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<div style="display: none; max-height: 0px; overflow: hidden;">Navan is moving forward with its IPO despite the US government shutdown, using a new SEC rule that lets filings automatically go effective </div>
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<h1><strong>TLDR Fintech <span id="date">2025-10-16</span></strong></h1>
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<strong>No-compromise payments infrastructure with Marqeta (Sponsor)</strong>
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When it comes to issuing and processing payments, most platforms make you choose: flexibility and innovation or scale and reliability.<p></p><p><a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.marqeta.com%2Fcmp%2Fno-compromise%3Futm_source=tldr%26utm_medium=newsletter%26utm_campaign=fy25q3_no_compromise%26utm_content=tldr_primary/3/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/N7ZbxBMebsr-uRwvW1ThG_dJEl1iUhi5D92FfYGqeFY=427" rel="noopener noreferrer nofollow" target="_blank"><span>Marqeta's platform</span></a> gives you both.</p>
<p>Marqeta combines the scale and reliability of <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.marqeta.com%2Fcmp%2Fno-compromise%3Futm_source=tldr%26utm_medium=newsletter%26utm_campaign=fy25q3_no_compromise%26utm_content=tldr_primary/4/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/W1aiP5oEub8N5ehMbCqWiPHyA3Sg1nK6UQNhJh1Z9JM=427" rel="noopener noreferrer nofollow" target="_blank"><span>proven payments infrastructure</span></a> with the flexibility and innovation of a modern platform—so you can move faster, reduce risk, and grow with confidence.</p>
<p>From optimizing spend and cash flow to building seamless, rewards-driven customer experiences, Marqeta's solutions have you covered.</p>
<p><strong>Get the best of both worlds with Marqeta, and see what's possible.</strong></p>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ftechcrunch.com%2F2025%2F10%2F10%2Fnavan-plows-ahead-with-ipo-during-shutdown-aims-for-6-45b-valuation%2F%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/stoluFWqRmXzuT9PorjawWZg67jvlSRhBge8nG6gEes=427">
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<strong>Navan pushes ahead with IPO during government shutdown (4 minute read)</strong>
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Navan, formerly TripActions, is moving forward with its IPO despite the US government shutdown, using a new SEC rule that lets filings automatically go effective after 20 days without staff review. The company plans to sell 30 million shares (plus 7 million from insiders) at $24–$26 each, targeting a $6.45 billion valuation and raising up to $960 million. Navan reported $613 million in 12-month revenue (up 32%) and $188 million in losses, with backing from Lightspeed, Andreessen Horowitz, Zeev Ventures, and Greenoaks.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.finextra.com%2Fpressarticle%2F107531%2Fstripe-introduces-stablecoin-payments-for-subscriptions%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/uO4AfliFOMupOTkoNGrKIcwkbrD96MA6xf3LmVtOYqU=427">
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<strong>Stripe introduces stablecoin payments for subscriptions (2 minute read)</strong>
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Since launching stablecoin payments a year ago, we've seen stablecoins enable the rapid global expansion of some of the fastest-growing companies today. Stripe is rolling out stablecoin-based subscriptions in private preview to US-based businesses, and supporting subscription payments made in USDC over the Base and Polygon blockchains.
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<strong>Visa launches Trusted Agent Protocol for AI commerce (2 minute read)</strong>
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Visa has become the latest firm to introduce a protocol designed to act as a foundational framework needed to enable AI agents to transact payments on behalf of users and merchants.
