Welcome to the November installment of Fin Capital's Monthly Wave. It’s been a busy month for the team and our portfolio companies.

• Setting a Fair Course - FairPlay & Plaid Partnership: FairPlay, a Fin Capital portfolio company, has announced a new collaboration with Plaid to integrate fairness testing and validation directly into Plaid’s cash-flow underwriting models, including Plaid LendScore and Income Insights. Traditional credit scores rely heavily on historical data, which lenders increasingly view as only one component of a borrower’s overall financial picture. Plaid’s approach leverages real-time cash-flow insights, income patterns, and financial account connections to provide a more comprehensive and current assessment of credit risk. Through its partnership with FairPlay, Plaid will enhance the fairness and transparency of its credit decisioning processes, helping reduce potential bias and expand access to credit. Legacy credit scoring and underwriting systems often depend on historical datasets that may inadvertently encode bias against certain demographic groups. By embedding fairness testing from the outset, Plaid aims to mitigate systemic bias risks and further strengthen the reliability and integrity of its underwriting models. If you are a lender or scoring agency and would like to learn more about Fairplay’s Bias Detection & Fairness Auditing solution, please reach out to [email protected].  

• Trovata Bridges Traditional Treasury and Stablecoin Rails: Trovata is making stablecoins a core component of corporate treasury management through its CORP$ service, launched in partnership with Paxos. The solution brings regulated, dollar-backed stablecoins directly into Trovata’s existing treasury and cash-management platform, enabling companies to automate liquidity flows, streamline intercompany settlements, and enhance real-time visibility. Treasurers will only adopt stablecoin-based settlement if it fits their governance frameworks, aligns with banking relationships, and integrates smoothly into forecasting, reporting, and reconciliation workflows. Trovata meets these requirements by connecting existing infrastructure—bank APIs, forecasting tools, ERP integrations—to digital payment rails capable of executing transfers instantly and without manual intervention. This level of institutional-grade integration is essential for stablecoins to function within mainstream corporate treasury, and Trovata’s approach closes the gap between traditional banking systems and modern digital settlement. 

• Steering Through the Interchange Settlement’s Ripple Effects: The proposed Visa–Mastercard settlement marks a significant shift in the payments landscape, aiming to reduce interchange fees for merchants while softening the long-standing “honor all cards” rule. By allowing merchants to decline premium card categories that don’t align with their economics, the agreement introduces a market-driven check on issuers who have long pushed high-end rewards cards at merchants’ expense. Issuers will now need to justify interchange rates based on demonstrable value delivered to both merchants and consumers, reflecting an effort by the networks to ease merchant frustration and litigation risk without compromising transaction volume. However, differentiated pricing and card acceptance rules could introduce consumer confusion and increase checkout friction, with surcharges or card declines potentially undermining customer loyalty. As these changes take shape, acquirers will need to rethink merchant contracts, including pricing structures, interchange pass-through models, surcharge enablement, and the clarity of checkout messaging. As issuers reassess the costs associated with rewards programs, merchant-funded offers present an effective way for them to maintain brand loyalty, deliver meaningful value to their customers, and control funding costs. To do so, we suggest that card issuers leverage plug-in (API-first) infrastructure that can help them launch programs and campaigns faster and with less overhead. To learn more about how Kard is doing this, please reach out to [email protected].  

The Future of Finance: The Tokenized Future of Banking with US Bank, Fin Capital, and Conduit

Hear how traditional payment rails are converging with emerging tech to revolutionize how money moves!

Other News

• High Alpha’s SaaS Benchmark Report: Thanks to all who contributed your insights. See the publication here!

• We’re thrilled to announce we’ve been named to Inc. Magazine’s Founder Friendly Investors of 2025. Thank you to our amazing founders for your trust & for letting us join you on the building journey.  

