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<div style="display: none; max-height: 0px; overflow: hidden;">Capital One has agreed to acquire fintech Brex in a roughly $5.15 billion cash-and-stock deal, giving the bank access to Brex’s corporate card tech </div>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fgo.netsuite.com%2FLP=27990%3Fleadsource=Email_Horiz_EBITDA_TLDR_0126/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/YrjgDfpgb_DiudmKagJe5d5V3v9WcrJ6CJjbWJmdRNM=441"><img src="https://images.tldr.tech/oracle.png" valign="middle" style="vertical-align: middle !important; height: 100%;" alt="Oracle"></a></td></tr></tbody></table>
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<h1><strong>TLDR Fintech <span id="date">2026-01-26</span></strong></h1>
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<strong>EBITDA Doesn't Pay the Bills (Sponsor)</strong>
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Great EBITDA doesn't matter if you can't keep the lights on. To do that, you need something simple: cash flow.<p></p><p>In <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fgo.netsuite.com%2FLP=27990%3Fleadsource=Email_Horiz_EBITDA_TLDR_0126/3/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/P0HcBwZ8JVILv_EG1aelTbSY3upUIETp8hbbX7cgZiQ=441" rel="noopener noreferrer nofollow" target="_blank"><span>this NetSuite guide</span></a>, you'll learn why EBITDA is overrated - and operating cashflow is king. Topics include:</p>
<p>>> Why cash flow is the key to business health</p>
<p>>> Common misconceptions that make people focus on EBITDA</p>
<p>>> <a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fgo.netsuite.com%2FLP=27990%3Fleadsource=Email_Horiz_EBITDA_TLDR_0126/4/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/w6MGWdM0TAbVJjFP2QGbsmq6oS47AlLesXaZc9Pb020=441" rel="noopener noreferrer nofollow" target="_blank"><span>Practical steps</span></a> you can take to improve cash visibility and discipline</p>
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<strong>Capital One to buy fintech Brex for $5.15 billion (5 minute read)</strong>
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Capital One Financial has agreed to acquire the fintech Brex in a roughly $5.15 billion cash-and-stock deal, giving the bank access to Brex's corporate card tech and expense management platform used by thousands of companies. Brex, founded in 2017 and known for blending business credit cards with financial software, will continue under CEO Pedro Franceschi after the transaction closes, expected in mid-2026.
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<strong>Affirm just filed to become a bank. Are all fintechs becoming banks? (2 minute read)</strong>
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Affirm's push to become a regulated bank is fundamentally about shaving hundreds of basis points off its cost of capital by funding loans with deposits instead of wholesale or partner-bank funding. Even a 200–400 bps improvement can materially expand margins at scale, which helps explain why incumbents like Ford and General Motors already operate approved banking arms, while newer players like Nissan and Mercury have more recently filed or received approvals. The broader signal is clear: once fintechs reach sufficient volume, owning the balance sheet becomes less about innovation optics and more about structural economics.
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<strong>Databricks lines up $1.8 billion debt raise as private credit appetite grows (2 minute read)</strong>
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Databricks secured $1.8 billion in new financing from syndicated loans and private credit investors, lifting its total debt to about $7.05 billion as it continues to fund growth and employee liquidity following its $134 billion valuation round.
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<strong>Will AI Kill Fintech SaaS? (15 minute read)</strong>
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Agents commoditize code. They don't commoditize network effects, data moats, or the 1,000 idiosyncratic edge cases that only matter when you're operating at scale. The last 15 years of Fintech infrastructure were built on companies that made building a bank-like app 10x faster. The next 15 years will still need them—but they'll have to ship 10x faster too.
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<strong>Lessons from building AI agents for financial services (12 minute read)</strong>
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A practitioner's guide to building AI agents for financial services. Risk, correctness, and trust, not model intelligence, are the real constraints. The guide explains why sandboxes, filesystem-first design, domain-specific “skills,” rigorous evaluations, and production monitoring are essential to making AI agents reliable enough for high-stakes financial decisions.
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<strong>New foundation aims to bridge the gap between banks and blockchains (4 minute read)</strong>
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A new global initiative backed by the World Economic Forum is launching to formalize collaboration between traditional financial institutions and blockchain-native players. The foundation builds on themes emphasized at recent WEF meetings in Davos, where regulators, banks, and crypto leaders increasingly framed digital assets as infrastructure rather than a parallel system. The move reflects a broader shift toward pragmatic integration, with interoperability, governance, and regulatory clarity emerging as shared priorities for global finance.
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<strong>BlackRock CEO Larry Fink wants the entire financial system on one common blockchain (6 minute read)</strong>
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BlackRock CEO Larry Fink is pushing a vision where global markets run on a single shared blockchain infrastructure rather than fragmented financial rails. He argues that tokenizing assets like stocks, bonds, and funds on-chain could dramatically reduce settlement times, costs, and operational risk across the system. If realized, this shift would position firms like BlackRock at the center of a re-architected financial stack where blockchain becomes core infrastructure, not a niche experiment.
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Anthropic has launched Claude in Excel, letting users query, debug, and modify complex spreadsheets with cell-level citations while preserving formulas, and enabling faster scenario analysis, error tracing, and financial modeling inside Excel.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.cpapracticeadvisor.com%2F2026%2F01%2F22%2Framp-launches-live-budget-tracking-solution%2F176735%2F%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/SPYssJB9i_cr4L1p4gAMD8g83wfd0-kKnN8sd6cnnPI=441">
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<strong>Ramp launches live budget tracking solution (3 minute read)</strong>
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Ramp Budgets is a real-time budget tracking tool that uses AI to tie a company's financial plan directly to live spend, giving finance teams up-to-the-minute insight without spreadsheets or manual reconciliation. It automatically maps all transactions to budget lines, adds contextual approvals and dashboards, and extends visibility and control across teams, with future AI-driven budget creation on the roadmap. Its launch marks a push toward smarter spend management where businesses can act on budget data as dollars are spent, not weeks later.
