Fintech Roundup: Record ad spend, Stripe layoffs, and Highnote hits a high note

Fintech's bet big: The fintech industry is doubling down on advertising, with companies like Brex, Klarna, PayPal, and Mercury leading the charge. Advertising spend soared by 45% over the past three years, according to Outfront Media, particularly in hubs like New York, San Francisco, and London.

After the roller coaster that was 2021-2023, Fintechs are finally exiting an age of austerity. Rising regulatory scrutiny – particularly around partnerships with banks and transparency in fees – has lingered as an existential threat to growth, but the incoming Trump Administration is easing some fears. Somewhat related, companies are anxiously awaiting the reopening of the M&A and IPO season, as Klarna's anticipated public offering could set the stage for others to follow suit.

Layoffs at Stripe: Stripe has laid off 300 employees across its product, engineering, and operations teams – or roughly 3.5% of its workforce. The move comes as part of what it calls a broader restructuring to optimize talent for growth and ultimately increase headcount in 2025.

Highnote hits a high note: The card management platform Highnote secured a $90 million Series B to support its expansion into U.S. merchant acquiring. It now offers full pay-in and pay-out capabilities for enterprises via API-based integrations with major payment networks.

We'll continue to follow these stories and more, along with insights and commentary from Fintech's top thought leaders...