Nearly 1MM Layoffs YTD; Ripple Valued at $40Bn; Truth Social to Offer Prediction Markets

Labor market looking increasingly soft. Share of consumers deemed subprime grows. Gould wants “level playing field” for banks and non-banks. Lettuce Financial raises $28MM. Kiwi, Pagaya sign funding deals. Ripple valued at $40Bn. LendingClub expands into home improvement loans. Truth Social to launch prediction markets.

Sometimes the most complex topics—like crypto—can be made simple when seen through a different lens. In this lighthearted video, a few of our Cross River kids break down crypto jargon in ways that are surprisingly clear (and undeniably charming). Naturally, all shared with full parental approval. We hope you enjoy it as much as we did.

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Layoffs YTD Total Nearly 1 Million

Mounting layoffs have some economists concerned. While employers have pointed to varying reasons for shrinking workforces, including mergers, demand-side issues, and, of course, artificial intelligence, the combined impact is noteworthy. A report from Challenger, Gray & Christmas estimates nearly 1MM job cuts year to date, the most since 2020 saw a massive wave of layoffs during the early days of the COVID pandemic. Keeping tabs on the health of the U.S. labor market has been complicated by what is now the longest-ever shutdown of the federal government, which has impacted agencies that produce key economic indicators. The Bureau of Labor Statistics hasn’t released unemployment data since September’s report, which used data for August 2025.

Meanwhile, the share of consumers considered to be subprime reached levels not seen since 2019. Per data from TransUnion, some 14.4% of consumers were subprime as of Q3, up 0.5% points vs. the year prior. Yet, at the same time, the share of borrowers considered super prime has also increased, reflecting what some analysts have taken to describing as a “K-shaped” consumer economy.

Gould Wants to Bring Fintech into the Regulatory Fold

Comptroller of the Currency Jonathan Gould argues that non-bank fintechs should be brought within the OCC’s regulatory perimeter. He made the remark at a conference last week put on by The Clearing House. Gould said it was the “only way” to begin leveling the playing field between highly regulated depositories and non-bank fintechs, many of which are not directly supervised by federal regulators. Gould made the remarks against the backdrop of a surge in OCC trust bank charter applications, which have received a skeptical reception from bank trade groups. During the event, Gould said, “I have no ability to supervise or regulate nonbanks. The only way I can possibly ensure a level playing field is for those who voluntarily come into the system. If they meet our statutory standards and our supervisory expectations, that's literally the condition preceding before I can even attempt to put them on a level playing field.” Gould also defended nationally chartered banks’ right to preempt certain state laws and regulations, though noted this privilege is “downstream” of political support for it, which, Gould argued, has been eroding for some time now.

Lettuce Financial Raises $28MM

Lettuce Financial, which caters to solopreneurs, announced it has completed a $28MM funding round. The round was led by Zeev Ventures, which also led the company’s $6MM seed and $15MM Series A funding rounds. Lettuce Financial aims to address the unique financial needs of one-person businesses, including tax, accounting, payroll, expense, invoicing, and banking services. The new fundraising is earmarked to power product expansion, including into the retirement space via Solo 401(k) and SEP IRA offerings. Lettuce Financial also announced the acquisition of Besolo, a health- and benefits-focused startup, for an undisclosed sum.

Kiwi Inks $100MM Debt Deal

Kiwi, which offers AI-powered services targeting un- and underbanked Latino consumers in the U.S., announced it has secured a $100MM credit facility to expand its lending capabilities. The facility is provided by Community Investment Management and follows the company’s recently announced $8MM Series A. Mariano Sanz, cofounder and CEO of Kiwi, commented on the new credit facility, saying, “We are very excited about partnering with CIM given our aligned mandates of promoting impact and economic mobility to underbanked consumers. Access to credit is about promoting possibilities, and AI is helping us deliver this reality for millions excluded from traditional financial products.”

Pagaya Finalized $500MM Forward Flow

Lending network Pagaya has reached a deal with private credit manager Castlelake that will see the firm buy up to $500MM in Pagaya-originated auto loans. The two companies entered into a forward flow agreement, in which Castlelake will buy future loans as they’re originated. The announcement comes at a time of heightened concern about credit quality in the auto sector, with the high-profile collapses of Tricolor and First Brands in recent weeks. Gal Krubiner, cofounder and CEO of Pagaya, attempted to address those concerns, telling Reuters, “Recent headlines have reminded everyone in the market that confidence and caution must go hand in hand. Our structure with established lending partners, rigorous dealer oversight, and multiple layers of third-party verification is designed to identify and mitigate risk early, while still enabling lenders to grow their customer base responsibly.”

Ripple Valued at $40Bn

Crypto infrastructure company Ripple is now worth $40Bn, per a $500MM funding round the company revealed last week. The round was led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Galaxy Digital, Pantera Capital, Marshall Wace, and Brevan Howard. Ripple’s initial focus was on using blockchain to facilitate cross-border payments and has expanded its remit through an aggressive acquisition strategy. Ripple has completed six acquisitions in the past several years. The company also launched its own stablecoin, RLUSD. Asked if it had any plans to go public, given the strong interest in the crypto sector as of late, Ripple president Monica Long told CNBC, “We are really pleased to see crypto companies going public, that is great for our overall industry continuing to mature. We are not focused on an IPO right now. We have the balance sheet, the liquidity to be growing and making moves on M&A and other big strategic partnerships. We will continue to remain private.”

LendingClub Expands into Home Improvement Lending

Fintech veteran LendingClub, which became a bank through its acquisition of Radius, is planning to expand its lending business to include the home improvement market. LendingClub made the announcement ahead of its scheduled investor day. LendingClub plans to jump start its entry into the home improvement lending market through a partnership with Wisetack, which has a network of approximately 40,000 contractor merchants and embedded lending partnerships in the space. LendingClub’s Chief Lending Officer commented on the expansion, saying, “We're excited to extend our underwriting and customer experience advantages to home improvement, a $500 billion industry that's ripe for innovation. This is a natural next step in our journey to help consumers borrow smarter while enabling partners to grow with greater consistency and trust.”

Truth Social to Launch Prediction Markets

Truth Social, President Trump’s social network, is expanding into the red-hot prediction market business. The new service, dubbed Truth Predict, will enable users to bet, using crypto, on the outcome of specific events, including electoral politics and sports. Truth Social is partnering with Crypto.com to offer the capability. The move puts Truth Social in direct competition with the heavyweights in the space, Kalshi and Polymarket. The president’s son, Donald Trump Jr., serves as an advisor to both Kalshi and Polymarket.