The Monday Roundup: what we are watching this week | June 23rd

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.

Investor faith in India’s FinTech boom

Walmart-backed FinTech firm PhonePe is preparing for a $1.5 billion initial public offering (IPO), aiming for a valuation of nearly $15 billion, according to reports. The company plans to file draft papers by August 2025. With over 600 million registered users and 310 million daily transactions, PhonePe is one of India’s leading UPI-based digital payment platforms. The IPO marks a significant step in its growth journey, reflecting investor confidence in India’s booming FinTech sector.

First Abu Dhabi Bank (FAB) has joined China’s official cross-border payment network, CIPS, as a Direct Participant. This means FAB can now directly process international payments in China’s currency, the Renminbi (RMB), without needing a middleman. CIPS (Cross-border Interbank Payment System) is China’s answer to global systems like SWIFT and is used to settle trade and financial transactions in RMB. By joining, FAB strengthens its ties with China and makes it easier for businesses in the UAE and region to trade with Chinese partners.

This position enables FAB to provide real-time RMB payment services with greater speed, security, and operational efficiency. The development strengthens FAB’s role in advancing regional and global financial connectivity, particularly across the high-growth China-UAE and wider GCC trade corridors.

Transforming how SMEs run finance

Malaysian FinTech company Instapay Technologies has raised $3 million in a Series A2 funding round, with participation from a group of US-based family offices and returning investor ACA Investments, a Japanese firm based in Singapore.

The new funding will help Instapay expand its range of products and explore new markets, according to TNGlobal. Instapay CEO Rajnish Kumar shared that the company is launching B2B remittance services through its Glyd Corporate Expense Management Platform. He added that the fresh capital will accelerate innovation and growth, and expressed appreciation for the ongoing support from investors like Daiwa ACA.

Ramp, a New York-based spend management platform, has raised $200 million in a Series E funding round led by Founders Fund, boosting its valuation to $16 billion.

The funding aims to support Ramp’s continued investment in AI-driven product development and global expansion, as the company looks to redefine how businesses manage and optimise their financial operations.

The funding builds on Ramp’s recent valuation trajectory, which saw the company grow from a $5.8 billion valuation in 2023 to $13 billion in March 2025 following a secondary share sale. The Series E round reflects sustained investor interest in the company’s business model, platform capabilities, and ongoing product development efforts.

What is the Buzz

UK financial institutions are stepping up their fight against money laundering and fraud, but the threat is evolving fast. According to BioCatch’s inaugural Dark Economy Survey, 65% of UK fraud and compliance leaders believe criminal enterprises are now more sophisticated at laundering money than the banks trying to catch them.

The report, “Insights into the Invisible: Perspectives on Evolving Fraud and AML Challenges”, draws on responses from 800 financial crime professionals across 17 countries, including the UK, and reveals mounting concern about the Dark Economy—criminal networks that exploit the global financial system to move illicit funds tied to human trafficking, drug crime, and terrorism.