The Weekly Wrap: all you need to know by Friday COB | March 28th

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

SmartBiz has made history as the first FinTech to transition into a bank with its acquisition of United Community Bancshares and Centrust Bank, now rebranded as SmartBiz Bank, N.A. This move, approved by regulators, enhances SmartBiz’s ability to serve small businesses with a full suite of banking solutions.

Centrust Bank, a Chicago-based lender specializing in small business financing, will continue operations as a division of SmartBiz Bank, with former CEO Gerard Buccino now serving as President. SmartBiz, known for facilitating over $9 billion in small business loans since 2013, blends technology with personalised service to streamline lending.

This shift signals a new era in FinTech-banking convergence, proving that FinTechs can evolve into full-fledged banks to provide stable, tech-driven financial solutions. As regulatory landscapes shift, more fintechs may follow suit, reshaping the future of small business banking.

Deals of the week

• Findi boosts India FinTech presence with A$45m fundraise
• NPCI and Fonepay partner to bring UPI payments to Nepal
• Tirana Bank chooses Backbase to power digital banking transformation
• Argentinian FinTech Ualá secures additional $66m to fuel expansion
• Credit Union 1 selects nCino to enhance its digital lending strategy
• Munich Re to acquire NEXT Insurance in $2.6bn deal
• Kosli raises $10m Series A from Deutsche Bank CVC & Heavybit
• Bank of Baroda unveils mDigiNext app for corporate cash management
• Tietoevry Banking & Tapeeze launch customisable tokenised payment cards
• Infosys Finacle powers Chola’s treasury modernisation
• NatWest & OpenAI partner to boost AI-powered banking services

Be on the lookout for

Nominations Closing this week!! The IBSi Digital Banking Awards 2025 will take place on April 24, 2025. This prestigious event, organised by IBS Intelligence, celebrates excellence in digital banking, recognizing the most innovative and impactful technology implementations in the industry. The awards honor digital banks, challenger banks, neobanks, and technology providers for their contributions to transforming the banking landscape.

The event will be held at a prominent location, bringing together industry leaders, innovators, and stakeholders to network and share insights. Categories include Impact Achieved, Customer Focus, Innovation in Offering, and Implementation Excellence, among others.

Participants will have the opportunity to showcase their achievements, learn from peers, and gain recognition for their efforts in driving digital transformation. The IBSi Digital Banking Awards 2025 promises to be a significant milestone in the digital banking sector, highlighting the advancements and future possibilities in banking technology.