FinTech Land Grab Intensifies as Deal-Making Rewires Platforms

Recent FinTech dealmaking has been marked by firms pursuing acquisitions that extend control across payments, data, incentives and settlement. The strategies are arcing toward determining how transactions are created and how they are completed.

In one recent example, as reported by PYMNTS, is Adyen’s planned acquisition of Talon.One, which brings a loyalty and promotions engine into its payments infrastructure. The deal allows merchants to apply incentives at the point of checkout, linking pricing and offers directly to the transaction itself. The companies have said that through the combined efforts, merchants can recognize shoppers and apply a relevant offer instantly, before the payment is completed.

The integration reflects a broader structural change. Loyalty is no longer a separate marketing layer but mow is part of the transaction itself, where conversion is determined.

Billing and Workflow Move Upstream

Other recent acquisitions extend control into how transactions are structured before they reach the payment stage. Stripe’s acquisition of Metronome targets billing, particularly for usage-based pricing models that require tight coordination between product usage, invoicing and payment collection. By bringing billing in-house, Stripe moves into defining how revenue is calculated and recognized.

American Express is buying Hyper in a move that addresses workflow and decisioning. The addition of AI-driven expense management and checkout automation allows Amex to influence how transactions are initiated, categorized and managed within commercial environments.

These moves place both firms upstream of payments. Billing determines how much is charged and when. Workflow determines how transactions begin.

Settlement and Data Expand the Stack

A separate set of transactions targets the infrastructure that surrounds payments on either side of authorization. Mastercard’s acquisition of BVNK reflects a push into stablecoin infrastructure, positioning the network within programmable settlement flows and cross-border liquidity management. Stablecoins are being developed as an alternative settlement layer, particularly for transactions that move outside traditional banking rails.

Flutterwave’s acquisition of Mono extends into open banking and financial data connectivity. Access to account-level data supports payment initiation, underwriting and fraud detection. Bringing that capability into the platform reduces reliance on third parties and strengthens control over the information that drives transaction decisions.

Licensing Becomes Part of Platform Strategy

Airwallex’s acquisition of Paynuri addresses a different but equally important constraint: regulatory access. By acquiring a locally licensed provider in South Korea, Airwallex gains direct entry into domestic payment rails and reduces dependence on partners.

Licensing thus becomes part of platform construction. Without it, firms cannot operate fully within local markets or control how transactions are processed and settled.

A Repeatable Blueprint

Across these transactions, the pattern is consistent. Adyen targets incentives. Stripe targets billing. Amex targets workflow. Mastercard targets settlement. Flutterwave targets data. Airwallex targets licensing.

Each category represents a control point within the transaction lifecycle. The repetition across deals shows that firms are not experimenting. They are assembling the same set of capabilities in order to control how transactions are constructed from start to finish. Payments remain central, but they are no longer sufficient on their own.

The pace of acquisitions suggests that firms are moving quickly to secure these capabilities while they remain available. Building them internally would require time and coordination across multiple systems. Acquisitions provide a direct path to integration. The result is a market that is organizing around platform control.