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Intuit Acquires Deserve

Intuit just inked a deal to acquire tech and talent from Deserve, a mobile-first credit card platform known for its cloud-native, API-driven setup. The move supports Intuit’s push to beef up its money management tools and help businesses tackle the cash flow crisis that sinks over 80% of them. Select Deserve team members in Palo Alto and Pune will join Intuit, with the deal expected to close in Q3 FY25. Terms? Still under wraps. [Intuit] [PYMNTS]

TOASTER’S TAKE
Limited details were provided on this acquisition. As such, the Toaster Team can only speculate about what's happening.

This is what we think could be going on:

• One possibility is that Intuit plans to launch its own small business credit or debit card products using Deserve's infrastructure.

• Another theory is that Deserve might have been available at a discounted price due to recent business struggles.

• Additionally, perhaps Credit Karma could leverage Deserve to compete directly with established card-issuing platforms like Marqeta or Galileo, combining Deserve’s technological capabilities with Credit Karma’s strong distribution network and lender relationships.

• Lastly, Intuit might be looking to encourage the development of new lending products or partnerships. This, however, seems unlikely as it could complicate Credit Karma’s role as a neutral marketplace.​

MoneyLion stockholders approve acquisition by Gen Digital

MoneyLion stockholders just gave the green light to its $1 billion cash acquisition by Gen Digital, the cybersecurity giant behind Norton, LifeLock, and Avast. MoneyLion, a fintech with 20+ million users and a strong AI-driven platform for embedded finance, had a "record" year in 2024, pulling in $546 million in revenue and flipping to a $9 million profit. The deal, originally expected to close in 2026, wraps next week instead—fast-tracked and all regulatory approvals in the bag. Once done, MoneyLion will vanish from public markets and join Gen’s suite of digital security and identity tools. [American Banker]

TOASTER’S TAKE
Perhaps not, but the Toaster Team thinks we’ll likely lose the detailed transparency on MoneyLion’s Engine business. Gen Digital is a big company with many other businesses to report on (e.g., Norton, Lifelock, etc…).

As such, here is where the business stands as of the latest provided 10 Ks and 10 Qs from ML.

"Engine by MoneyLion," a wholly-owned subsidiary of MoneyLion Technologies Inc., originated from the acquisition of Even Financial Inc. and was renamed in February 2023. This entity operates as a B2B embedded finance marketplace and media platform, functioning to connect consumers seeking financial products like loans, credit cards, savings accounts, and insurance with relevant offers from its financial institution partners.

Core Function: Matches consumers with personalized third-party financial offers, embedding them within the digital channels of its publisher and platform partners (Channel Partners).

Revenue Growth: Has demonstrated robust growth, driven by Marketplace and Media revenue streams, and is strategically positioned to drive further high-margin revenue.

Partner Network: Expanded significantly, reaching over 1,300 Enterprise Partners by the end of 2024, up from approximately 1,100 at the end of 2023.

Strategic Importance: Central to MoneyLion's vision of creating a leading digital ecosystem for consumer finance, leveraging scalable technology and marketplace solutions. It is viewed as a critical component for future growth.

Affiliate partnerships become marketing mainstay for banks

Affiliate marketing is having a moment in banking, and Bank Iowa is a prime example. The $2.2 billion-asset institution doubled its CD portfolio by partnering with CD Valet, a digital affiliate marketplace for deposit products. Banks and credit unions now see affiliate partnerships not just as a "complementary tactic" but a full-blown growth engine, especially since they only pay when results happen. The strategy’s roots go back to 1989, when William Tobin launched online referrals for PC Flowers—earning a U.S. patent in 2000, just as Amazon Associates and networks like Rakuten and CJ Affiliate were gaining traction. Today, it's big business: U.S. companies are projected to spend $12 billion on affiliate marketing in 2025, which is expected to hit $16 billion by 2028, according to eMarketer. [American Banker]

TOASTER’S TAKE
It should be no surprise that we’re big believers in Affiliate Marketing. The American Banker piece accurately captures the growing momentum of affiliate marketing within the banking industry.

The core strengths of affiliate marketing explain its rise from a "complementary tactic" to a primary growth engine:

Deep Funnel Focus: Affiliate marketing excels as a late-stage or deep-funnel marketing channel. Consumers interacting with affiliate partners (like comparison sites, financial bloggers, or dedicated marketplaces) are typically further along in their decision-making process. They aren't just browsing; they are actively comparing rates, features, and rewards, making them high-intent prospects.

Pay-for-Performance: The "pay for results" model is inherently attractive. Banks and credit unions mitigate risk significantly because they pay commissions only after a desired action occurs, typically a funded account or approved application. This provides a clear return on ad spend (ROAS) often unmatched by upper-funnel brand awareness campaigns.

Reliable Acquisition Source: For many financial product categories (credit cards, personal loans, mortgages, deposit accounts), affiliate marketing has become one of the industry's most reliable and largest sources of customer acquisition. It delivers consistent volume month after month.

Precision Targeting: The channel allows for highly precise targeting. Partners often specialize in specific niches (e.g., travel rewards cards, high-yield savings accounts, debt consolidation loans, small business financing). This enables banks to connect with specific customer segments efficiently.

Rise of Creators: An increasingly important facet is the role of influencers and content creators. Trusted financial educators and personalities on platforms like YouTube, TikTok, blogs, and podcasts are becoming powerful affiliate partners, driving significant volume by leveraging audience trust and engagement.

