan Platform Business (refers pre-qualified borrowers to loan origination partners as well as originates loans on behalf of third parties).

 
 
Random Uncle Sean stuff:

• 🏈 Lee Corso will retire from ESPN's "College GameDay" in August, completing almost a 40 year career with the show that began in 1987 – WOW!!!!  Coach turns 90 on August 7th.  He and Kirk Herbstreit have been part of the show since 1996.  “Corso's final broadcast will be Aug. 30, ESPN announced, saying additional programming to celebrate Corso is planned in the days leading up to that weekend.”  Definitely an amazing career – well done, Coach Corso!!! 🏆
• Uncle Sean having a 1970’s Easter flashback - I can still smell the vinegar in Mom’s kitchen as we dyed hardboiled eggs using PAAS® Color Cups with dye tablets! 😊❤️
• Okay – let’s get this thing closed out so we can enjoy Good Friday!!!  Here are the Dad / Bad Jokes for the week:
  • Sometimes I eat Doritos in my underwear…  But I really wish the other customers would quit staring!!!! 😲😅
  • A quick PSA…  Cigarettes are like squirrels…  They are perfectly harmless until you hold one in your mouth and light it on fire!!!! 🐿️🤠
  • Thanks to Zane Ellzey for this one - What is a pirate’s favorite restaurant?  Arrrrby’s! 🏴‍☠️
  • And of course an obligatory Easter Sunday Dad / Bad joke…..
    • The Pastor interrupts the sermon to ask 3 men in the front row, “What would you want your loved ones to say as they are looking down at you in your coffin?”
      • Tom:  That I was a good husband and father.
      • Bill:  That I lived a good life of kindness to others.
      • Dan:  “LOOK! He’s moving!!!” 😂🤣

 
 
Have a GREAT weekend as well as a wonderful Easter holiday - and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

Happy Friday!!!
 
News was a little bit lighter this week (likely in part to “China tariff tennis” and “bond yield bingo” monopolizing the media - 😬😅) – but some cool headlines nonetheless….  Here is the Uncle Sean Update for 4/11/25:
 

• ICYMI, there was a bit a good news regarding inflation data this week!  The BLS March CPI Report declined 0.1% for the month led by declines in energy / gasoline prices (first time that MoM prices have fallen since June 2024 and only the second time since 2020 – WooHoo!) placing the YoY increase at 2.4% (Feb was 2.8%).  Core CPI (excludes food and energy) increased 0.1% MoM and came in at 2.8% YoY (Feb was 3.1%) – the lowest annual rate since March 2021.  CNBC has a pretty good summary.
  • Although March inflation data may feel a bit stale and completely overshadowed by April’s recent tariff and bond yield headlines, it is good news for now and I’ll take it! 😊

 

• Jamie Dimon released his Annual Letter to Shareholders earlier this week.  Keep in mind that Mr. Dimon is paid extremely well to be the consummate pessimistic risk manager; and this was released prior to the tariff pause.
  • Banking Dive gives us the CliffsNotes version here (spoiler alert – top concerns are: how tariffs and trade agreements will affect America’s long-term economic alliances; along with a perilous and complicated geopolitical and economic environment).

 

• Not really a surprise, but another BaaS middleware platform goes bankrupt…  Solid (fka Wise) has filed for Chapter 11 Bankruptcy after raising nearly $81M in funding and being sued by its Series B lead investor (ultimately dismissed with prejudice under a settlement in April 2024).  Solid claims to only have 3 employees left at the time of the bankruptcy filing and “a limited amount of current revenue.”
  • You can view the actual case filing here - Solid Financial Technologies, Inc.; Chapter 11 BK; Case #25-10669 (BLS).
  • 👉 Source credit to Jason Mikula for first breaking this news on LinkedIn (and for notifying all at the end of January that it was rumored Solid would be shutting down).  Be sure to follow Jason’s newsletter, Fintech Business Weekly for more in depth content.

 

• Block (fka Square) to pay a $40 million civil fine to New York's Department of Financial Services as a settlement to “alleged compliance shortfalls” without admitting or denying any wrongdoing.
  • Block agreed in January to pay an $80 million civil fine to settle similar charges by 48 U.S. state financial regulators.
  • Block said the New York settlement ends "all previously pending state money transmission license matters."

 

• Stripe’s application for a Merchant Acquirer Limited Purpose Bank (MALPB) charter has been filed with the state of Georgia’s Department of Banking and Finance. 
  • Banking Dive has a good summary adding, “The charter, which is known as a merchant acquirer limited purpose banks charter, would give Stripe direct access to card networks, which means the payments processing company would no longer need to partner with banks to process credit card transactions.”  This follows Fiserv’s lead for the same limited purpose charter from late last year.

