OpenAI Charges Merchants Fees for ChatGPT Purchases as Company Burns Through Billions 🇺🇸
We're also covering Tether's $500B valuation 🇸🇻, Line's Asian stablecoin superapp 🇯🇵, Jar's golden IPO plans 🇮🇳, ClearScore choosing London 🇬🇧, Deel's boomerang customers 🇺🇸 & more.
🇺🇸 OpenAI Charges Merchants Fees for ChatGPT Purchases as Company Burns Through Billions
ChatGPT users can now buy products from Etsy sellers directly within their conversations. Over one million Shopify merchants should be added soon. OpenAI will charge merchants a “small fee” for completed purchases, though the company declined to disclose the exact amount.
Paul Arnautoff, who leads consumer partnerships at Stripe, wrote on LinkedIn: “For a couple years now I’ve been using ChatGPT almost exclusively for online shopping. While it’s changed the way I discover products in a magical way, it felt silly that I’d still have to go to the merchant’s website to complete my purchase the old-fashioned way.”
The move opens a desperately needed revenue stream for OpenAI. The company lost $5 billion in 2024 on $3.7 billion in revenue, with losses in 2025 on a trajectory to reach $27 billion in 2025. With 700 million weekly active users but only 20 million paying subscribers, OpenAI converts just 2.9% of free users to paid tiers.
While many expected advertising to appear in free tiers, OpenAI could be betting on transaction fees instead. Or adding payments might be a clever way to track conversions once ChatGPT start running ads.
The shift to agentic commerce also introduces new risks around chargebacks. Will purchases made by AI agents result in higher dispute rates? Will people claim they never intended to make a purchase completed by ChatGPT?
But none of this matters if consumers don’t actually want AI doing their shopping. And right now, that’s still a big question mark.
Sources: Global Fintech Insider, Reuters & TechCrunch
🇸🇻 Tether Aims for $500B Valuation Club Beside OpenAI and SpaceX
In a move that would place it among giants like OpenAI and SpaceX, the world’s largest stablecoin issuer Tether, is reportedly seeking a valuation of up to $500 billion.
The El Salvador-based company is in talks to raise up to $20 billion in exchange for roughly 3% equity, according to Bloomberg. By comparison, rival stablecoin issuer Circle is worth about $30 billion. Tether CEO Paolo Ardoino said the company is evaluating a raise from high-profile investors to “maximize the scale of the Company’s strategy.
The stablecoin giant has generated massive profits by investing reserves backing its $172 billion USDT token in US Treasuries and other cash-like assets, booking $4.9 billion in profit during Q2 2025. Ardoino recently claimed Tether operates with a 99% profit margin. However, its reporting standards differ from those of publicly traded companies. Tether is also preparing a US comeback under Trump’s pro-crypto policies, appointing former White House crypto official Bo Hines to lead a regulated stablecoin push.
Source: Bloomberg
🇺🇸 Deel Achieves 50% ‘Boomerang’ Customer Rate, Double “Industry Standard”
Over 50% of customers who previously ditched payroll platform Deel eventually returned to the platform. Deel COO Dan Westgarth said the rate is double the industry benchmark of around 25% and credited the company’s customer support for the retention rate. “Trust can be rebuilt when we listen, improve, and keep showing up for our customers,” he wrote in a LinkedIn post. Based in the US, Deel serves over 35,000 companies and 1.25 million workers across 150+ countries.
Source: Global Fintech Insider
🇯🇵 LINE To Roll Out Stablecoin Superapp Supporting USDC & 8 Asian Stablecoins
Japanese messaging giant Line and South Korea’s blockchain platform Kaia are teaming up to launch a stablecoin “superapp” later this year. Dubbed the Unify app, It will offer payments, remittances, yield products on stablecoins, and fiat on/off-ramps in one platform. Sangmin Seo, chairman of the Kaia DLT Foundation, said the initiative seeks to address Asia’s “highly fragmented” financial regulations. The app is designed to support stablecoins tied to the US dollar and other major currencies, including the yen, baht, won, rupiah, peso, ringgit and Singapore dollar. The collaboration with Kaia will be carried out through Line’s Web3 division, Line Next.
Source: Korea Times
🇮🇳 India’s Spare-Change Gold Savings App Jar Strikes It Rich, Plans 2026 IPO
India-based gold micro-savings app Jar has turned profitable and is eyeing a 2026 IPO after revenue surged 49-fold to ₹24.5 billion ($279 million) last year. Founded on the idea of daily micro-savings, the app lets users invest in gold from as little as ₹10 ($0.11), targeting low- to middle-income households. Jar has drawn over 35 million users across 12,000 pin codes, with 60% from smaller cities, and more than 95% of its users are saving formally for the first time. Jar’s current CEO is Nishchay AG (right), who co-founded the company with Misbah Ashraf (left).
