Revolut has reached a $115 billion valuation, reinforcing its position as Europe’s most valuable private company. The milestone reflects investor confidence in its global expansion and ambition to compete across banking, payments, wealth management, and other financial services. Its growing valuation highlights how digital-first financial institutions are increasingly challenging traditional banks while building broad financial ecosystems. Revolut’s progress also raises expectations around its ability to sustain growth, expand into new markets, and turn its scale into long-term profitability.
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Digital Collateral: a practical reality
Cryptocurrencies have emerged to become an increasingly accepted and resilient asset class in the world’s investment markets. Yet holders of these assets face few options in mobilizing them – leaving them with an artificially high cost of carry today.
Crypto is an outperformer
Over the last decade, the world has amassed over USD 3 trillion in cryptocurrency holdings, many of which are now held in corporate and financial treasuries.
This is partly because despite their volatility, the prevailing forms of cryptocurrencies have presented significantly higher investment returns than traditional assets. Bitcoin has had a compound, annual growth rate (CAGR) of approximately 65% in the last five years – compared with around 3.4% for US Treasuries.
Over USD 13 billion of cryptocurrencies held in corporate accounts
As a result of these returns, around USD13 billion in cryptocurrencies was held by wealth or corporate clients (notably those with wallet holdings of over USD50 million) at the end of 2025.
While many are dismissive of these firms, some of whom engage in the retail and unregulated market, this community now includes many of the world’s leading market maker firms. With Citadel, DRW and Virtu now live in trading and managing cryptocurrencies, these assets are now an increasingly core part of the world’s capital markets.
Cryptocurrencies are not integrated into banking workflows
Despite their growing liquidity, the integration of cryptocurrencies into banks’ foundational risk management, reporting and monitoring processes is still only just beginning. As a result, risk managers, treasurers and advisors are only slowly acquiring the tools and the knowledge to integrate cryptocurrencies into their daily operations.
Institutional firms aren’t financing crypto
Partly due to these process limitations, most regulated, financial institutions are able only to hold cryptocurrencies for clients – as segregated, client assets.
Owing to regulatory obstacles and legacy technology limitations, regulated, institutional banks are not able to integrate cryptocurrencies into their balance sheets or to offer any degree of scalable funding for these assets.
While cryptocurrency ETFs provide banks and their clients with some ability to finance crypto-exposures, the majority of this highly mature collateral and funding ecosystem is closed off to holders of cryptocurrencies. Firms with crypto inventories are unable to pledge them or to mobilize them in return for liquidity – leaving them with effectively “dead” assets from a balance sheet perspective. While cryptocurrencies are offering significant growth returns, they are handicapped by their cost of carry.
Lost earnings
For as long as these issues prevent cryptocurrencies from being smoothly integrated into banking treasuries and dealing desks, firms are losing out on the significant growth opportunities that are presenting themselves from this new asset class.
Curated News
💳 Payments
EPC publishes new Verification of Payee matching recommendations
The European Payments Council has published updated recommendations for Verification of Payee matching. The guidance aims to improve how payment details are checked against beneficiary information, helping reduce errors and payment fraud.
Source
Iceland prepares for domestic account-to-account payments infrastructure
Iceland is preparing to develop domestic account-to-account payment infrastructure. The initiative could support more direct payments between bank accounts and reduce reliance on traditional card-based payment networks.
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Capra Bank and Zact launch SpendLink to expand commercial card and payments services
Capra Bank and Zact have launched SpendLink, a service designed to expand commercial card and payment capabilities. The partnership reflects continued innovation in business payment tools and financial services for commercial customers.
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Lloyds helps slash UK-Bangladesh trade cycle with digitally-executed documentary collection
Lloyds has used digitally executed documentary collection to accelerate trade processes between the UK and Bangladesh. The development highlights how digitising trade finance documentation can reduce delays and improve efficiency in cross-border commerce.
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Bred Ban Fiji migrates cards to BPC SmartVista issuing platform
Bred Ban Fiji has migrated its card operations to BPC’s SmartVista issuing platform. The move represents an investment in modernising card infrastructure and supporting the bank’s payment services.
