Q3 2025 · Earnings
watch this ratio ↗
Fed Transcript · Feb 2026
"...embedded finance penetration among community banks has accelerated faster than our 2024 models projected, suggesting a structural shift rather than a cyclical one..."
highlighted in issue #47
Funding Rounds · Wk 8
CFPB · Rule 1033
"Open banking compliance deadline moved to Q4 — what this means for your stack."
FEB 26 · 2026
Issue No. 52 · Dispatched Weekly
The week in fintech,
curated by hand.
Earnings calls, regulatory shifts, and funding rounds — distilled into one deliberate dispatch.
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The Gallery
Issue #49 · Jan 2026 · Earnings Season
Net Rev. Growth
+34%
YoY · Q3 2025
Stripe's silent infrastructure play buried in footnote 12
While analysts fixated on GMV, the real signal was a 22-basis-point compression in payment processing costs — suggesting Stripe's direct Fed access application is closer than the market priced in. We connected this to three other data points from the same week.
"This is the kind of dot-connection I used to pay $3k/yr for." — R.M., VC Associate
Issue #44 · Oct 2025 · Regulatory Diagram
Archival Diagram · CFPB Open Banking
The Rule 1033 timeline,
drawn to scale.
Signal
Annotated
Mar 2024
CFPB proposes Rule 1033 final draft
Buried in 847-page doc
Jul 2024
Industry coalition files challenge
23 banks, 4 neobanks
Nov 2024
Fed signals parallel framework
Watch for divergence
Jan 2025
Compliance deadline extended 6mo
Expected by Signal readers
Q4 2025
Hard deadline — stack readiness
← we are here
regulatory
industry
fed
deadline
Diagram reproduced from Signal issue #44. Annotations by the editors.
Issue #51 · Feb 2026 · Funding Round
Meridian Pay's $340M Series C isn't a bet on payments — it's a bet that the Fed's FedNow adoption curve is 18 months ahead of consensus.
Signal Editorial
Issue #51 · Feb 26, 2026
Lead investor
Sequoia Capital
Valuation
$2.1B post-money
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