• Apply for The Fintech Innovation Lab: A 3-month accelerator co-founded by Accenture and the Partnership Fund for New York that pairs leading financial institutions such as Goldman Sachs, JPMorgan Chase, and Bank of America with top fintech startups looking to sell to enterprise clients. The program runs from April to June, takes no equity, and its primary goal is to accelerate innovation into banks, capital markets, and insurance through direct mentorship. The application deadline has been extended to Sunday, November 30, and can be found here. For questions, contact [email protected]

Past & Upcoming Events

Thank you to everyone who joined us over Money20/20 a few weeks ago! It was a pleasure hosting so many of you at LAVO. Our team really enjoyed the evening and had great conversations with fellow founders, investors, and innovators shaping the future of fintech. Until next year!

We closed out the month with our official NYC SoHo office launch event and Annual General Meeting. Thank you to all of our limited partners, portfolio companies, and the incredible NYC tech leaders who joined us to celebrate and look back at all we’ve accomplished together in 2025. Excited for what's ahead!

On Wednesday, December 3rd: Pliant is marking its official US launch with an exclusive event in New York City. The event will be especially relevant for financial SaaS companies, ERP providers, and banks, offering insights into how to boost their revenue streams by entering international markets. Secure your spot here! 

On Wednesday, December 10th: We’re hosting a virtual demo day featuring Parcha, Lama AI, Taktile, and OvationCXM to discuss how banks & enterprises can reimagine their onboarding process from data collection, underwriting, decisioning, and customer journey mapping, and how they can come together in a seamless, end-to-end experience. Sign up here & share with your network! 

Portfolio News

It’s been a busy month, sharing some of the latest moments from across portfolio…

• Conduit enables Open Doors to speed up global real estate payments from weeks to minutes. 

• OatFi partners with Transcard to offer working capital orchestration, providing flexible payment terms in B2B commerce.  

• Poolside announces Project Horizon, a 2 GW AI campus in West Texas, built from the ground up to power the next generation of frontier-scale training. 

• Selfbook announces partnership with Katanox, to help unify how hotels manage bookings, payments and settlements as agentic AI continues to progress.  

• Synctera named in LinkedIn’s Top Startups 2025: The 50 US Companies on the Rise. 

• Trovata launches new stablecoin service with Paxos for corporate finance & treasury in partnership. 

• Congratulations to those named in Inc.’s Power Partner Awards of 2025! 

What We’re Reading

INDUSTRY RESEARCH 

• Mostly Metrics: The State of the Agentic Financial Stack (Read More) 

• Anthropic: Disrupting the First Reported AI-Orchestrated Cyber Espionage Campaign (Read More) 

• Invela: The Open Finance Risk Management Whitepaper (Read More) 

• EY Parthenon: Stablecoins: Adoption, Optimism, and Regulatory Clarity (Read More) 

BLOGS, PODCASTS AND VIDEOS 

• Fintech Takes: Risk, Rules, and Gaps in Open Banking with Invela (Listen Here) 

• Journal of Digital Banking: Everything You Need to Know About Know Your Agent (KYA) (Read More) 

• GTM Monday: From Pilot to Platform – Why 95% of AI Projects Stall (Read More) 

• GitHub Copilot: How GitHub Copilot and AI agents are saving legacy systems (Read More) 

• Google Technology Research: Our Quantum Echoes algorithm is a big step toward real-world applications for quantum computing (Read More) 

• Growth Unhinged: Your Pricing is (Probably) Broken (Read More) 

• OnlyCFO’s Newsletter: Executive Compensation Benchmarks (Read More) 

Thanks for reading!

We are grateful for your partnership and support, and welcome any feedback you have. We’ll see you next month with more!

-The Fin Capital team

_Disclaimer

_{This material is provided for informational purposes, and it is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in any fund or investment vehicle managed by Fin Venture Capital Management LLC (“Fin”) or its affiliates. Content obtained from third-party sources, although believed to be reliable, has not been independently verified as to its accuracy or completeness and cannot be guaranteed. Fin has no obligation to update, modify or amend the content of this post nor notify its readers in the event that any information, opinion, projection, forecast or estimate included, changes or subsequently becomes inaccurate.}