New York correspondent Amrit Kang analyzes the maturing US fintech landscape, where strategic acquisitions—like Capital One’s Brex deal—signal a shift toward execution-led innovation and integration over internal over-engineering.
More Money, More Problems…
The U.S. is the largest recipient of foreign direct investment globally. It has the world’s biggest GDP, some of the top universities, and an unmatched concentration of capital and talent. Put all of that together, and it’s no surprise that the U.S. fintech scene remains the most dominant in the world, home to the largest fintechs, the deepest investment pools, and the most ambitious innovation.
Over the past 12 months alone, we’ve seen:
- A surge in funding
- Stablecoin legislation and crypto-banking frameworks bring long-awaited regulatory clarity
- Deeper integration with traditional finance through acquisitions and partnerships
- Rapid growth in embedded finance and payments infrastructure
- AI and blockchain driving a new wave of product innovation
The momentum is real. But momentum doesn’t mean everyone wins.
So… Who’s Hot and Who’s Not?
And more importantly what makes 2026 different?
We didn’t have to wait long to get an answer. January alone delivered some major signals.
The headline deal: Capital One acquiring Brex for $5.15 billion.
Wild? Absolutely.
Smart? Even more so.
For Capital One, this is a fast-track into technology-driven corporate finance and modern payments. For small businesses, it’s a massive upgrade in tooling and access. And for fintech founders, it reinforces a hard truth: the fastest way to scale regulated finance isn’t always a banking license — it’s partnering with (or selling to) a bank that already has one.
Build the product. Build the data. Build the distribution. Then let a bank absorb it.
BILT 2.0: Monetization Finally Arrives
Which brings me to BILT.
Long known as the rent-rewards kings, BILT is stepping into its next chapter. With BILT 2.0 launching on February 7, the company is moving beyond a single killer use case and into everyday spend, essentially entering the market as a more traditional (and monetizable) credit card player.
With over 3.5 million renters already on the platform, this move feels inevitable. The real story here isn’t expansion, it’s monetization. BILT has the audience. Now it’s building the business model. Expect them to continue thriving in the rewards space as they leverage scale rather than novelty.
Looking Abroad: The Rise of Cross-Border Acquisitions
Not everyone is staying domestic.
Deals like Airwallex acquiring Paynuri highlight another 2026 theme: international expansion via acquisition. In many cases, it’s faster and cheaper to buy regulated infrastructure abroad than to build or acquire it at home.
Don’t be surprised if 2026 brings more fintechs “looking across the pond” for growth opportunities. Global payments, licensing, and local compliance are becoming chess pieces, not barriers.
The Real Winner: Smart Acquisition-Driven Innovation
Finally, let’s talk product.
The next wave of fintech winners won’t be the ones trying to build everything themselves. We’ve seen that movie before and it usually ends with burned cash and half-finished AI tools.
This is why PayPal’s acquisition of Cymbio stands out. Instead of reinventing the wheel, PayPal bought capability, powering what many see as the next phase of agentic commerce.
So yes, thank you, PayPal, for not building it yourself.
In 2026, the winners will be the companies that:
- Acquire instead of over-engineering
- Partner instead of over-promising
- Focus on execution, not hype
More money doesn’t just create opportunity.
It exposes who actually knows how to use it.