 

• 💥 Knot has teamed up with PayPal to simplify and enhance checkout experiences for millions of PayPal users.  With Knot’s CardSwitcher™, PayPal users will soon be able to seamlessly add their PayPal branded cards as a payment method across their favorite merchants—making paying with PayPal easier.
  • Per the PR, “…Knot has formed partnerships with leading financial institutions and fintech innovators, including American Express, Bilt, and Step. This new collaboration with PayPal is a significant milestone in Knot's mission to build a financially interconnected future for users and merchants alike.”  Nice!!! 🤙

 

• Plinqit flexes their muscles 💪 with a major milestone…  “Deposits generated through its High Yield Savings product have surpassed $3 Billion” in just over a year with their white-label digital savings solution. 💰💰💰 
  • Check out their newly refreshed FI-focused website at info.plinqit.com/ helping “financial institutions attract deposits, launch digital brands, and grow strategically.”  And be sure to tell them Uncle Sean sent you!!! 😊 🎉

 

• Coming to America…  i2c expands its partnership with Access Finance to bring their Juzt Digital Credit Card to the U.S. via The Bank of Missouri as the issuing bank; and leveraging i2c’s global, unified banking and payments platform.
  • "This ongoing partnership with Access Finance highlights the versatility of i2c’s platform in supporting complex credit programs and expanding financial access,” said Amir Wain, CEO of i2c Inc. “We’re excited to continue supporting Access Finance in their mission to provide U.S. consumers with meaningful credit-building tools that can help shape a more financially inclusive future."
    • Uncle Sean is definitely seeing i2c show up in a lot of my research these days! 🚀

 

• Galileo (owned by SoFi) announced the launch of its Deposit Sweep product enabling fintech companies to partner with a network of participating banks and a deposit sweep provider to offer their customers the opportunity to maximize interest earnings and extend FDIC insurance coverage.
  • Per the PR, note that “This product is available exclusively to fintech clients where Galileo manages the ledger and their sponsor bank supports deposit sweeps.”
    • Uncle Sean goes deeper into the weeds…  Looking at the Galileo docs page for deposit sweep, it shows IntraFI as the deposit sweep provider which is the same sweep platform Coastal Community Bank is using (source: https://www.coastalbank.com/product/intrafi-fdic-insurance/) – somewhat relevant as Coastal is the sponsor bank for Bluevine (source: FedFis Fintech Analytics©) which is the pilot client for the Galileo Deposit Sweep program.

 

• True North Federal Credit Union (charter 5892; total assets $235M) selects Mahalo Banking to transform its digital banking experience; partly due to Mahalo’s deep integration with True North’s core processor, Corelation Keystone, and enhanced fraud protection capabilities.

 

• GFA Federal Credit Union (charter 24279; total assets $677M), a low-income designated credit union, signs with Salus to offer fast and easy microloans to its members.

 

• The OCC has acknowledged another cybersecurity incident where hackers gained access to emails containing sensitive government data in what the agency characterized as a “major incident.”  The breach compromised executive and employee emails, including attachments that contained “highly sensitive information relating to the financial condition of federally regulated financial institutions used in its examinations and supervisory oversight processes.”  Ooof!!!

 

• Elan Financial Services brings back Peter Klukken as Head of Elan Financial Services credit card division of U.S. Bank.

 

• Notable FinTech funding for the week:
  • Rain (EWA and financial wellness app) raised $75M in Series B funding round.
    • This TechCrunch article states that Rain intends to launch an EWA-secured credit card, as well as savings accounts.  The company is also working on a product to be rolled out later this year that makes it easier for employees to use their Health Saving Account (HSA) by letting them spend on any card and get reimbursed.
  • Alinea Invest (investing app targeting Gen Z) raised $10.4M in Series A round.

 
 
Random Uncle Sean stuff:

• PSA – don’t’ forget that the Tax deadline is next week (April 15th)!!!  So this weekend is likely your (and mine too) best shot at getting it done if you haven’t already… 🤮😢
• Back to some good news and happy thoughts…  Today is National Pet Day!!! In our crazy Mayo household, we have 2 dogs – 15 year old Angie (our rescue dog that is half red healer and half terrier = 100% crazy crack dog) and 12 year old Django (blue healer and big ole baby that likes to sleep on his back with his feet in the air); a 5 year old fat white cat named Yeti (that sheds more than both dogs combined 😲); a mud turtle named Turdy; and another outside only cat that just showed up one day named Ms. Kitty. 🐶😺🐢
  • And here are the Dad / Bad Jokes for the week:
    • I tried meal prepping once, but I got excited and ended up eating all 5 meals that day. 🤪
    • In a not too distant past, it was customary for people to bite into gold coins to verify authenticity (due to its malleability) … Ironically enough, it appears that gold was indeed the first “bitcoin”… 😂🤣
    • “Reintarnation” – (noun); /rēənˌtärˈnāSH(ə)n/:  To die and then come back as a cowboy. 🤠

 
 
Have a GREAT weekend (after your finish your taxes of course), go outside and play - and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.
 

