The Monday Roundup: what we are watching this week | Aug 4th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Borderless banking experience

Banking Circle, a technology-first payments bank for financial institutions, has acquired Australian Settlements Limited (ASL), a licensed Authorised Deposit-Taking Institution (ADI), to reshape Australia’s payments infrastructure with a digitally native, real-time, and borderless banking experience.

The agreement, initially signed in December 2024, received the necessary regulatory approvals and closed at a time when the Australian payments ecosystem is undergoing rapid digital transformation. By integrating ASL’s deep-rooted domestic expertise with Banking Circle’s advanced cross-border infrastructure, the combined platform will provide comprehensive, end-to-end payment solutions for local and global financial institutions operating within and outside Australia.

Cybersecurity firm SAFE has raised $70 million in a Series C funding round led by Avataar Ventures, with support from several other investors. The funds will accelerate SAFE’s growth in cyber risk management and support the development of Agentic AI-native reasoning models aimed at achieving CyberAGI, an advanced form of AI focused on cybersecurity. Alongside the funding, SAFE launched the world’s first fully autonomous Continuous Threat Exposure Management (CTEM) solution, enhancing its Cyber Risk Singularity platform. This innovation builds on its leadership in Cyber Risk Quantification and Third-Party Risk Management. SAFE’s clients include Google, Fidelity, T-Mobile, Chevron, and IHG.

Mergers, Money, and Modernisation

Brazilian FinTech QI Tech has secured $63 million in a Series B extension round led by General Atlantic, with continued backing from Across Capital. The funding will accelerate product development, support strategic acquisitions, and strengthen its leadership in Brazil’s digital banking sector. QI Tech offers a full-stack financial infrastructure platform covering banking, payments, lending, investments, and insurance through API integrations. The company has acquired firms like Zaig, Singulare, and Builders Bank, positioning itself as Brazil’s largest FIDC custodian with $17 billion in assets under custody. It also launched an insurance-as-a-service platform and is building FX infrastructure for seamless international transactions.

Global payments firm Euronet has announced a $248 million stock-for-stock merger with CoreCard, a U.S.-based credit technology provider. The acquisition aims to accelerate Euronet’s digital transformation, expand its U.S. footprint, and integrate CoreCard’s proven credit card issuing and processing platform. CoreCard’s architecture supports rapid innovation and has powered major co-branded card programs, including partnerships with Goldman Sachs and Coinbase. The merger is expected to be accretive in its first full year post-close and will position Euronet as a leading modern card issuer. The deal is set to close by late 2025, pending regulatory and shareholder approvals.

What is the Buzz

Binq, an AI-powered app developed by Intelligent Lending, has launched in the UK to support the country’s 5.5 million small and medium-sized enterprises (SMEs). Designed to help businesses start, manage, and grow, Binq uses open banking data and proprietary Smart Search technology to match users with tailored financial solutions—including loans, credit cards, insurance, energy, and banking services. It features an AI assistant named Ali that provides real-time insights, alerts, and recommendations. Responding to rising costs and reduced government support, Binq aims to simplify financial decision-making and empower SMEs with accessible, data-driven tools.