Today’s fintech briefing also covers Kraken’s expansion into US stocks, Klarna’s improving profitability and reduced outlook, Stripe’s Australian treasury launch, PicPay’s ChatGPT integration and Revolut’s mortgage ambitions.
The US Securities and Exchange Commission has proposed a dedicated fundraising framework for cryptoassets, potentially giving token issuers a clearer route to raising capital without relying entirely on securities rules designed for conventional investments.
The proposal leads today’s FinTech Observe briefing as the crypto and traditional-finance sectors continue to converge. Kraken is bringing more than 7,000 US-listed stocks to eligible European customers, while PicPay has begun allowing selected customers to consult their financial information through ChatGPT.
Elsewhere, Klarna reported its first quarterly net profit but reduced its full-year growth expectations, Stripe launched a multi-currency treasury product in Australia, and Revolut confirmed that it is considering entering the Australian mortgage market.
Here are the most important fintech developments from 19 August 2026—and why they matter.
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SEC proposes dedicated fundraising exemptions for cryptoassets
The SEC has proposed two exemptions intended specifically for companies raising money through cryptoasset offerings.
The first would allow eligible early-stage projects to raise up to $5 million over four years. A broader exemption would permit issuers to raise as much as $75 million within a 12-month period.
Both routes would impose disclosure requirements, but would provide an alternative to registering a conventional public securities offering.
The SEC’s proposal also addresses one of the most contested questions in US crypto regulation: whether a cryptoasset must remain subject to securities law indefinitely.
Under the proposed framework, an asset could cease to be treated as an investment contract when purchasers no longer reasonably expect profits based on the issuer’s essential managerial work. The proposal attempts to distinguish between the asset itself and the investment arrangement through which it was originally sold.
The SEC is also considering rules governing secondary trading, disclosure obligations and the responsibilities of intermediaries involved in cryptoasset transactions.
The proposals are not yet final. Interested parties will have 60 days following publication in the Federal Register to submit comments.
Why it matters
A dedicated framework could give US crypto projects a clearer and more proportionate route to raising capital while addressing when a token may move beyond its original investment contract. Much will depend on the final disclosure requirements and how regulators determine that an issuer’s “essential managerial efforts” have ended, but the proposal represents a significant shift away from governing every crypto fundraising activity through rules developed for traditional securities.
Kraken brings more than 7,000 US stocks to European investors
Kraken is making more than 7,000 US-listed stocks and exchange-traded funds available to eligible customers in the European Economic Area.
The investments will be accessible through the Kraken and Kraken Pro platforms under the company’s MiFID II authorisation.
According to Kraken’s announcement, customers will be able to invest in fractional shares and trade eligible stocks without commission. The precise availability of the service may differ between EEA countries, however, and customers will still need to consider possible currency-conversion charges, spreads and other costs.
The new conventional investments will sit alongside more than 600 cryptoassets available through Kraken. The company also offers approximately 700 tokenised stocks and ETFs through xStocks in supported markets.
Although both products provide exposure to public companies, they are structurally different. Conventional shares generally represent legal ownership in the underlying company, while tokenised equities may provide synthetic or contract-based exposure and can involve different investor rights and risks.
Why it matters
Kraken is becoming a multi-asset investment platform rather than remaining solely a cryptocurrency exchange. Offering conventional shares alongside cryptoassets puts it into more direct competition with Revolut, eToro, Trading 212, Bitpanda and established brokers, while the presence of both traditional and tokenised stocks on the same platform could test which structure European investors ultimately prefer.
Klarna reports a quarterly profit but reduces its 2026 outlook
Klarna reported a net profit of $9 million for the second quarter of 2026 as revenue and transaction margins continued to improve.
Gross merchandise volume increased by 18% year over year to $36.6 billion, while revenue rose by 27% to $1.042 billion. Transaction-margin dollars—the amount remaining after credit losses and certain transaction-related costs—increased by 42% to $446 million.
The results demonstrate Klarna’s continued progress towards sustainable profitability following several years in which rapid expansion and credit losses placed pressure on its financial performance.
However, the company reduced its expected full-year gross merchandise volume to between $149 billion and $151 billion, down from its previous forecast of more than $155 billion.
Klarna attributed the weaker outlook partly to more difficult retail conditions in Germany and foreign-exchange effects.
The company also announced leadership changes. Chief Financial Officer Niclas Neglén and Chief Marketing Officer David Sandström are expected to leave their roles in early 2027, giving Klarna time to identify their successors.
The results and management announcement are available through Klarna’s investor-relations portal.
Why it matters
Klarna’s first quarterly net profit shows that its efforts to improve transaction economics are working, but the reduced outlook highlights its continued exposure to consumer spending and retail conditions in Europe. The planned departure of two senior executives adds another issue to watch as Klarna expands its banking, membership and US propositions.
Stripe launches its Treasury product in Australia
Stripe has launched Treasury in Australia, allowing businesses to hold, convert and distribute money without first transferring their Stripe revenue to an external bank account.
Australian customers can hold balances in Australian dollars, US dollars, British pounds and euros. They can convert between ten currencies and make payments to suppliers, contractors and other recipients in close to 100 countries.
