Monoup news digest: main updates from fintech industry
November has proven to be significant in terms of payment industry events. German law enforcement uncovered a €300 million money laundering scheme involving employees from four major Payment Service Providers (PSPs) in the country. It turns out these employees not only allowed the activities but also profited financially from them. This high-profile case has led to arrests and scandals, but more consequences may follow. Depending on how this case unfolds, we could see stricter regulations for payment providers, new dismissals or appointments, and even complications for merchant KYB. While the specific PSPs involved in the scheme remain undisclosed, after the Wirecard scandal, any inconsistencies in payment matters are a red flag for Germany. Read on for the details.
Meanwhile, Coinbase unexpectedly walked away from a $2 billion deal with BVNK, and Nubank is firing employees for refusing to work in the office. As the year winds down, tensions are rising, and Monoup is ready to share the details with you. Let’s break down what’s happening in the industry and why it matters.
Operation Chargeback: PSP Employees Assisted in Data Theft for Fraud
Germany has uncovered a massive money laundering scheme involving insiders from four major payment systems. A group of fraudsters laundered €300 million using stolen credit card data to set up subscriptions on fake websites — dating services, streaming platforms, and adult content. While public suspicion has fallen on everyone, the names of the PSPs have not yet been officially disclosed.
The numbers speak for themselves: data of 4.3 million people credit cards across 193 countries, stolen between 2016 and 2021, were used to create 19 million fake subscriptions. The charges were small and vaguely described to avoid detection by victims. The funds were then funneled through a network of German bank accounts. The scheme was executed with surgical precision, involving professionals and a “staff” of dozens people. It’s already known that C-level executives and AML specialists from the payment providers assisted the group. By colluding with the fraudsters, they allowed the transactions to proceed in exchange for financial rewards.
Initially, the fraudsters planned to siphon off €750 million but failed due to processing issues and expired card details. As a result, 18 arrest warrants have been issued worldwide — from Germany to Singapore — and assets worth €35 million have been seized. Additionally, authorities identified accomplices who provided shell companies and fake directors, creating turnkey “merchants” used to connect to payment processors. The entire structure mimicked legitimate businesses receiving payments for their “subscription services,” but in reality, the websites were used to input stolen data from third-party clients obtained through criminal means.
This is a serious wake-up call for the industry: insider threats are not an abstract risk but a real problem requiring strict control over data access. You can’t even trust your own CEO, as it was the senior management that aided the fraudsters. Moreover, it’s unclear who masterminded the scheme — whether it was fraudsters who bribed PSP employees or the employees themselves decided to make some money. These questions remain open, but we’re monitoring the case’s developments and will promptly publish updates in our Telegram channel.
BLIK Joins the European Payment Alliance
Amid the scandals, there’s positive news as well. The Polish payment method BLIK is joining the new European consortium we previously explained about. The goal is to create a unified infrastructure for P2P transfers via phone numbers across EU countries. Currently, such wallets and bank transfers are fragmented across countries and do not support international transactions. Europe aims to change this and become a unified economic zone for P2P payments.
Pilot testing will begin with Santander Bank customers in Poland — first for receiving transfers from other countries, followed by sending them. The consortium also includes Portugal’s MB WAY, Spain’s Bizum, Italy’s Bancomat, and Scandinavia’s Vipps. All these methods will interoperate, enabling seamless cross-border transfers. This is an important step not only toward creating a unified European payment space but also toward reducing dependence on American card networks. For now, the focus is on P2P, but the logic is clear: first, transfers between individuals, then integration with commercial payments. If successful, this could pose a serious threat to Visa and Mastercard in the European region.
Coinbase Backs Out of $2 Billion BVNK Deal
The deal that crypto media had been discussing for months has fallen through. Coinbase had planned to acquire the stablecoin platform BVNK by the end of the year but abruptly pulled out during the final due diligence stage. Mastercard was also in the running for BVNK but had earlier shifted its focus to another target — Zerohash.
The reasons for the withdrawal are unclear, but speculation points to the price. BVNK has indeed shown impressive growth: Its annual transaction volume exceeded $20 billion in 2025, with clients like Worldpay, Flywire, and dLocal. This success drove the company’s valuation up to $2 billion. However, potential buyers may have been concerned about sustaining this performance — the stablecoin market is volatile, regulations are changing, and competition is growing. On the other hand, discussions about other potential startups for acquisition are already underway, as Coinbase isn’t abandoning its plans to expand in the stablecoin space.
For BVNK, this means either finding new buyers or continuing to develop independently.
Nubank Fires Employees for Refusing to Return to the Office
The remote-first fintech Nubank is changing its policy and bringing employees to the office. Starting in 2026, 70% of the staff will be required to come into the office twice a week, and three times a week from 2027. Despite Nubank’s long-standing success as a remote business, which allowed it to hire talent from across Brazil and beyond, its stance has shifted.
Unsurprisingly, the employees’ reaction was harsh. Twelve people were fired on the same day for “aggressive feedback” regarding the new policy. Two others were reported to the police on suspicion of planning to compromise Nubank’s systems in retaliation for the policy change. Management discovered that these employees intended to harm the business and took immediate action.
The company plans to open offices in São Paulo, Mexico City, Bogotá, Berlin, and several U.S. cities. However, employees in remote locations who are unwilling to relocate will face a choice: the office or dismissal. Only HR, Customer Support, and a few niche specialists will remain fully remote. Tensions are rising within the company: key employees are being let go, relocations are happening, and motivation is declining — all of which could impact operational efficiency, something the company can not afford during a period of rapid growth.
Interestingly, this is part of a global trend. Many companies that embraced remote-first culture during the pandemic are now doing a 180-degree turn. Amazon, Meta, and Google are all demanding a return to the office. Nubank is simply following suit, but for a company that built its brand on remote work, this shift seems particularly cynical.
Worldline in Crisis: Asset Sales and Search for €500 Million
Worldline is going through tough times and is trying to optimize as much as possible. Over the past few years, the PSP has lost 90% of its stock value and is now attempting to salvage itself through asset sales and capital raising. The company aims to secure €500 million by selling shares to bolster its capital.
This summer, Worldline found itself at the center of a money laundering investigation, and its position is now highly unstable. The company is indeed massive, with numerous departments and divisions, some of which are no longer as efficient as they once were. The plan by 2030 includes simplifying operations, reducing the number of business units, and divesting risky assets. Part of its North American business is already being sold to the payment provider Shift4, including the Bambora brand with 140,000 Canadian merchants, primarily restaurants.
Worldline is shedding not only high-risk assets like gambling operators but also parts of its business that have become difficult to manage. Optimization is in full swing, but its prospects remain uncertain and are causing concern among merchants. Some have already begun looking for new payment providers and are transferring their volumes to other PSPs.
These are the updates Monoup has gathered for you today. Subscribe to our Telegram channel to stay on top of important payment industry updates and receive exclusive insights from experts first.
