Tencent Cloud Partners with Boost to Accelerate Digital Transformation in Southeast Asia

SoftBank Group Corp.-backed OPay Digital Services Ltd. secured about $185 million in a private placement with Standard Bank Group Ltd. as it prepares to list in the US. The Nigeria-focused financial-technology company signed two agreements with Africa's biggest bank that include a stake sale through the private placement and the appointment of the lender's Africa head, Lungisa Fuzile, to OPay's board of directors, according to a prospectus seen by Bloomberg and filed Friday. The final size of the placement hinges on currency fluctuations, as does the size of Standard's holding, which won't exceed 4.99%. OPay plans an initial public offering on the New York Stock Exchange, with a later listing on the Nigerian Exchange, and is using Citigroup Inc., Deutsche Bank AG and Standard Bank for the listing. OPay, which has more than 50 million active monthly users, saw revenue more than double to $806 million in the year through June, with the bulk coming from Nigeria, and also operates in Egypt, Pakistan and Indonesia.

SoFi Technologies reported second-quarter adjusted net revenue of $1.2 billion, up 40%, with GAAP net income climbing 61% to $156.6 million. Total deposits ended the period at $45.5 billion, and average deposits made up over 90% of average liabilities, with the rate paid on deposits running 156 basis points below warehouse facilities, which the company says equals about $712.6 million of annualized interest expense savings. Cross-buy reached 51% of new products, up from 43% the prior quarter and 35% a year earlier, while fee-based revenue of $472.3 million made up 39% of total revenue. The lending segment brought in $724.8 million of net revenue, up 63%, on record originations of $14.8 billion, though the Technology Platform segment saw revenue fall 23% from a year earlier partly because a large client left. SoFi and Mastercard also announced that stablecoin settlement is live across SoFi Bank's card program, moving its entire $25 billion card program onto SoFiUSD, a stablecoin the bank itself issues. Wells Fargo analyst Cassie Chan rates the stock a Hold, citing valuation and earnings exposure to loan sales, and short interest stands at 14.63% of the float.

Brazilian stocks surged Monday after Flávio Bolsonaro, the right-wing politician and son of former President Jair Bolsonaro, took a surprising though narrow lead in the first round of Brazil's general election. Shares of Nu Holdings, the parent company of Brazilian digital bank Nubank, and majority state-owned Brazilian multinational energy company Petrobras each climbed over 13%, while MercadoLibre, Latin America's largest e-commerce company, rose 9%. The Bovespa, a benchmark index tracking stocks listed on the São Paulo-based stock exchange B3, rose more than 8%. JPMorgan upgraded Brazilian stocks to overweight earlier on Monday, arguing the election results, which strengthened the country's currency, give Brazil's central bank more room to lower interest rates faster. The move follows Bolsonaro's narrow win over current President Luiz Inácio Lula da Silva in the first round, according to Brazil's Superior Electoral Court, with neither candidate earning the majority needed to win, setting up a runoff later this month. Mizuho analyst Dan Dolev argued the election could eventually become a catalyst for Brazilian fintech PicS, whose stock surged over 26% on Monday, while cautioning the results aren't likely to sway the company's fundamentals over the next year.

Revolut has become Europe's most valuable startup, reaching a $115B private valuation that puts it ahead of established banking names including Barclays and Société Générale. The London-based company, founded in 2015, set its latest valuation through a secondary share sale at $2,017 per share, up more than 50% from its $75B valuation in November 2025. Revenue rose 46% in 2025 to £4.5B, while pretax profit climbed 57% to £1.7B, and customer balances increased 66% to £50.2B. Revolut now counts about 80M customers, a base comparable with JPMorgan Chase and HSBC, though its pretax profit remains well below Barclays' £9B and its lending business is much smaller. The company is seeking to deepen customer relationships and expand its banking footprint across markets including Mexico, Australia, and the U.S.