Visa & Mastercard’s $38B Shake-Up, Propel’s Bold Credit Move, Airlines Turn Debit Into Rewards

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Visa and Mastercard just agreed to a $38 billion settlement to end two decades of swipe fee battles, but merchants are still pushing back. The deal caps consumer card rates and trims fees for five years, yet many say it still favors the banks. Propel’s new partnership with Column Bank signals a bigger U.S. lending push through its CreditFresh brand, while airlines like United and Southwest are turning debit cards into loyalty engines that tie checking accounts directly to travel rewards.

Beyond that, fintechs are moving fast. U.S. Bank rolled out its Split World Mastercard with built-in pay-over-time features, Rakuten and Bilt joined forces to merge cash back with points, and Robinhood’s Gold Card is setting a new standard for how smooth an application can feel. AI is moving deeper into commerce, with Shopify and Worldpay leading the push toward more automated, personalized shopping experiences.

Earnings season told its own story. Affirm reported record revenue, Adyen and Block both posted double-digit gains, and Sezzle hit the billion-dollar GMV mark for the first time. NerdWallet, Gen Digital, Marqeta, Fiserv, and OppFi also turned in strong quarters, showing how fintechs are balancing credit quality, growth, and profit as 2025 winds down.

Here’s what’s happening across fintech right now.

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