The Weekly Wrap: all you need to know by Friday COB | August 14th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Moneris has agreed to be acquired by technology investment firm Francisco Partners from shareholders BMO and RBC for approximately $1.5 billion, as the Canadian payments provider has sought to accelerate its next phase of growth.

The transaction has been agreed in cash and remains subject to customary regulatory approvals and closing conditions. It is expected to close by the end of the first quarter of BMO and RBC’s fiscal year 2027. Under the agreement, BMO and RBC will each receive 50% of the sale proceeds. The banks have also established long-term referral agreements with Moneris, under which they will exclusively refer customers to the payments provider. Francisco Partners has said its investment will support further innovation, platform expansion and growth at Moneris. The firm has cited its experience in payments and FinTech, including investments in NMI, Verifone and Paymetric.

As part of the transaction, Jeff Sloan, former President and CEO of Global Payments, has been appointed Chairman of Moneris. He has brought extensive experience across the global payments industry to the role.

Moneris has continued to serve Canadian businesses through nearly 2,000 employees, with its headquarters and technology infrastructure remaining in Canada. The company has said its commitment to customers and local operations will remain unchanged following the ownership transition. The acquisition has highlighted continued private equity interest in payments infrastructure, with Francisco Partners positioning the investment around technology development and long-term expansion in Canada’s increasingly digital and AI-driven economy.

Deals of the week

• Centricity raises $33m to expand WealthTech platform
• Francisco Partners to acquire Moneris for $1.5bn
• Lightstorm secures $290m IndusInd Bank facility for AI network
• RBC, BMO sell Moneris to Francisco Partners for $1.44bn
• Visa invests $4m in Phi Commerce for APAC expansion
• Ordway secures $20m to expand AI billing platform
• Maybank joins MAS tokenised settlement trials
• money launches splitStore for flexible UPI checkout

Be on the lookout for

India’s banking sector is rapidly moving from AI experimentation to large-scale implementation. Speaking at FIBAC 2026 in Mumbai, RBI Governor Sanjay Malhotra said artificial intelligence could significantly expand the country’s “bankable” population by enabling lenders to assess borrowers using alternative datasets such as GST filings, cash-flow records, utility bill payments, and digital transaction histories. He noted that AI has the potential to improve financial inclusion, particularly for small businesses, gig workers, and first-time borrowers who often lack traditional credit histories.

The policy vision is already translating into lending outcomes. State Bank of India (SBI) Managing Director Rama Mohan Rao Amara revealed that the bank used AI-driven underwriting models to sanction nearly ₹1 lakh crore of MSME loans during FY26, covering both existing and new-to-bank borrowers for credit facilities of up to ₹5 crore. SBI is also automating routine operational processes, including straight-through processing of small-value cheques, while deploying AI-powered early-warning systems that monitor market trends, sector developments, and public information to identify potential credit stress before defaults occur.

At the same time, regulators are emphasising accountability alongside innovation. Malhotra made it clear that banks cannot justify biased or flawed lending decisions by claiming “the model decided.” RBI expects boards and senior management to maintain oversight, governance, and explainability of AI systems. The emerging message from FIBAC 2026 is that AI is no longer a peripheral technology for Indian banks; it is becoming foundational infrastructure for credit assessment, risk management, operations, and financial inclusion.