FinTech Futures: Top five news stories of the week – 7 February 2025
Here’s our pick of five of the top news stories from the world of fintech this week, featuring Solaris, Sixth Street, Temenos and more.
Wise fined by US CFPB for allegedly advertising inaccurate fees
Wise fined by US CFPB
Global money transfer firm Wise has been ordered to pay a $2.025 million civil money penalty by the US Consumer Financial Protection Bureau (CFPB) for allegedly “advertising inaccurate fees and failing to properly disclose exchange rates and other costs”.
Announcing the decision in a post on its website, the CFPB alleges that Wise “misled customers in the United States about its ATM fees and failed to properly disclose other fees”, and has ordered the firm “to pay approximately $450,000 in redress to harmed consumers”.
In a statement sent to FinTech Futures, Wise states that it “cooperated fully with the CFPB and immediately worked to address all identified issues”, with the “majority resolved by November 2022”.
Solaris secures €140m Series G funding, SBI Group becomes majority shareholder
Japanese financial heavyweight SBI Group has become the majority shareholder of German embedded finance firm Solaris after co-leading its latest €140 million Series G funding round alongside German exchange group Börse Stuttgart.
The share acquisition was completed by SBI Ventures Two, with the group saying it plans to make Solaris “a consolidated subsidiary” to “enable maximisation of synergies and further enhancement of corporate value of both companies”.
Carsten Höltkemeyer, CEO of Solaris, says the company’s latest cash injection will “not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base”.
Scott Bessent named as acting director of CFPB as Rohit Chopra departs
Chopra has led the CFPB since 2021 (Image: LinkedIn)
US President Donald Trump has appointed Secretary of the Treasury Scott Bessent as acting director of the Consumer Financial Protection Bureau (CFPB), the regulator announced this week.
In a statement on his appointment, Bessent says he will work with the CFPB to “advance President Trump’s agenda to lower costs for the American people and accelerate economic growth”.
Bessent will succeed outgoing CFPB director Rohit Chopra, who revealed in a letter addressed to Trump and shared on social media platform X over the weekend that his term as CFPB director “has concluded”.
Chopra, who has led the CFPB since 2021, states in his letter: “I know the CFPB is ready to work with you and the next confirmed director.”
UK private equity firm Montagu buys Temenos’ fund accounting software business Multifonds for around $400m
Montagu, a UK-based mid-market private equity firm with over €14 billion in assets under management, has acquired Temenos’ fund accounting software business Multifonds in a deal worth around $400 million.
Acquired by Temenos a decade ago for €235 million, Multifonds’ fund administration software covers investor servicing, fund and portfolio accounting, and transfer agency, alongside KYC and AML compliance offerings.
Once the deal is completed, which is expected in Q2 2025, Montagu says Multifonds “will operate as a new standalone company, led by its existing management team”.
Sixth Street and First Citizens Bank launch equipment financing platform Sixty-First Commercial Finance
First Citizens Bank and Sixth Street launch joint venture
First Citizens Bank has come together with US investment firm Sixth Street to launch a new platform designed to increase middle-market companies’ access to capital equipment financing options.
The new platform, called Sixty-First Commercial Finance, will seek to provide “mid- and large-ticket capital equipment financings ranging from $5 million to $100 million”, according to a statement on the joint venture.
The solution will leverage Sixth Street’s Asset Based Finance platform, managed by First Citizens Institutional Asset Management, and funded through a bilateral $300 million warehouse finance facility arranged by Bank of America.
Ryan Berlage, the bank’s current director of underwriting, has been appointed to lead the venture as managing director, chief credit officer and portfolio manager.
