The $44 Billion Bet on AI-Native Finance: Ramp, Fireblocks Flow and KPMG Singapore

If last week was about the rails being rebuilt at Money20/20 Europe, this week is about where the money is going next. The biggest fintech round in years has landed at the AI-native financial operations layer. Stablecoin acceptance is being plugged into payment service providers as just another integration. And Singapore is doubling down on the governance layer that has to keep up with the technology. Here is what is happening, and why it matters for merchants, partners and financial institutions.

Ramp’s 44 billion dollar Series F bets the future of business spend is AI-native

On 4 June, Ramp announced a 750 million dollar Series F led by ICONIQ, Singapore’s sovereign wealth fund GIC and the Ontario Teachers’ Pension Plan, valuing the company at 44 billion dollars. New investors in the round include Goldman Sachs Alternatives, D.E. Shaw, Morgan Stanley Investment Management, Generation Investment Management, Insight Partners and BroadLight Capital, alongside many of the company’s existing backers. Ramp’s total equity funding now exceeds three billion dollars.

The operating numbers behind the round are striking. As of 1 June, Ramp serves more than 70,000 customers including Visa, Uber, Shopify, Anduril and Figma, processes more than 200 billion dollars in annualised purchase volume, and has crossed one billion dollars in annualised revenue with positive free cash flow. Total purchase volume grew roughly 170 percent year on year in March, its fastest growth rate in three years, at roughly twenty times the company’s prior scale. CEO Eric Glyman framed the company’s mission as building the infrastructure for what he calls a new third pillar of business spend. For five hundred years, he argued, businesses have run on two pillars, people and vendors. In the last twenty four months, intelligence, paid by the token and largely invisible to existing finance systems, has emerged as a third.

Why it matters: Ramp’s round is the most visible signal yet that AI-native financial operations is now a top-tier fintech category, not a feature. As more business spending moves toward AI tools and model usage, the firms that help measure, govern and pay for that spend are positioning themselves at the centre of the corporate finance stack. Expect the spend management market to be reframed around AI usage, and incumbents from corporate cards to ERP suites to respond aggressively.

The Debia angle: The lesson we take from this is that financial infrastructure is increasingly a software product, not a process. The Ramp story shows what happens when you treat finance operations as something to be measured, automated and continuously improved in code. The same instinct shapes how we build at Debia. Payment infrastructure that exposes clean data, supports automation and adapts to new categories of spend, including AI, is what allows merchants and partners to scale without constantly rebuilding the back office.

Fireblocks Launches Flow for Stablecoin Acceptance in PSP Stacks

Also at Money20/20 Europe, Fireblocks launched Fireblocks Flow on 2 June, a stablecoin acceptance infrastructure built specifically for payment service providers and fintechs. The platform plugs directly into existing checkout and deposit flows, supports more than 800 wallet types across EVM chains, Solana and Bitcoin, and connects to major exchanges including Coinbase, Kraken and Crypto.com. Funds settle into whichever destination the business configures, a Fireblocks Vault, customer-controlled custody, an embedded wallet or an external address. Fireblocks does not take custody at any point and does not sit in the chain of transaction instruction or flow of funds. Flow is also compatible with the Open Transaction Layer, the open industry standard for compliant on-chain transactions that launched in May. Flutterwave is among the named launch partners.

The framing matters as much as the technology. Fireblocks has positioned Flow as the answer to a specific question payment companies are now hearing from merchants in markets like Lagos, São Paulo and Manila, where consumers are already paying with stablecoins across multiple wallets and chains. For PSPs, the choice is no longer whether to accept stablecoins but which integration captures that volume without forcing them to build wallet connectivity, conversion, compliance tooling and reconciliation on their own. Fireblocks already secures more than fourteen trillion dollars in digital asset transactions and works with institutions including Worldpay, BNY, Galaxy and Revolut.

Why it matters: Stablecoin acceptance is making the transition from crypto product to processor decision. Once any PSP can switch on stablecoins as easily as adding a new card scheme or local wallet, adoption stops depending on consumer education and starts depending on merchant economics. Expect emerging markets with high currency volatility, gaming, cross-border services and digital subscriptions to lead, and other categories to follow as costs and settlement times become visible in the margin.

The Debia angle: This is how new payment methods actually scale. Not by asking merchants to integrate yet another stack, but by being invisibly available inside the platforms they already use. The lesson sits at the heart of how Debia thinks about payment infrastructure, which is to keep the experience for merchants and partners simple while letting the underlying mix of rails, wallets and stablecoins evolve. As stablecoin acceptance becomes a default option in PSP stacks, the providers that orchestrate well across cards, account-to-account and digital assets will be in the strongest position.

Singapore doubles down on AI governance with KPMG’s Trusted AI Centre

In Singapore, KPMG launched a Trusted AI Centre of Excellence on 26 May, designed to help banks, insurers and other companies close the governance gap as they move AI from pilots into production. The centre brings together expertise across data, technology, regulation and risk, and is positioned as a single point for organisations to stress test AI use cases, set internal controls and align with emerging frameworks such as Singapore’s Model AI Governance Framework and the Monetary Authority of Singapore’s Veritas initiative.

The timing is deliberate. Across the financial sector in Asia, leaders are openly saying that AI will reshape jobs, products and risk models faster than most institutions are ready for, and that the hard part of AI in banking is no longer building models, but deploying them with the controls a regulated business actually needs. Singapore has been positioning itself as the regional reference point for that governance layer, with MAS, GovTech, the banks and now the big professional services firms all building shared infrastructure for trustworthy AI use.

Why it matters: The next phase of AI in financial services is about whether institutions can run it safely at scale, not whether they can experiment with it. Markets that make governance easier, with shared frameworks, clear regulatory expectations and credible third-party support, will attract more of the production AI workloads in finance. Singapore is making a deliberate play to be that market, and ASEAN peers will be watching how it works in practice.

The Debia angle: Governance is the quiet foundation that lets innovation actually scale, and that is true for AI in finance just as it is for new payment rails. As more of the payment lifecycle becomes automated, the providers worth trusting are the ones who can show exactly what happened in a transaction, prove it followed the rules and stand behind it. Debia’s focus on infrastructure, controls and clear rules of engagement is the same instinct expressed in the payments layer, and Singapore’s investment in AI governance is a reminder that this is becoming the regional benchmark.

At Debia, we track these changes because the future of payments will be shaped by speed, trust, interoperability, and smarter financial infrastructure. We do not just process payments. We understand the infrastructure, regulation, technology, and market shifts behind the future of digital commerce, and we build for where the ecosystem is heading next.