Businesses will also be able to access money earned through Stripe more quickly by keeping it inside the company’s infrastructure instead of waiting for a conventional payout to their bank.
The launch moves Stripe beyond payment acceptance and further into business-finance operations such as cash management, foreign exchange and international payouts.
Stripe also plans to introduce Treasury for Platforms in Australia later in 2026. This would allow marketplaces and software platforms to embed financial accounts and related money-management services into their own products.
The product was announced during Stripe Tour Sydney.
Why it matters
Stripe Treasury places the company in closer competition with business-finance platforms such as Airwallex, Wise Business and Revolut Business. The planned platform version is particularly important because it would allow other companies to distribute Stripe-powered financial accounts, extending Stripe’s role from payments provider to embedded financial infrastructure.
PicPay lets customers consult their finances through ChatGPT
Brazilian digital bank PicPay has introduced an integration that allows selected customers to access personal financial information through ChatGPT.
Customers can use natural-language questions to check information including account balances, recent transactions, cards, investments and pending bills.
Authentication is completed through the PicPay application, and users choose which categories of information ChatGPT may access. PicPay says customers can review and revoke these permissions.
The initial implementation is read-only. Customers cannot use ChatGPT to make payments, transfer money or perform other transactions.
Limiting the first version to information retrieval reduces the potential consequences of an incorrect response or unauthorised instruction while allowing PicPay to test how customers interact with an external AI assistant.
The integration is initially available to a selected group rather than the bank’s entire customer base.
Why it matters
PicPay’s integration provides a practical example of generative AI becoming a customer interface for banking rather than merely supporting internal service agents. Its controlled, read-only rollout also illustrates the main requirements for this model—clear consent, secure authentication, limited permissions and the ability to revoke access—before AI assistants can safely progress towards initiating financial actions.
Also worth watching
Revolut considers entering Australia’s mortgage market
Revolut is considering introducing mortgages in Australia after receiving a local banking licence in July.
The company already provides savings accounts and credit cards in the country and has approximately 1.2 million Australian customers. Mortgages would give it access to a much larger and more valuable part of customers’ financial lives.
Revolut Australia generated A$70.8 million in revenue in 2025, representing growth of 74%, and reported a net profit of A$7.4 million.
However, the company has not confirmed a mortgage product, launch date or detailed market-entry plan. The proposal should therefore be treated as a strategic intention rather than an upcoming product launch.
Australia would also be a challenging market to enter. Its four largest banks control more than 70% of mortgage lending, while customer acquisition, credit assessment, capital requirements and servicing make mortgages considerably more complex than payments or deposit accounts.
If Revolut proceeds, the move would continue its transition from a financial application offering individual products into a more complete retail bank.
Inter connects to TerraPay’s global payment network
Brazilian digital bank Inter has connected its Brazilian and US payment infrastructure to TerraPay’s Xend interoperability network.
Inter says the integration provides potential access to 3.7 billion digital wallets and 7.5 billion bank accounts across more than 156 countries. As company-provided network figures, these numbers describe possible reach rather than Inter’s existing transaction volume or active customer coverage.
The partnership supports bank-to-wallet transfers, settlement in Brazilian reais and US dollars, Brazil’s PIX system, Same Day ACH and US real-time payments.
The arrangement demonstrates how digital banks can expand their international transfer capabilities through a central interoperability network instead of negotiating and building separate connections in every market.
Revolut deepens its Japanese banking partnership
Minna no Bank and Revolut Japan have begun a banking-agency partnership through which Revolut can broker yen-denominated deposit accounts.
The arrangement supports instant, fee-free top-ups and gives Revolut access to local banking infrastructure without requiring it to obtain and build around its own Japanese banking licence immediately.
The Japanese model contrasts with Revolut’s approach in markets where it operates through its own bank. It shows how the company can adapt its regulatory and partnership structure to the requirements of individual countries instead of applying one expansion model everywhere.
Interoperability and partnerships are accelerating international expansion
The Inter–TerraPay and Revolut–Minna no Bank arrangements point to a wider strategic pattern. Financial platforms do not always need to own every licence, payment rail or local account infrastructure themselves.
Connecting to established networks and regulated local partners can provide faster access to new capabilities and markets, although it also creates dependencies on third-party infrastructure.
The bigger picture: the boundaries between financial sectors are disappearing
Today’s developments show crypto, investing, banking, payments and artificial intelligence moving closer together.
The SEC is attempting to create a clearer bridge between crypto fundraising and regulated capital markets. Kraken is placing conventional shares beside cryptoassets and tokenised equities. Stripe is expanding from payment acceptance into business treasury services, while Revolut is considering moving from everyday banking into mortgages.
PicPay adds another dimension by allowing customers to access authenticated financial information through ChatGPT—potentially making an external AI assistant part of the relationship between a bank and its customers.
The competitive categories that previously separated crypto exchanges, brokers, payment processors, digital banks and software companies are becoming less distinct.
Increasingly, these businesses are competing to become the main platform through which customers hold, invest, transfer, manage and understand their money.
FinTech Observe’s Daily Briefing selects and verifies the most important developments across digital banking, payments, investing, cryptoassets and financial technology. Company claims are attributed, reported information is distinguished from confirmed announcements, and primary sources are used wherever available.
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