Happy Friday!!!
 
It’s APRIL – Happy Community Banking Month and Happy National Financial Literacy Month (some good resources in both of those links courtesy of ICBA and OCC)!!!  Here is the Uncle Sean Update for 4/4/25:
 

• Oof….  It was a rough week in the equity markets…  After a quick peek at my retirement portfolio and subsequently “crocodile crying some 401K tariff tears” LOL, I decided to look for some good news / happy thoughts…
  • First, I’m thankful I don’t have Chairman Jerome Powell’s job!  LOL!!!!
  • Second, of course nobody asked me 😊, but I suspect that trade negotiations will be forthcoming – limiting the duration and total effect of tariffs (fingers crossed anyway).
  • Third, this Goldman Sachs research report paints a clearer picture of the weighted average effect of tariffs.
  • Fourth, the 10yr Treasury dropped below 4% intraday today while the 2yr/10yr spread (yield curve) remained fairly consistent.
  • 👀 And last, but certainly not least – I absolutely loved this article by Chris Nichols at SouthState Bank titled The Impact of Reciprocal Tariffs on Community Banking as he focuses on opportunities for community banks related to increased tariffs – nicely done!!! 👏💪

 

• 👉 Congrats to Smiley as Arlo Bank (FDIC 29143; total assets $119M) selects Smiley Technologies, Inc. as its core and digital banking provider!
  • What makes this win even more impressive is the legacy vendor had a strategic position with the bank (same vendor for Core, Online, and Mobile technology) – source: FedFis "Fintegration Ecosystem"  Very Nice!!!!💥

 

• Border Bank (FDIC 20776; total assets $977M) has selected Jack Henry for core processing and Banno for digital (includes Banno Digital Platform™, Banno Business™, and JHA Treasury Management™).
  • This is ANOTHER bank vendor change where the legacy vendor had a strategic position with the bank…  I’ve only seen a few of these EVER, so to see two in one week is certainly unprecedented!!!!
    • Here comes the plug!!!! 😊 Be sure to reach out to our own Bobby Button for full details of our FedFis "Fintegration Ecosystem" detailing the vendor tech stack for all US Banks and Credit Unions.

 

• 👀 Rocket Companies announced an agreement to acquire Mr. Cooper in a $9.4B deal (wowza! 😲💰).  This announcement comes just about a month after acquiring Redfin in an all-stock transaction valued at $1.75B.
  • Combined, Rocket and Mr. Cooper will service a $2.1 trillion loan book across some 10 million clients.
  • “The combined company will attain a balanced business model and maintain stability in all market environments…” 
    • Uncle Sean’s take - Essentially implying a hedged model that in times of lower interest rates, mortgage originations and refinance activity (Rocket model) remain high; whereas in time of higher interest rates, servicing activity remains solid as fewer customers buy homes or refinance existing mortgages.
      • Certainly appears to be a nice vertical integration strategy (from potential buyers on Redfin, to originations / refi on Rocket, to servicing via Mr. Cooper). 🚀

 

• Rumor Mill (but sure sounds legit) – The DOJ has reportedly told financial regulators that it did not have sufficient cause to block the merger between Capital One and Discover, paving the way towards regulatory (Federal Reserve and OCC) approval.
  • “The Justice Department told the regulators of its decision in a confidential memo, the report said, citing unnamed sources.” (bold emphasis added by Uncle Sean)

 

• Circle (USDC stablecoin issuer) has filed for an IPO with NYSE symbol “CRCL” signifying a broader moment for the crypto industry as a whole.  If you want to dig deeper, here is their S-1 Registration Statement with the SEC.
  • Per this CNBC article, USDC has roughly $60 billion in circulation and makes up about 26% of the total market cap for stablecoins, behind Tether’s 67% dominance. Its market cap has grown 36% this year, however, compared with Tether’s 5% growth.

 

• DCI and Paymentus announce a new partnership offering community banks “easy to use, flexible and secure bill payment options they can offer their customers.” 🤙
  • Next week kicks off the DCI Bankers Conference.  Tanner and Matthew will be there and I am looking forward to some fun LinkedIn pics!

 

• Definitely sending a shoutout and virtual fist bump 👊 to Braid as they achieved SOC 2 Type 2 certification – Great work!!!! 🎉

 

• And here we go!!!  Citizens (FDIC 57957; total assets $217B) launched their new Citizens Open Banking API, enabling clients can view their bank account balances, transactions and more within their preferred external systems.