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<h1><strong>Deep Dives & Reports</strong></h1>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ffintechtakes.com%2Farticles%2F2025-10-15%2Fbuilding-sustainable-bank-fintech-partnerships%2F%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/pWADd6TqYPxR79xepBWqvzRPWSKQg4GZwkjDLCKooGA=427">
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<strong>Building Sustainable Bank-Fintech Partnerships (15 minute read)</strong>
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Banks and fintechs must bridge fundamentally different business models - deterministic software logic versus probabilistic risk-based financial systems - to collaborate effectively. True sustainability requires clear alignment on governance, risk controls, data sharing, and accountability from day one. Ongoing monitoring, shared culture and trust, and adaptability are essential to prevent regulatory, operational, or strategic breakdowns. When done right, such partnerships enable banks to innovate faster and fintechs to scale more responsibly.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flex.substack.com%2Fp%2Ffintech-can-wealthfronts-ipo-break%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/B8G30EEsUob4fbZxrrjIWKhR-7K23CAKCACPbafa75o=427">
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<strong>Can Wealthfront's IPO break $2B and save roboadvisors? (10 minute read)</strong>
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This article digs deep into Wealthfront: one of the original fintech firms and a pioneer of the roboadvisor segment. It talks about the firm's business model, performance, and how attractive its growth story is to the lineup of Wall St. analysts that the C-suite will be meeting in the coming weeks.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.finextra.com%2Fblogposting%2F29557%2Fdeep-dive-inside-stripe-and-openais-new-agentic-commerce-protocol-acp%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/EhhqC1qurPty3SzpYSaBDeWDBRADks5zObICbAr9sq4=427">
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<strong>Inside Stripe and OpenAI's New Agentic Commerce Protocol (ACP) (8 minute read)</strong>
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Stripe and OpenAI have teamed up to launch what is essentially a new Agentic Commerce Protocol (ACP) – an open standard that lets AI agents like ChatGPT seamlessly help you shop and pay inside a conversation. In other words, ChatGPT can now act as your snarky but efficient personal shopper, recommending products and checking you out without ever tossing you to a website. It's a bold attempt to turn AI chat into the next storefront, and it has the fintech world buzzing.
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<div style="text-align: center;"><span style="font-size: 36px;">💻</span></div>
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<h1><strong>Launches & Products</strong></h1>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F50-risk-signals-of-fraud%3Futm_source=tldr%26utm_medium=paid-email%26utm_audience=a%26utm_campaign=acq_gen_ds_pay-remit-abm_guide-50-risk-signals_20251016/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/W_q0zjNiYi3rQfyaekLXwpzqfPePhzLX7TAZgKboWXY=427">
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<strong>74 Risk Signals of Fraud (Sponsor)</strong>
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Persona has updated its <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F50-risk-signals-of-fraud%3Futm_source=tldr%26utm_medium=paid-email%26utm_audience=a%26utm_campaign=acq_gen_ds_pay-remit-abm_guide-50-risk-signals_20251016/2/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/hfkaIs9m8chJspHunCjQlyu81cdZ4x7i697ZamUpupM=427" rel="noopener noreferrer nofollow" target="_blank"><span>risk signal guide</span></a> to include 74 impactful fraud signals, based on its work with hundreds of companies, including fintechs. These include 50+ signals from active, passive, and behavioral checks you might use during identity verification + 24 from checks related to assessing a business entity's risk. <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwithpersona.com%2Fguides%2F50-risk-signals-of-fraud%3Futm_source=tldr%26utm_medium=paid-email%26utm_audience=a%26utm_campaign=acq_gen_ds_pay-remit-abm_guide-50-risk-signals_20251016/3/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/XGjYYyA4pNybTm59XNO_dasLnnobM-TV-Fu2WnQur8E=427" rel="noopener noreferrer nofollow" target="_blank"><span>Get the guide.</span></a>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.cnbc.com%2F2025%2F10%2F13%2Fjpmorgan-chase-to-invest-10-billion-into-key-industries-.html%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/YiCaEoM4Zp8DFsvnoOLXqTrgwFIRMRI_upyhAIPYXgM=427">
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<strong>JPMorgan Chase to invest $10 billion in industries tied to national security (5 minute read)</strong>
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JPMorgan Chase announced a decade-long plan to invest up to $10 billion in companies critical to US interests, focusing on defense, frontier tech like AI and quantum computing, energy technology, and advanced manufacturing. The effort, called the Security and Resiliency Initiative, aims to finance or facilitate $1.5 trillion in funding—50% more than a prior plan. CEO Jamie Dimon said the US must reduce reliance on “unreliable sources” of key materials and boost domestic innovation and production capacity.
