The Weekly Wrap: all you need to know by Friday COB | December 20th

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

Wise, the global technology company, has been selected by Morgan Stanley, a global financial services firm, to facilitate Morgan Stanley’s foreign exchange international settlement capabilities for its corporate customers.

Morgan Stanley will offer clients high-speed cross-border settlements through Wise Platform, Wise’s global payments infrastructure for banks. This integration will also make Morgan Stanley the first investment bank to enable these corporate payment capabilities on the Wise Platform.

This solution pairs Wise’s payment capabilities with Morgan Stanley’s one-firm, integrated, cross-divisional approach to providing the best solutions for its client base. By harnessing Wise’s technology and local connectivity, Morgan Stanley can focus on servicing its sophisticated clients while reducing implementation timelines. The offering will complement Morgan Stanley’s existing suite of transactional foreign exchange services targeting corporate and institutional clients.

Steve Naudé, Managing Director of Wise Platform, said, “This relationship marks a significant milestone in the growing number of trusted global banks that are choosing to power their cross-border payments through Wise Platform. Morgan Stanley has a strong and clear payment vision for the experiences and solutions they want to offer their customers, and we’re thrilled to be working with them to enable their corporate payment capabilities and bring fast, cost-effective, transparent, and easy payments to Morgan Stanley’s clients.”

Deals of the week

• Veefin Group raises $16m to fuel product innovation and acquisitions
• Funding Societies secures $25m in investment from Cool Japan Fund
• BVNK raises $50m Series B to expand global Stablecoin payments
• FIS set to acquire UK FinTech Demica in $300m deal
• The Money Club raises $2.5m in Series A to drive Financial Inclusion
• Parafin raises $100m in Series C to boost Small Business Financial Services

Be on the lookout for

The 24 Fintech 2025 event is set to take place from September 2-4, 2025, in Riyadh, Saudi Arabia. This flagship FinTech event will feature over 300 speakers and cover a wide range of topics including AI, blockchain, and fintech regulation.

The event aims to bring together investors, startups, and industry leaders to discuss and showcase the latest innovations in the fintech sector. Attendees will have the opportunity to engage in dynamic discussions, network with top investors and founders, and explore transformative solutions through Q&A sessions, networking events, and global startup pitches.

Key speakers include prominent figures such as H.E. Mohammed AlJadaan, Minister of Finance, and H.E. Ayman Al Sayari, Governor of the Saudi Central Bank.