 

• And more open banking…  Yavrio (open banking fintech with business ERP system integration) announced they are connected to corporate accounts at “Wells Fargo, J.P. Morgan, Citi Bank, Bank of America and U.S Bank, the five largest banks in the US, as it expands internationally.”
  • Yavrio has also introduced “embedded ACH, RTP, FedNow and Wire payments across 9,600+ banks for customers in the U.S., enabling businesses to securely send funds from their payment journal to vendors via their bank account, streamlining the process for enhanced efficiency and security.”
    • The new world of commercial treasury management looks pretty cool! 😎

 

• Highnote partners with Feedzai – “By leveraging Feedzai’s AI-native, real-time fraud prevention and merchant monitoring platform, Highnote was able to swiftly bring its acquiring solution to market while meeting stringent regulatory requirements.”

 

• Ingo Payments selects Marqeta as its issuer processing partner.

 

• The Farmers and Merchants Bank (FDIC 16216; total assets $1.8B) selects Candescent’s Digital Banking platform for both retail and business banking.

 

• Stride Bank (FDIC 4091; total assets $3.9B) announced a new bank sponsorship program with Affirm to “become a new card issuing partner” for the Affirm CardTM debit card…
  • Worth noting that the legacy issuer of the Affirm Card is Evolve Bank & Trust which has had a rough time lately as it is still entwined in the Synapse middleware bankruptcy.  Evolve Bank & Trust also recently lost key fintech customers Mercury and Dave; and this week settled a data breach lawsuit for almost $12M.

 

• The Chime PR machine has been on a roll lately – this week Chime announced the launch of Chime Workplace, a next-generation financial wellness suite of services for employers and employees.

 

• Plaid completed a $575M secondary sale at a $6.1 billion valuation; and per the article, they “will not go public in 2025” but it is a milestone the company continues “to track towards.”
  • The valuation is less than half what Plaid obtained in 2021 from venture capitalists (but hey – that was 2021 when VC money was falling from the sky), and just 15% more than Visa's buyout offer in early 2020.

 

• ICYMI – Aspiration (climate-friendly fintech financial app) is changing their name to GreenFi after the fintech arm of Aspiration Partners was acquired last year by Mission Financial Partners.

 

• Some personnel movements:
  • BMG Money appoints Allyson Torsak as new Chief Revenue Officer.
  • Fiserv promotes Takis Georgakopoulos to COO.
  • DataVisor names Tony Kueh as the company's first COO.

 

• Notable FinTech funding for the week:
  • Imprint (modern co-branded credit cards) raised $500M credit facility to increase lending capacity and accelerate growth.
  • Atomic (digital connectivity / account switching platform) raised an additional $10M in capital.  Banking Dive has a great interview with Atomic co-founder, Jordan Wright.  Huge congrats to the entire Atomic Team!!! 🚀
    • Oh – by the way, Atomic also redesigned their website - check it out at https://atomic.financial/. 😊

 
 
Random Uncle Sean stuff:

• 🏀 For the first time since 2008 — and only the second time ever — all No. 1 seeds have reached the men's Final Four.
• Recipe Time….  If you like onions (and vinegar), you’ll love this…  This is my Pickled Red Onion recipe (keep refrigerated):
  • 2 medium red onions (halved and sliced)
  • 2 cups white vinegar and 2 cups water
  • 1/3 cup sugar, 2 TBSP salt, and 1 (or 2) TBSP mixed peppercorn (you can also add a few garlic cloves if you like – it’s really hard to mess this up).
    • I think this can last up to 2 weeks in the fridge in a covered container, but it never makes it past a week at our house.  Goes great on salads, burgers, or just as a quick snack! And I LOVE the bright red color it turns after about 12 hours in the fridge.
• Straight to the Dad / Bad jokes so we can END THIS WEEK!!! 🤠
  • When funeral homes raise their prices, do they blame it on the cost of living? 🤷‍♂️
  • Ahhh, Confucius say – “Some people are wise; and some are otherwise…” 😅
  • Here lately, life has been a walk in the park…  “Jurassic Park” but a park nonetheless! 😲🤣🦖
  • Morpheus (The Matrix):  What if I told you…  wait - did you just take both pills??? 🙃🤪

 
 
Have a GREAT weekend and please stay safe!!!
 
Uncle Sean
 
 
Sometimes known as Sean Mayo – contact me directly for scope and pricing of custom reports / analysis projects at [email protected] | 214-604-6961 – or you can contact FedFis Sales Team at 512-960-0911 | [email protected] #FedFisHasTheData FedFis
 
FedFis, LLC disclaimer – The views and opinions of Uncle Sean are of his own and may not necessarily represent the views, endorsements, and/or opinions of FedFis, LLC – we all know he’s a little bit different; but that’s why we love him.