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Visa opens six global hubs in Singapore for AI, stablecoins
Visa has opened six global hubs in Singapore focused on areas including artificial intelligence and stablecoins. The expansion underscores the payment giant’s investment in emerging financial technologies and Singapore’s role as a fintech innovation centre.
Source
Yellow Card Acquires GoMoney, Establishing Direct Operations in Brazil
Yellow Card has acquired GoMoney to establish direct operations in Brazil. The move expands its presence in Latin America and highlights continued consolidation and geographic expansion in digital-asset payments.
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🏦 Banking
OppFi Abandons BNC Bank Purchase
OppFi has abandoned its planned acquisition of BNC Bank. The decision marks a change in the fintech’s expansion plans and highlights the challenges involved in pursuing growth through bank acquisitions.
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eToro buys Argentine fintech LB Finanzas to anchor Latin America push
eToro has acquired Argentine fintech LB Finanzas as part of its expansion strategy in Latin America. The deal strengthens its regional presence and reflects the importance of local acquisitions in entering new financial markets.
Source
Finalytics.ai Launches a Personalized Digital Experience for Travis Credit Union
Finalytics.ai has launched a personalised digital experience for Travis Credit Union. The initiative highlights how financial institutions are using technology to tailor digital banking interactions to individual customer needs.
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💼 Fintech
US bank regulator issues first-ever AI guidance for examiners
A US banking regulator has issued its first dedicated AI guidance for examiners. The guidance is intended to help supervisory teams assess how banks use artificial intelligence, signalling greater regulatory attention to AI governance and risk management.
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Most Brits not ready to let AI manage their money
A new report finds that many people in the UK remain uncomfortable with the idea of AI managing their finances. The findings point to persistent concerns around trust, transparency, and the role of human oversight in financial decision-making.
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Financial institutions accelerate transition to multi-agent AI in drive for bottom-line value
Financial institutions are increasingly exploring multi-agent AI systems to generate measurable business value. The trend points to a shift from isolated AI tools toward coordinated systems that can support more complex financial workflows.
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Goldman Restricts Traders and Bankers From Using Some AI Tools
Goldman Sachs has reportedly restricted traders and bankers from using certain AI tools. The move highlights the cautious approach major financial institutions are taking toward AI adoption, particularly where data security, compliance, and operational risk are involved.
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🪙 Crypto
Circle’s Q3 net income rises 5% to $226m
Circle reported a 5% increase in net income to $226 million in the third quarter. The results offer a snapshot of the financial performance of a major stablecoin company as digital-dollar infrastructure continues to develop.
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Amazon, Tesla among 49 firms opposing OKX-ICE stock venue
Amazon, Tesla, and 47 other firms are reportedly opposing the proposed OKX-ICE stock venue. The disagreement highlights concerns surrounding tokenised securities, including how such platforms may interact with traditional shareholder rights and market structures.
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⚖️ Regulation
New FCA rules bring ESG rating providers into UK regulation for the first time
The UK’s Financial Conduct Authority has introduced rules bringing ESG rating providers under formal regulation for the first time. The change aims to strengthen oversight and transparency in a market where environmental, social, and governance assessments increasingly influence investment decisions.
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French bank Crédit Mutuel Arkéa reports cyberattack, says customers face no losses
Crédit Mutuel Arkéa has reported a cyberattack but says customers have not suffered financial losses. The incident highlights the ongoing cybersecurity threats facing banks and the importance of protecting customer data and financial systems.
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Mastercard meets ‘responsibility’ through SME cyber security training
Mastercard is supporting small and medium-sized enterprises with cybersecurity training. The initiative highlights the importance of helping smaller businesses strengthen their defences against digital threats.
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EU and Canada plan to link real-time payment systems
The EU and Canada are planning to connect their real-time payment systems, potentially making cross-border transfers faster and more efficient. The initiative could reduce friction in international payments and strengthen financial connectivity between the two markets.
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🌍 Other
TD launches ‘TD Talk Money’ to help Gen Z Canadians build financial confidence through conversation
TD has launched TD Talk Money, an initiative designed to help younger Canadians develop financial confidence through conversations about money. The programme highlights how banks are exploring more accessible and engaging approaches to financial education.
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