Builders in fintech daily

The daily catch up with fintech news

Kalshi raises $40B, 11 more rounds

The FTC and eight states sued Toast over fees and cancellation terms, the ECB picked Nexi and Deutsche Telekom to connect the digital euro platform, and Bahrain’s Mumtalakat and ARP Group proposed an AI-native wholesale bank with in-principle central bank approval. On the deal side, an LTVCo-led group bought card decline recovery firm Kipp and Toss’s parent agreed to buy Japan’s CHEER Securities.

The lead: FTC and eight states sue Toast over hidden fees, hard-to-cancel contracts and 24/7 support claims

Why it matters: The suit tests whether payments software vendors can bundle hardware, subscriptions and lending while keeping cancellation terms opaque, a risk for any fintech selling recurring contracts to small businesses.

Rounds:

• Kalshi raises $40B

• Disruptive raises $10B Flagship Fund

• Aven raises $304.2M asset-backed securities

• AP Ventures raises $300M Fund III (final close)

• Settle raises $100M debt facility

• B&Y Venture Partners raises $60M Fund III (close)

• Phase raises $45M

• Ravical raises $17M Seed

• Artificial Intelligence Underwriting Company (AIUC) raises $15M Seed

• Luzern Risk raises $12M Series A

• Velocity (stablecoin infrastructure) raises $10M Pre-seed

• Northstar Security raises $7M Seed

News:

• Mastercard reports $9.8B Q3 net revenue, up 14%, with value-added services up 19%

• Toss Global agrees to buy CHEER Securities from Tokai Tokyo Financial Holdings

• LTVCo-led investor group acquires card decline recovery platform Kipp

• Mumtalakat and ARP Group partner to set up an AI-native wholesale bank in Bahrain

• ECB selects Nexi and Deutsche Telekom as a digital euro network provider under a ten-year contract

• Finfra raises a Series A extension from ADB Ventures, the first investment of the NextFin Asia fund

• CoverGo raises $6M in first close of Series B1 led by Betatron Venture Group

• Uber pilots a 24/7 tokenized treasury with HSBC, Franklin Templeton, Tradeweb and Fireblocks

Quick hits:

• Thunes and UnionPay International enabled instant payouts to UnionPay cards in mainland China across 79 banks, with a limit of $10,000 per recipient cardholder per day. (Source)

• DCS DeCard became a Mastercard issuer in Hong Kong and launched DeCard Business Account, a platform for USD-funded corporate cards and company spend management for mid-market and enterprise firms. (Source)

• Apollo will take a minority stake in Abu Dhabi’s Mubadala Capital, with Apollo and other strategic investors planning to commit a combined $5 billion at the initial close; closing is expected in the fourth quarter. (Source)

Full edition on the site: https://buildersinfintech.ai/daily/2026-11-02

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