Crypto, Klarna, & Chaos | Tariff-a-Palooza Day

​Welcome to “Your Industry Latest Now” — the show where Klarna’s IPO dreams, Revolut’s crypto hustle, and Zelle’s dramatic app exit all pull up a seat at the fintech table.
Whether you're deep in DeFi, keeping tabs on tipping tech, or just here for the regulatory drama — this episode has more action than a group chat full of fintech VCs during earnings week.
We’re covering the BIG story, checking in on crypto chaos, peeking at policy power plays, and wrapping it all up with quick takes that even your banker cousin would call “surprisingly insightful.” Let’s get into it.
📢 Let’s get started with today’s Top Headlines

1. [Lex Substack] is reporting that Klarna is preparing for a potential $30B IPO amid strong financials and rising U.S. market penetration. Klarna reported $2.8B in revenue in 2024 and returned to profitability after a $304M loss the year before. Its growth strategy includes embedded checkout, long-term loans, AI support, and advertising revenue, although competition from Affirm is rising.
2. [Finextra] is reporting that Zelle has shut down its standalone app due to low usage, with only 2% of transactions going through it. Most users now send payments directly via their banking apps. Zelle processed nearly $500B in the first half of 2024 but has faced fraud-related criticism from regulators.
3. [Finextra] is reporting that UK startup thankyü has launched a wearable tipping app for hospitality workers. The app allows users to tap their phone against a band to tip, bypassing employer control. It ensures workers get direct, faster access to funds while supporting compliance with the UK’s new tip-sharing legislation.

🔥 Turning now to The BIG Story for today:

1. [Tearsheet] is reporting that Bank of America developed its digital assistant Erica to meet evolving customer experience needs. Built in-house starting in 2017, Erica has logged over 2.5 billion interactions and now supports multiple business lines. The bank is exploring GenAI to expand Erica’s capabilities while carefully managing risks and ROI.
2. [Scientific American] is reporting that big banks like Morgan Stanley and JPMorgan are preparing for a world with 3°C global warming. They no longer see the Paris Agreement’s 2°C target as realistic and are modeling future profits in a hotter, riskier world. Reports cite weakened climate policy under Trump as accelerating the trend.

🎙️ Checking in now on Crypto and Web3

1. [The Paypers] is reporting that Circle is targeting a late April IPO following delays and a failed SPAC deal. The USDC issuer has engaged JPMorgan Chase and Citi to oversee the listing and is aiming for a valuation between $4B and $5B. The IPO is intended to enhance credibility, not raise capital, amid improving crypto market conditions.
2. [UKTN] is reporting that Revolut is expanding its crypto marketing team after launching a new mobile crypto trading app. The app, Revolut X, offers 400+ crypto pairs and targets both novice and seasoned traders. New hires across Europe will support global campaigns amid renewed crypto enthusiasm.
3. [The Paypers] is reporting that Wirex has launched Wirex Travel, a booking platform with crypto payment and cashback options. Users can access up to 65% discounts and 8% cashback by using Wirex cards. The platform supports both fiat and crypto payments, aligning with Wirex’s vision of accessible digital finance.

📊 It’s time for the Regulatory Round-Up

1. [Nacha] is reporting that it is seeking public comment on proposed changes to IAT (International ACH Transaction) rules. The updates include enabling same-day IAT processing, requiring birthdates for consumer transactions, and mandating IAT contacts in the ACH registry. The goal is to improve efficiency and data quality for cross-border payments.
2. [Payments Dive] is reporting that the U.S. House plans to vote on overturning a CFPB rule overseeing big tech payment apps. The rule affects platforms processing over 50M transactions annually and is seen as a regulatory threat by companies like PayPal and Google Pay. If repealed, these firms could operate without CFPB oversight, raising consumer protection concerns.
3. [Payments Dive] is reporting that ACH payments volume continues to rise, with The Clearing House reporting 20.7B transactions in 2024. Total ACH value reached $86.2 trillion, driven by growing use of real-time and business payments. The RTP network also saw a 38% volume increase, and the U.S. government is phasing out paper checks.

💡 YILN's Quick Takes

1. [The Paypers] is reporting that Mastercard has launched an initiative to boost virtual card adoption in B2B payments. The program uses embedded VCN (Virtual Card Number) technology to streamline onboarding and integration between banks and platforms. It improves user experience, reduces technical friction, and targets corporate users seeking consumer-like simplicity.
2. [Finextra] is reporting that Revolut warns of rising fraud on encrypted messaging platforms such as WhatsApp and Telegram. These apps accounted for 39% of reported scams, with Telegram-related fraud rising 121% in H2 2024. Revolut is urging platforms like Meta to share responsibility for scam reimbursements.
3. [Biometric Update] is reporting that biometric authentication demand is surging in gambling platforms worldwide. Players seek instant, secure, and anonymous payment methods using tools like face ID and voice recognition. Providers like Trustly, Jumio, and Facephi are expanding in regions like Brazil, where regulatory shifts support rapid adoption.
4. [The Paypers] is reporting that Wirex Travel brings Web3 capabilities to the travel sector through its crypto-first booking experience. Customers benefit from fee savings, loyalty rewards, and seamless UX. The platform supports global hotel reservations with digital and fiat payment options.
5. [UKTN] is reporting that Revolut’s crypto team expansion follows the launch of a highly anticipated mobile trading platform. The company emphasizes security and accessibility, targeting broader retail adoption. The app follows the earlier desktop version and aligns with Revolut’s pro-crypto positioning.
6. [Payments Dive] is reporting that ACH and RTP transaction volume is expected to grow as the federal government ends check-based payments. TCH and Nacha reported increases across sectors including B2B. Business adoption and instant settlement features are key growth drivers.

💥 And that’s a wrap on today’s fintech thrill ride.
From AI-powered chatbots to travel paid in Dogecoin (okay, fine — USDT), it’s clear: the future of finance is weird, wearable, and wildly regulated.
If you laughed, learned, or side-eyed your payment provider during this episode, do us a solid — share it, post it, send it to your team Slack channel with a “🔥” emoji. Until next time, keep your cards virtual, your wallets warm, and your fraud detection sharper than your LinkedIn opinions. 💸✌️