Profitable for two straight quarters, Jar is already in talks with investment banks for its listing, according to TechCrunch. Its growth accelerated after shifting from third-party distribution to direct gold purchasing and custody with US-based cash management platform Brinks, while also expanding into jewellery sales and instant payments.
Source: TechCrunch
🇨🇦 Venture Studio Co-Founded By Wealthsimple CEO Raises $15M to Combat Canada’s Brain Drain Crisis
Toronto-based venture studio Simple Ventures has raised $15 million to tackle Canada’s entrepreneurship decline and bring innovation talent back from the US.
Co-founded by CEO Rachel Zimmer and chaired by Wealthsimple’s CEO Michael Katchen, the firm aims to identify product gaps in Canada and partner with entrepreneurs to launch startups filling those needs.
Since launching 18 months ago, the studio has created three startups, which are postnatal care provider Alma Care, AI accounts receivable platform Harvest, and luxury handbag rental company Zero Collective. The firm claims to have created over 100 jobs across its portfolio.
Source: BetaKit
🇬🇧 UK Credit Giant ClearScore Chooses London Over New York for Possible $3.3B IPO
UK-based credit score firm ClearScore eyes London IPO worth up to £2.5 billion ($3.3 billion) within the next couple of years. “To go from a piece of paper, a business plan ten years ago, through to an IPO in London would be a signature achievement of my career,” CEO Justin Basini told City AM’s Boardroom Uncovered show.
The credit score tracking app, which serves 25 million UK users, reported strong 2024 results with pre-tax profit nearly quadrupling to £17.9m ($24 million) and revenue rising 17% to £89.7 million ($119 million). Basini said London feels like the “natural home” over New York, citing ClearScore’s strong UK brand recognition and the fact that 75% of its business is domestic. Founded in 2015, the company would buck the trend of UK fintechs choosing US listings.
Source: City AM
🇮🇳 Walmart-Backed E-commerce Giant Flipkart Injects $30M More Into Fintech Arm to Expand into Lending and Stock Broking
Indian e-commerce giant Flipkart, backed by Walmart, is accelerating its push into lending and stock broking. The Bengaluru-based company is investing a further $30 million into its fintech unit Super.money, following an initial $20 million infusion when it launched the unit last year. The unit, led by CEO Prakash Sikaria, is also preparing to raise funds from external investors for expansion.
The company recently introduced a co-branded credit card and plans to expand into personal loans, wealth products and a simplified stock-trading platform. Launched less than a year ago, Supermoney has rapidly become India’s fifth-largest instant payment app, handling about 257 million transactions monthly. Supermoney has disbursed over $700 million through lending partners and is targeting profitability by year-end.
Source: Bloomberg
Upcoming Fintech Events
🇺🇸 LEND360 will be held in Dallas on October 6–8, 2025 ($2,599–$2,999), with speakers such as Andrew Duke (CEO, Online Lenders Alliance), Chris Furlow (CEO & President, Texas Bankers Association), and Geoff Brown (CEO & Founder, Highline Technologies Inc.).
🇮🇳 Global Fintech Fest will be held in Mumbai on October 7–9, 2025 ($120–$240), with speakers such as Narendra Modi (Prime Minister of India), Nirmala Sitharaman (India’s Minister of Finance & Corporate Affairs), and Sanjay Malhotra (Governor, Reserve Bank of India).
🇨🇦 Financial Affiliate Marketing Forum (FAMF) will be held in Toronto on October 7, 2025 ($300–$400), with speakers such as Nicky Senyard (CEO, Fintel Connect), George Phu (Head of Industry, TikTok), and Tassie Milne (General Manager, ClearScore Canada).
🚨 GFI Exclusive Offer: Enjoy a 20% discount on tickets using the FAMF-GFI promo code!
🇬🇧 Digital Assets Week will be held in London on October 8–9, 2025 (£975), with speakers such as Sandy Kaul (EVP & Head of Innovation, Franklin Templeton), Joy Adams (COO, Digital Assets, Deutsche Bank), and Max Heinzle (CEO & Founder, 21X AG).
🇺🇸 Digital Marketing for Financial Services Midwest will be held in Chicago on October 8–9, 2025 ($795–$995), with speakers such as Vickie Sherman (Chief Marketing Officer & Senior Vice President, Pacific Premier Bank), Alejandra Denda (Chief Marketing Officer, The Federal Savings Bank), and Matt Roche (CEO, Extole).
🇦🇪 Fintech Surge will be held in Dubai on October 12–15, 2025 (AED 400–AED 4,000), with speakers such as Stephan Lutz (CEO, BitMex), Karl Mohan (EVP, Financial Services, and GM, Crypto.com) and Rifad Mahasneh (CEO, OKX).