However, the article only scratches the surface in a few areas:

Payout Realities: While the article mentions payouts, the actual range is significantly broader and more variable than the cited "$100-$250+". The economics differ vastly by product. In our experience, payouts can range from $30-$80 for a subprime credit card approval to $1,000 or even more for a high-value small business credit card or certain types of loans. This reflects the lifetime value and risk of different customer segments and products.

The article also missed several key points that underscore the channel's true significance:

Scale: The projected $12 billion U.S. spend in 2025 across all industries is substantial, but the concentration within financial services is immense. Based on our internal estimates, consumer lenders alone likely accounted for roughly $6 billion in affiliate marketing spend in 2024. If the $12 billion figure holds for 2025, consumer lending could represent nearly half of the U.S. affiliate market spend, highlighting finance's dependency on this channel.

Free Brand Advertising: A crucial, often underestimated benefit is that affiliate marketing provides significant free brand advertising. A bank's products gain visibility simply by being listed on partner comparison tables, reviews, and "best of" lists. This exposure builds brand awareness and credibility at no direct media cost, complementing the performance-based payouts.

Critical for Fintechs: For fintech lenders and neobanks, the affiliate channel is often mission-critical, frequently driving 50% or more of their new customer acquisition. Their growth models are often heavily reliant on scaling efficiently through these partnerships.

Barriers to Entry: Lastly, the article doesn't mention how difficult it can be for new or smaller brands to break into the largest, most productive affiliate channels. Establishing relationships with major publishers, negotiating favorable placements, ensuring compliance, and managing tracking requires significant expertise, resources, and often, established connections. This complexity and the high stakes are partly why specialized affiliate management agencies and networks play a crucial role in the ecosystem, helping brands navigate these challenges. (We created NMG, our affiliate marketing agency, to solve this problem! Please reach out if we can help you in any way with this channel.)

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We couldn’t produce this newsletter without our sponsor (and friends) at Spinwheel (a QED-backed fintech)

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PayPal Doubles Down on Checkout and Pay Later with New Will Ferrell Campaign and Biggest Sweepstakes Ever

PayPal is leveling up checkout and Pay Later with a Will Ferrell-led campaign and a sweepstakes that's dropping up to $10 million into customer carts. The payments giant—known for its fast, flexible online and in-store checkout—now offers slick upgrades like biometric login, reduced latency, and pre-qualified spending limits for Pay in 4. To sweeten the deal, “The Great PayPal Checkout” will cover up to 100,000 purchases (up to $100 each) for 1,000 winners every day for 100 days. Will Ferrell might even sing about it. [PayPal] [The Great PayPal Checkout]

Judge scraps US rule capping credit card late fees at $8

A federal judge just tossed the CFPB’s rule capping credit card late fees at $8, ending a Biden-era attempt to crack down on “junk fees.” The CFPB and banking groups—including the U.S. Chamber of Commerce and American Bankers Association—agreed the rule clashed with the Credit Card Act of 2009, which requires fees to be “reasonable and proportional.” The rule aimed to slash late fees from an average of $32, but critics said it would unfairly shift costs to on-time payers. The Trump administration continues its push to unwind policies seen as hostile to business. [Reuters]

JPMorgan Credit and Debit Volumes Slow as Reserve for Card Losses Grows

J.P. Morgan's credit and debit card volumes are losing steam, while its reserve for card losses is growing—signaling a more cautious stance as economic uncertainty looms. An earnings presentation showed pressure on consumers, with card spending growth slowing to 7% in Q1, down from 8% in Q4, as many were “front-loading” purchases ahead of now-active tariffs. The bank bumped up its loan loss provisions with a $973 million reserve build and raised its unemployment forecast to 5.8% for the year. While credit performance is still in line with expectations, CEO Jamie Dimon warned of a “wide range of scenarios” driven by inflation, trade policies, and market volatility. [PYMNTS]

Bolt’s Ryan Breslow pins his hopes on a new app that takes on Coinbase, Zelle, and PayPal

Bolt is back in the spotlight as founder Ryan Breslow launches a new “superapp” aimed at taking on Coinbase, Zelle, and PayPal—all in one place. The app promises one-click crypto and peer payments, debit rewards, and even order tracking, positioning itself as “Coinbase for the 99%.” Breslow is also looking to fill the void left by Zelle’s standalone app shutdown, letting users send peer payments “with just a single click” directly in Bolt. On top of that, Bolt teamed up with Midland States Bank to offer a debit card with up to 3% cash back and 7% in Love.com store credits—Breslow’s wellness-focused startup. Despite flat revenue growth (ARR stood at $28 million), Bolt’s user network has ballooned to 80 million U.S. shoppers. Breslow, fresh off settling multiple lawsuits, is betting this new app will revive Bolt’s growth and restore investor confidence. [TechCrunch]

VP/Director of Credit & Pricing Analytics, POS Lending

Seeking a strategic, data-driven leader to oversee credit policy, pricing, and analytics for a Point-of-Sale/embedded lending business. This role will lead a high-performing team, drive growth through underwriting and offer strategy, and collaborate across data science, digital, and strategic partners. Ideal candidates have 7+ years in consumer lending analytics, leadership experience, and a strong command of tools like SQL, R, or Python. Experience in POS, embedded lending, or BNPL is preferred.

(read the full JD here)

Email [email protected] to apply and mention Toaster

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