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<strong>Mastercard launches Payment Optimization Platform to boost transaction approvals (4 minute read)</strong>
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Mastercard introduced the Payment Optimization Platform (POP), a data-driven service that uses network insights and AI to improve merchant approval rates by 9–15% in early pilots. Partners, including Adyen, NEOPAY, Tap Payments, and Worldpay, will roll out POP to enhance transaction success and revenue. The platform evaluates trillions of data combinations in real time to optimize authorizations and continuously learn from transaction trends, aiming to create a smoother checkout experience for consumers worldwide.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fffnews.com%2Fnewsarticle%2Fpaytech%2Fvisa-and-knex-announce-partnership-to-embed-virtual-card-payments-in-oracle-erp%2F%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/54tRu8sYttypcXg8yLmdqXta49ziUdVdsztEffqyUT8=427">
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<strong>Visa and KNEX partner to embed virtual card payments in Oracle ERP (4 minute read)</strong>
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Visa and KNEX announced a global partnership to integrate Visa's virtual card capabilities directly into Oracle ERP systems, including Fusion Applications and NetSuite. The collaboration aims to streamline supplier payments by eliminating manual processes and disconnected systems. KNEX's new Visa Virtual Card Adapter provides embedded payments, automated reconciliation, and real-time syncing within Oracle, offering a turnkey, low-code solution. The first release will debut at Oracle AI World and AFP 2025, followed by a pilot program and broader rollout later in the year.
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.cnbc.com%2F2025%2F10%2F13%2Fgoldman-sachs-agrees-to-acquire-7-billion-vc-firm-industry-ventures-.html%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/Ga9eVXWnic0AZHGS9r_hGAy0gT8Q_Jzvoz86ZHSfgj0=427">
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<strong>Goldman Sachs to acquire $7 billion venture capital firm Industry Ventures (4 minute read)</strong>
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Goldman Sachs agreed to buy Industry Ventures, a San Francisco-based VC firm managing $7 billion in assets, for $665 million in cash and equity, with up to $300 million more tied to future performance through 2030. The deal, expected to close in early 2026, will expand Goldman's $540 billion alternatives platform and deepen its presence in venture investing. All 45 Industry Ventures employees will join Goldman, which praised the firm's 25-year track record and 18% annual IRR.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.prnewswire.com%2Fnews-releases%2Fcampfire-raises-65-million-series-b-to-redefine-how-finance-works-in-the-ai-era-302585077.html%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/_vK_rVL69srRWPsHKK96JJFmVBOtsMwAllrH7EQ57bQ=427">
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<strong>Campfire raises $65 million Series B to redefine ERP for the AI era (5 minute read)</strong>
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Campfire, an AI-native ERP platform for finance teams, raised a $65 million Series B co-led by Accel and Ribbit, bringing total funding to $100 million just 12 weeks after its Series A. The company has grown 10x year to date as firms like PostHog, Replit, and LimaOne replace legacy systems like SAP and Oracle. Campfire's proprietary “Large Accounting Model” automates reconciliations and variance detection with 95% accuracy, positioning the startup as a modern alternative in the $3 trillion ERP market.
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<h1><strong>Quick Links</strong></h1>
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<strong>Robinhood hints at acquisition to expand predictions market platform (4 minute read)</strong>
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Robinhood CEO JB McKenzie told Reuters the firm is exploring potential acquisitions to scale its predictions market business.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.cnn.com%2F2025%2F10%2F13%2Fbusiness%2Flending-tree-ceo-death%3Futm_source=tldrfintech/1/01000199ed1fdb1e-a8dc931a-910b-448f-b003-1de1792c9c4a-000000/yx5WyV_J8UdNyBxJVd1fIyhIeAASJoX2QIGxYDUQPuI=427">
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<strong>LendingTree CEO Doug Lebda dies in ATV accident at 55 (3 minute read)</strong>
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Doug Lebda, founder and CEO of LendingTree, died Sunday in an ATV accident at his family farm in North Carolina.
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