🇳🇱 PCI SSC Europe Community Meeting will be held in Amsterdam on October 14–16, 2025 ($299–$1,899), with speakers such as Jacob Ansari (Security Governance Partner, Block Inc.), Todd Coshow (Head of Global Partnerships, Total Compliance Tracking LLC), and Bernie Collins (Sky Sports F1 Analyst & Former Head of Racing Strategy, Aston Martin F1 Team).
🇬🇧 RegTech Summit London will be held in London on October 16, 2025 (£774.60), with speakers such as Jason Shiu (Compliance Manager, Surveillance, Vanguard), Adam Turnbull (Global Head, Regulatory Technology, Goldman Sachs), and David Cowland (Director, Transformation in Global Regulatory Reporting, Bank of America).
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🇺🇸 Money20/20 USA will be held in Las Vegas on October 26–29, 2025 ($1,495–$5,995), with speakers such as Leigh Brady (President & CEO, SECU), Bill Cheney (CEO, SchoolsFirst Federal Credit Union), and Beverly Anderson (President & CEO, BECU).
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🇨🇳 Hong Kong Fintech Week will be held in Hong Kong on November 3–7, 2025 ($99–$299), with speakers such as Forest Lin (Corporate Vice President & Head of Tencent Financial Technology, Tencent), Eric Jing (Chairman, Ant Group), and Bill Winters (Group Chief Executive, Standard Chartered).
🚨 GFI Exclusive Offer: Enjoy a 10% discount on tickets using the HKFTWXSMUGLOBALFT10 promo code!
🇺🇸 Blockchain Futurist Conference will be held in Miami on November 5–6, 2025 ($349–$599), with speakers such as Tom Bilyeu (CEO & Co-Founder, Impact Theory), Shan Aggarwal (Chief Business Officer, Coinbase), and Mike Belshe (Co-Founder & CEO, BitGo).
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🇺🇸 NextGen Payments & RegTech Forum – USA will be held in Austin on November 13–14 ($785–$1,249), with la ist of speakers to be announced closer to the dates.
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🇺🇸 Banking Transformation Summit will be held in Charlotte on November 17–18, 2025 ($2,280), with speakers such as Darius Wise (President & CEO, Red Rocks Credit Union), Priya Singh (Lead Data Scientist, Mastercard), and Rene Schuurman (Director – CashPro Product Manager, Bank of America).
🚨 GFI Exclusive Offer: Enjoy a 20% discount on tickets using the GFI20 promo code!
🇲🇾 Digital Finance Asia Summit – Malaysia will be held in Kuala Lumpur on November 18, 2025 (Price TBC), with speakers such as Sam Majid (CEO, National AI Office Malaysia), Nic Ngoo (CTO, Ryt Bank), and Farhan Ahmad (Group CEO, Payments Network Malaysia – PayNet).
🚨 GFI Exclusive Offer: Enjoy a 20% discount on tickets using the #GlobalFinDFA promo code!
🇩🇪 Banking 4.0 and Banking Innovation Conference will be held in Berlin on November 20–21, 2025 (€1,299–€4,999), with speakers such as Kamini Belday (Head of Global Payments & Transformation Executive, IBM), Sonja Marjanovic Vucic (Chief Data Officer, NLB Banka a.d. Banja Luka), and Nicole Onuta (AI Business Transformation Strategist, ING).
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🇺🇸 RegTech Summit NYC will be held in New York City on November 20, 2025 ($995.50), with speakers such as Kenneth Lamar (Principal Partner, Lamar Associates LLC), Kristi Kunworee Baishya (AVP – Data and AI Product Management, Nomura Holding America), and Sepehr Irandoost (Head of Global Surveillance Calibration and Effectiveness, Bank of America).
🚨 GFI Exclusive Offer: Enjoy a 15% discount on tickets using the GFI15 promo code!
🇬🇧 Fintech Connect will be held in London on December 2–3, 2025 (£299), with speakers such as Aleksi Grym (Head of Fintech, Bank of Finland), Apoorv Kashyap (Head of AI, Santander UK), and Ben Brophy (Head of Institutional Growth, Europe, Solana).
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🇨🇳 Insurtech Insights Asia will be held in Hong Kong on December 3–4, 2025 ($299–$1,999), with speakers such as Huynh Thanh Phong (Group CEO, FWD), Edward Moncreiffe (CEO, Insurance, HSBC Life), and Masashi Namatame (Group Chief Digital Officer, Tokio Marine).
🚨 GFI Exclusive Offer: Enjoy a 25% discount on tickets using the GFI25 promo code!
Who Am I?
Hi, my name is Julien Brault.
From 2017 to 2024, I was the CEO of Hardbacon, a fintech I co-founded, which reached 400,000 unique visitors at its peak.
A Google update ultimately sealed the company’s fate, and I started this newsletter to keep myself busy in the aftermath.
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