In May of last year, Petal announced it had raised a new funding round and was spinning off its infrastructure unit, Prism Data. But then we heard in November that Petal was struggling and looking for a buyer.

Anyway you slice it, we have not been doing a good job in stopping money laundering. It is estimated that we only catch 1-2% of all illicit money flowing through the banking system. Yet as an industry, we spend many billions of dollars in this fight.

We know consumers love BNPL, with millions preferring it over credit cards as a purchase method. We also know that much has been written about consumers misusing BNPL and causing themselves financial difficulties.

The US dollar stablecoin market has long been dominated by Tether (USDT) and Circle (USDC). Together these stablecoins have a market cap of around $140 billion or so. While others have tried, notably PayPal last year, there is no other stablecoin with a market cap of more than $3 billion.

Being a direct-to-consumer fintech can be expensive and difficult. The path to profitability is often a long and winding one, so we have seen several companies pivot to B2B in the last year or so.

This deal was first rumored to be happening in mid-March.  Yesterday, it became official. Private equity firm Advent International has agreed to acquire Nuvei in an all-cash deal valued at $6.3 billion.

Banking as a Service (BaaS) continues to be in the crosshairs of the federal government. The latest banks to be hit with consent orders from the FDIC are Sutton Bank and Piermont Bank.