Good morning & happy Thursday! Today's issue is really hot as we're diving into Stripe, which is now building Visa for Machines (two most important product launches from Stripe Sessions 2026, & how the fintech giant is building the full financial stack for autonomous AI + bonus deep dives into Stripe & how Google just won Agentic Commerce), and Revolut, which is now being covered by Wall Street's biggest banks (key takeaways from JPMorgan & UBS reports on the most valuable FinTech in Europe, what's interesting & what to watch for next + bonus deep dive into Revolut's latest 2025 financials & how and why it built PRAGMA, the foundational AI model for money). Let's jump straight into the interesting stuff '' The news '' For years, AI agents could do everything except the thing that actually matters in commerce: spend money. As of this week, Stripe fixed that. Twice over, in two very different ways, aimed at two very different futures. One lets your AI shopping bot tap your wallet with biometric approval. The other lets machines stream sub-cent stablecoin payments to each other, with no human-in-the-loop at all. Put them together, and you're looking at the most ambitious play in fintech right now: a full financial stack for autonomous AI, built by the company that already processes a trillion dollars a year in human payments....

The long-struggling electric vehicle startup made the payments in a year when it delivered only four vehicles and lost nearly $400 million. The company has pivoted to selling cheaper vans and robots imported from China. The payments happened while Faraday Future was still under investigation by the Securities and Exchange Commission (SEC), which was probing what are known as 'related party transactions' between the company and entities related to or controlled by Jia, Faraday's own filings have shown. The SEC was also investigating whether Faraday Future properly represented the level of control Jia had over the company when it went public in 2021, and whether it lied about early sales of its EVs in 2023. The SEC dropped its four-year investigation in March, as TechCrunch first reported, despite having sent notices to Faraday Future, Jia, and other executives last year stating that investigators were recommending an enforcement action. The closure of the investigation comes amid a historic drop in white-collar crime enforcement during the second Trump administration....

Executives representing platforms including Amazon Pay, WhatsApp, CRED, MobiKwik, and Flipkart's Super.money are scheduled to meet the National Payments Corporation of India on Thursday, TechCrunch has learned. The body operates the Unified Payments Interface (UPI), India's instant payments system that processes billions of transactions each month. The meeting comes over a year after India deferred plans to cap the market share of UPI apps at 30% until December 31, 2026, a measure that would have limited any single app's share of UPI transactions. That delay has effectively allowed PhonePe and Google Pay to retain their dominant positions, intensifying concerns among players with smaller shares about their ability to compete. PhonePe and Google Pay combined accounted for roughly 80% of the 22.6 billion transactions on the UPI network in March, data from NPCI shows. That scale far outpaces rivals such as Paytm, Flipkart's Super.money, CRED, Amazon Pay, and MobiKwik. PhonePe said this week it has crossed 700 million registered users and 50 million merchants across India, underlining the scale that has helped entrench its position. The merchants that accept it spans more than 98% of the country's postal codes, highlighting the reach that smaller rivals say is difficult to replicate....

But Congress is spending $7 trillion a year, pumping out as much fiscal stimulus now as it did during the Great Recession. All of those excess dollars are spurring retailers to raise prices and the Federal Reserve to slow down interest-rate cuts. Were the economy to tank'because of, say, a war with Iran'we could end up with a toxic combination of widespread joblessness and rampant inflation. Congress is creating long-term risks too. In the coming years, a smaller share of Americans will work and a larger share will require Social Security payments, Medicare, disability-insurance coverage, and long-term care. More mandatory spending plus less revenue plus soaring interest costs on a hefty preexisting debt load add up to a big problem. Instead of doing something about it, Washington is egging on a nationwide tax revolt. Politicians from both parties are slashing rates and spinning loopholes. They're telling workers that they shouldn't have to pay for social services, and that even prosperous Americans are overtaxed. In doing so, they are imperiling the country's financial security and making it harder for future politicians to pass transformative initiatives. Uncle Sam is going to need to raise some money. And that's going to be hard to do if Americans see their tax returns not as a fair contribution to the greater good but as a punishment or an injustice....