JPM & Apple Card switch 💳, Revolut’s U.S. move 🏦, CFPB rewrites open banking rule 🔁

JPMorgan Chase is in talks to take over Apple's credit card program, replacing Goldman Sachs, which has struggled with high subprime exposure ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

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Start now 📱 News & Trends JPMorgan nears deal to take over Apple Card from Goldman (2 minute read) JPMorgan Chase is in advanced talks to take over Apple's credit card program, replacing Goldman Sachs, which has struggled with high subprime exposure and no-fee policies. The Apple card holds $20B in balances, and a deal would mark one of the largest credit card transitions ever. While not finalized, this move would deepen ties between two of the most influential U.S. companies and give JPMorgan a powerful new distribution channel for financial products. Revolut considers U.S. bank acquisition to fast-track license (3 minute read) Revolut is weighing the purchase of a U.S. bank as a shortcut to obtaining a U.S. banking license, enabling faster entry into lending and deposits in the American market. While it continues to face delays securing a full UK banking license, Revolut is also in talks for a $1B funding round at a $65B valuation to support global expansion. The fintech recently acquired a bank in Argentina and is exploring similar moves in the Middle East as it builds a worldwide footprint. CFPB to rewrite open banking rule amid industry backlash (2 minute read) The CFPB will "substantially" revise the 2024 open banking rule following a lawsuit from banking groups and growing fintech pressure. A new rulemaking process will begin within three weeks, with the agency aiming for an accelerated timeline. The rule, originally set to take effect in 2026, faced criticism over its data access fee ban and was challenged for exceeding CFPB authority. The move marks a shift under new leadership and reflects mounting tensions between banks and fintechs over data rights and access costs. Fintech Ramp secures $22.5 billion valuation in late-stage funding round (3 minute read) Ramp confirmed it has raised $500 million in a late-stage Series E-2 round led by ICONIQ, boosting its valuation to $22.5 billion as it doubles down on AI automation. The New York-based company, which now serves over 40,000 businesses, including CBRE and Anduril, recently launched autonomous agents to streamline fraud detection and transaction approvals. With $1.9 billion in total equity funding and positive cash flow this year, Ramp is positioning itself as a frontrunner in fintech's AI-powered comeback. 🚀 Deep Dives & Reports How Ramp built a $16B business by saving customers money (3 minute read) Ramp CEO Eric Glyman scaled to $16B by obsessing over customer value—building a product that saves money instead of rewarding spend. With 99.93% retention, a culture that ships fast, and sharp counter-positioning, Ramp flipped the credit card business model on its head. The secret: align incentives, study customer pain deeply, and never stop optimizing for speed and savings. Get Your Bank Ready for the 'Big Beautiful Bill' (8 minute read) This article covers how the newly signed One Big Beautiful Bill Act reshapes the financial landscape for banks, unlocking near-term gains through tax relief, deregulation, and fresh lending demand across key sectors. It also warns of long-term challenges, including rising rates, compliance complexity, and increased credit risk tied to deep social program cuts and policy sunsets. Banks looking to stay ahead are advised to reallocate capital, revamp advisory content, and prepare for strategic shifts across credit, deposits, and operations. Congress Accidentally Created a Federal Payments Charter (12 minute read) The GENIUS Act quietly introduced a seismic shift in U.S. financial regulation by creating a federal framework for stablecoin issuers, offering a third path for nonbanks to move money alongside FBO accounts and state-by-state MTLs. This new category, the Permitted Payment Stablecoin Issuer (PPSI), enforces strict redemption, audit, and oversight standards while enabling programmable, blockchain-based payments that can bypass legacy infrastructure. With faster setup, lower costs, and 24/7 settlement potential, stablecoin-backed accounts are emerging as a viable alternative—laying the groundwork for a parallel financial system that could ultimately outcompete traditional rails on economics, efficiency, and scale. 💻 Launches & Products Cash App launches group payment "pools" feature (2 minute read) Cash App has launched pools, a new peer-to-peer payment feature that lets users collect and manage group payments for events, gifts, and shared expenses. The tool supports Apple Pay and Google Pay, allows organizers to set goals, track progress, and withdraw directly to their Cash App balance. Initially available to a limited group, pools aim to simplify group money logistics for Cash App's 57 million+ monthly users, deepening social and financial engagement across the platform. FIS partners with Circle to enable USDC payments for banks (2 minute read) FIS has partnered with CIRCLE to allow U.S. financial institutions to offer domestic and cross-border payments using USDC, the largest regulated stablecoin. The integration begins with FIS' Money Movement Hub and follows recent U.S. stablecoin legislation, signaling growing convergence between blockchain infrastructure and traditional finance. The partnership aims to reduce payment complexity and costs while unlocking real-time, compliant stablecoin settlement at scale. Bilt revamps credit card lineup, drops Wells Fargo for Cardless (3 minute read) Bilt is ending its partnership with Wells Fargo and launching three new credit cards with Cardless in early 2026, including two with annual fees of $95 and $495. The move comes after Wells reportedly lost up to $10 million per month on the no-fee Bilt card due to unprofitable user behavior. The revamped cards expand beyond rent to include mortgage, student housing, and HOA payments, as Bilt aims to drive broader usage and long-term profitability. 🎁 Miscellaneous Salient raises $60M to expand AI-powered loan servicing (2 minute read) Salient has raised $60M in Series B funding led by Omers Ventures to scale its AI-powered loan servicing platform. The company automates back-office operations for lenders—servicing over $20B in loans across personal, student, and small business categories. Salient plans to expand its team and build new AI tools to reduce servicing costs and improve borrower experience. How AI is finally tackling America's unclaimed duty crisis (6 minute read) AI is beginning to unlock the $70 billion in unclaimed U.S. customs duties left behind by small and mid-sized importers. These businesses often miss out on duty drawbacks due to complex paperwork and a lack of awareness, forfeiting billions each year. Fiserv sued over Clover migration and misleading growth claims (2 minute read) Fiserv is facing a federal securities lawsuit alleging it misled investors by forcibly migrating 200,000 merchants from its legacy Payeezy system to Clover, while masking slowing organic growth. The suit claims Fiserv overstated Clover's performance and failed to disclose merchant churn to competitors like Square and Toast. Filed by the City of Hollywood Police Officers' Retirement System, the class action targets Fiserv's leadership and follows a Q2 earnings miss that sent the stock tumbling. ⚡ Quick Links JPMorgan and Coinbase strike deal to link bank accounts and crypto wallets (3 minute read) JPMorgan and Coinbase are partnering to let users link traditional bank accounts with their crypto wallets, aiming to streamline fiat-to-crypto transfers. Wallet Wars 2025: Super Apps vs. Specialized Fintechs (5 minute read) In the rapidly shifting landscape of digital finance, 2025 is shaping up to be a defining year for digital wallets. Visa brings Google Pay integration into fleet cards (2 minute read) With the addition of Google Pay tokenization and push-to-wallet, Visa addresses the long-standing challenge of fleet data tags being tied solely to the plastic card chip. Love TLDR? Tell your friends and get rewards! Share your referral link below with friends to get free TLDR swag! https://sparklp.co/328608df/12 Track your referrals here. Want to advertise in TLDR? 📰 If your company is interested in reaching an audience of fintech professionals and decision makers, you may want to advertise with us. Want to work at TLDR? 💼 Apply here or send a friend's resume to jobs@tldr.tech and get $1k if we hire them! If you have any comments or feedback, just respond to this email! 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