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.cnbc.com%2F2026%2F01%2F22%2Faffirm-partnership-to-offer-buy-now-pay-later-plan-for-rent.html%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/kkY0Ohn0qSrZnafL0mhwZGtsDdKdkLx9o8JLUkYePUY=441">
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<strong>Affirm expands buy now, pay later into rent payments (4 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Affirm is partnering with property management platforms to let renters split monthly rent into installments using its pay-over-time product. The rollout targets large landlords and professionally managed properties, positioning BNPL as a budgeting tool rather than short-term credit for discretionary purchases. If adoption scales, the move could push BNPL deeper into essential living expenses, raising both new revenue opportunities and fresh regulatory scrutiny around consumer debt.
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<div style="text-align: center;"><span style="font-size: 36px;">🎁</span></div></div>
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<div style="text-align: center;"><strong><h1>Miscellaneous</h1></strong></div>
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.financemagnates.com%2Ffintech%2Faustralia-orders-compliance-audit-of-8-billion-airwallex-platform%2F%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/8e1hKWd4kYsNeeOBWbzowQzHQnQUf0Zx6iOhBZjlx4k=441">
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<strong>Australia orders compliance audit of $8bn Airwallex platform (3 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Australia's financial intelligence agency, AUSTRAC, has ordered Airwallex to commission an external audit of its AML and counter-terrorism financing controls, citing concerns that transaction monitoring and customer due diligence have not kept pace with the fintech's rapid global expansion.
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<span>
<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.bankingdive.com%2Fnews%2Ftrump-sues-jpmorgan-dimon-over-alleged-debanking%2F810266%2F%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/NlAxDgxKCv1VPUMR-S3uclmYD6VNPkSlVgto1mQJM2E=441">
<span>
<strong>Trump sues JPMorgan and Jamie Dimon over alleged “debanking” (4 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Trump has filed a $5 billion lawsuit accusing JPMorgan Chase and CEO Jamie Dimon of improperly cutting off banking services to him and affiliated businesses following the January 6 Capitol riot. The suit claims the account closures were politically motivated, caused financial and reputational harm, and effectively forced Trump's businesses into less favorable banking relationships. JPMorgan denies the allegations, saying account decisions are driven by legal and regulatory risk, not political views, setting up a high-profile test of the growing “debanking” debate in US financial services.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2F8yUrXs/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/IOw4d8AOYjTQe8m__oPUSZQH2drGD2Uq5Dh_8EcJVeM=441">
<span>
<strong>A $6 billion treasury ETF becomes test bed for tokenized finance (6 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Wall Street's traditional ETF market is being nudged toward blockchain. F/m Investments has filed with the US Securities and Exchange Commission to record ownership of its $6.3 billion US Treasury 3-Month Bill ETF (TBIL) on a permissioned blockchain, making it one of the first regulated funds to explore tokenized shares. If approved, tokenized and conventional TBIL shares would retain the same legal structure, rights, and fees, but be tradable and transferable via blockchain platforms. This initiative could signal a broader shift toward integrating blockchain record-keeping into core financial infrastructure, potentially reducing settlement friction and serving as a blueprint for future regulated tokenization efforts.
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<div style="text-align: center;"><span style="font-size: 36px;">⚡</span></div></div>
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<h1><strong>Quick Links</strong></h1>
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Fwww.paymentsdive.com%2Fnews%2Fpaypal-buys-israeli-ai-firm%2F810244%2F%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/Ct8ZOR93GsHKAn7YTlWk72bRAvhRjHttsucG7C61maA=441">
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<strong>PayPal acquires Cymbio to deepen agentic commerce push (2 minute read)</strong>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
PayPal has acquired Israeli AI firm Cymbio to strengthen its agentic commerce capabilities, bringing multi-channel orchestration, merchant catalog sync, and fulfillment tooling in-house.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ffinance.yahoo.com%2Fnews%2Fu-fintech-could-gain-trump-150245418.html%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/GeuZtmu51mGnBg6YXz_c26bB6Yz4AZC9YeBYGuvMUX8=441">
<span>
<strong>US fintech seen benefiting from Trump's affordability push (2 minute read)</strong>
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</a>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Citi says a populist shift toward affordability could favor fintech challengers like Affirm, SoFi, Block, Toast, and Shopify over traditional banks.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Flinks.tldrnewsletter.com%2Fzd80j0/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/0vlwixzgzvD1op3WnyjIiITSoGmINQhFvhCirSQWAng=441">
<span>
<strong>Crypto firm BitGo raises $212.8 million in US IPO (2 minute read)</strong>
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</a>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
BitGo Holdings has priced its US initial public offering at $18 per share.
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<a href="https://tracking.tldrnewsletter.com/CL0/https:%2F%2Ffinance.yahoo.com%2Fnews%2Fledger-plots-4bn-york-ipo-110529597.html%3Futm_source=tldrfintech/1/0100019bfaa18604-5044a925-5cd0-4785-ac77-51deb62295fe-000000/RGIbxqQeemyQ94azSX5Wfeg7WF_OZYf-jN7c3EWS52E=441">
<span>
<strong>Ledger seeks US IPO at $4 billion valuation (2 minute read)</strong>
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</a>
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<span style="font-family: "Helvetica Neue", Helvetica, Arial, Verdana, sans-serif;">
Ledger, a maker of popular cryptocurrency hardware wallets, is preparing a US initial public offering that could value the company at more than $4 billion.
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