Welcome back to Not Fintech Investment Advice, where Simon Taylor and I talk about fintech companies that we're definitely not giving investment advice on! 

We kick things off with Nekuda. Human-not-present is the new card-not-present. Nekuda’s building SDKs (software development kits) for agentic checkout, so your AI assistant can securely store and inject payment credentials at just the right moment. This is Visa’s “agent on file” era. We’ve spent a decade trying to keep bots out of commerce. Now we’re figuring out how to let the right ones in (without blowing up the fraud model). What happens to trust, attribution, and liability when no human’s at the checkout?

Next is Vontive. Call them embedded mortgage lending for investment properties (basically, BNPL for real estate investors).They raised $135M in 2022, just added fresh equity from Citi, and secured a $150M revolving securitization shelf. They connect proptech platforms, banks, and marketplaces with private credit, so those platforms can embed short-term bridge loans or long-term rental mortgages directly into their UX. They don’t hold the loans, but they do centralize underwriting across a very regionally variable asset class. And that can get risky fast.

Then, there’s Atticus, a stablecoin neobank in extreme stealth mode (with Palmer Luckey reportedly leading a new round at a $2B valuation). So naturally, we speculated: is Atticus a stablecoin bank with Fed access? A defense-industrial banking layer with regulatory immunity? If the GENIUS Act passes, this could be the first stablecoin issuer with full access to traditional rails.

Finally, there’s Affiniti. Embedded, vertical-specific SMB credit cards. Affiniti partners with trade associations (pharmacists, HVAC techs, auto dealers) to co-brand its SMB credit cards and distribute to pre-qualified member bases. They hit $5.5M ARR in year one and are on pace for $1B in transaction volume this year. Their edge is twofold: tailored underwriting based on industry norms, and an AI-powered CFO agent that flags anomalies, forecasts bills, and suggests vendor strategies. It’s Ramp-as-a-service for the parts of the market that Ramp and Brex won’t touch. The scaling question then becomes: choose depth (more products) or breadth (more industries)? We’ll be watching.

Plus, a manifestation: can someone please build a model that uses cashflow data to detect early signs of gambling addiction? It’s doable, valuable, and might just save lives.

This episode is brought to you by:

Newline™ by Fifth Third is an innovative, API-first platform that enables fintechs to launch embedded payment, card and deposit solutions directly with Fifth Third Bank. Visit Newline53.com to see how Newline can elevate your business.

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Companies featured:

https://nekuda.ai/

https://www.vontive.com/

Atticus (extreme stealth mode is right)

https://affiniti.finance/