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Archive · July 22, 2026

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Story 01

Augustus Raises $180 Million to Build Federally Chartered Stablecoin Clearing Bank

Augustus secured $180 million in Series B funding and will launch a federally chartered bank offering direct dollar accounts for financial institutions transacting in stablecoins. Augustus aims to become a core infrastructure provider for stablecoin settlement, directly challenging incumbent banks and crypto-native platforms. As stablecoin adoption grows for cross-border and B2B payments, Augustus seeks to capture settlement volume from traditional banks and must navigate evolving regulatory oversight as it expands.

Source: PYMNTS
Also Worth Knowing
№02

Revolut Wins Full Banking Licence in Australia, Expanding APAC Ambitions

Revolut received a full Deposit-taking Institution licence from the Australian Prudential Regulation Authority, enabling it to operate as a licensed bank in Australia. With this approval, Revolut can offer insured deposits and lending, intensifying competition with local banks and regional neobanks. Australian regulators will closely monitor Revolut’s product launches and risk management as it expands its super-app model and cross-border services across APAC.

Source: Finextra
№03

Ant International Raises $1.2 Billion to Fuel Global Fintech Expansion

Ant International closed a $1.2 billion Series A round to accelerate its digital payments and fintech growth worldwide. With this capital, Ant plans to expand into new markets and product verticals, increasing competitive pressure on global fintechs and payment processors. Ant’s strategy includes building cross-border payment corridors and forming embedded finance partnerships with local firms outside China.

Source: Finextra
№04

Capital One Pilots Credit Card Migration to Discover Network, Challenging Card Network Status Quo

Capital One is testing its credit cards on the Discover network, signaling a possible shift away from established network partners like Visa and Mastercard. If Capital One moves significant volume, Discover could gain market share and negotiating leverage, while incumbent networks risk losing a major issuer. Other banks may reevaluate their own network relationships if the pilot proves successful, potentially reshaping interchange economics and network competition in the US.

Source: PYMNTS
№05

Chime Adds Investment Services, Pushing Neobank Product Breadth Beyond Banking

Chime launched self-directed and robo-advisory investment services within its mobile app, expanding beyond core banking into wealth management. By integrating investing, Chime challenges both traditional investment firms and rival neobanks to match its product breadth. Neobanks that lack investment offerings may see users migrate to platforms with more comprehensive financial services.

Source: Finextra
The Long Memory
“The first ATM designed for general consumer use was installed in London in 1967, dispensing cash using paper vouchers instead of plastic cards.

Filed under: Payments History · The Long Memory

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