Builders in Fintech — Monday 2 November: Kalshi raises $40B, 11 more rounds
The FTC and eight states sued Toast over fees and cancellation terms, the ECB picked Nexi and Deutsche Telekom to connect the digital euro platform, and Bahrain's Mumtalakat and ARP Group proposed an AI-native wholesale bank with in-principle central bank approval. On the deal side, an LTVCo-led group bought card decline recovery firm Kipp and Toss's parent agreed to buy Japan's CHEER Securities.
The editor
The lead
FTC and eight states sue Toast over hidden fees, hard-to-cancel contracts and 24/7 support claims
The Federal Trade Commission and eight states sued Toast on 29 October in the US District Court for the Northern District of California, alleging violations of…
The suit tests whether payments software vendors can bundle hardware, subscriptions and lending while keeping cancellation terms opaque, a risk for any fintech selling recurring contracts to small businesses.
Rounds · last 7 days: 44 · Funding Index (2026-W44): 143
Our news
Mastercard reports $9.8B Q3 net revenue, up 14%, with value-added services up 19%Mastercard reported third-quarter net revenue of $9.8 billion, up 14% both as reported and on a currency-neutral basis.
- Toss Global agrees to buy CHEER Securities from Tokai Tokyo Financial Holdings
Tokai Tokyo Financial Holdings said on 30 October that it will transfer all shares of its online brokerage subsidiary CHEER Securities to Toss Global Pte.
- LTVCo-led investor group acquires card decline recovery platform Kipp
An investor group led by The Lifetime Value Company, LTVCo, has acquired Kipp, a platform that recovers card transactions declined for insufficient funds.
- Mumtalakat and ARP Group partner to set up an AI-native wholesale bank in Bahrain
Bahrain Mumtalakat Holding Company, the kingdom's sovereign wealth fund, and ARP Group have announced a partnership to establish an AI-native,…
- ECB selects Nexi and Deutsche Telekom as a digital euro network provider under a ten-year contract
The European Central Bank has selected Nexi, in a temporary grouping with Deutsche Telekom, as one of two network service providers for the digital euro, under…
- Finfra raises a Series A extension from ADB Ventures, the first investment of the NextFin Asia fund
Finfra, an Indonesian lending-as-a-service platform, has raised a Series A extension from ADB Ventures, the venture arm of the Asian Development Bank,…
- CoverGo raises $6M in first close of Series B1 led by Betatron Venture Group
CoverGo has raised $6 million in the first close of a Series B1 round led by Betatron Venture Group, bringing total funding to more than $30 million.
- Uber pilots a 24/7 tokenized treasury with HSBC, Franklin Templeton, Tradeweb and Fireblocks
Uber has tested a blockchain-based treasury system that keeps corporate cash earning yield around the clock while leaving it available for payments.
The rounds
| Company | Round | Lead investor | Amount |
|---|---|---|---|
| Kalshi source | Late-stage round | — | $40B |
| Disruptive source | Flagship Fund | — | $10B |
| Aven source | asset-backed securities | — | $304.2M |
| AP Ventures source | Fund III (final close) | — | $300M |
| Settle source | debt facility | 3Jane | $100M |
| B&Y Venture Partners source | Fund III (close) | Dubai Future District Fund | $60M |
| Phase source | Growth-stage round | — | $45M |
| Ravical source | Seed | MMC Ventures | $17M |
| Artificial Intelligence Underwriting Company (AIUC) source | Seed | NFDG | $15M |
| Luzern Risk source | Series A | Caffeinated Capital | $12M |
| Velocity (stablecoin infrastructure) source | Pre-seed | Activant Capital | $10M |
| Northstar Security source | Seed | Wing Venture Capital | $7M |
Quick hits
Payments
- SG Thunes and UnionPay International enabled instant payouts to UnionPay cards in mainland China across 79 banks, with a limit of $10,000 per recipient cardholder per day. — PR Newswire
- HK DCS DeCard became a Mastercard issuer in Hong Kong and launched DeCard Business Account, a platform for USD-funded corporate cards and company spend management for mid-market and enterprise firms. — Fintech News Singapore
Other
- AE Apollo will take a minority stake in Abu Dhabi's Mubadala Capital, with Apollo and other strategic investors planning to commit a combined $5 billion at the initial close; closing is expected in the fourth quarter. — Fintech News Middle East
Number of the day
143
30 rounds this week · baseline 20.92
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7,099 companies · 7,471 investors · 9,847 rounds. Connect via MCP.