ING Bank Śląski has agreed to acquire the remaining 55% of Goldman Sachs TFI for about €93 million, taking full control of one of Poland’s largest asset-management platforms. For fintech founders in the EU, UK and US, this isn’t just a local banking move. It’s another sign that incumbents are tightening their grip on digital wealth, retirement products and the broader investment ecosystem.

The acquisition gives ING full ownership of a business that already manages dozens of funds and retirement products, serving more than 700,000 clients. ING isn’t planning to change leadership or branding. It simply wants the engine behind the products. And that’s the part fintech operators should pay attention to.

What ING Is Really Doing

ING has been gradually expanding its investment and private-banking capabilities, helped by rising household affluence and shifting savings habits in Poland. Full control of Goldman Sachs TFI strengthens its position in retirement accounts and investment funds while adding a massive customer base to its digital platform.

This move also fits ING’s broader preference for buying proven capabilities instead of building them from scratch. Years ago the group made early moves into cloud-native banking. Now it is consolidating its wealth stack the same way: quietly and methodically.

For Goldman Sachs, this is simply an exit. It inherited the TFI business through a previous acquisition and is now pruning non-core units in Europe.

Why Founders Should Care

Wealthtech and digital investments are no longer “startup-only” categories. Banks with millions of customers and robust balance sheets are aggressively expanding into these spaces. When a leading European bank spends close to €100 million to secure an investment-management arm, it’s a clear indicator of where competitive pressure is rising.

This creates a mixed environment for founders:

• More acquisition opportunities for strong wealth and investment platforms.
  
  
• More competition from incumbents rolling fintech capabilities into their ecosystems.
  
  
• More consolidation that reduces the number of standalone growth paths for new entrants.
  
  
• More demand for specialist products that banks can’t (or don’t want to) build.

If you’re building in digital wealth, core banking infrastructure, automated portfolio tools, retirement solutions or even compliance tech, this is a moment to pay attention. Banks are shopping. And their shopping lists are getting more ambitious.

Key takeaways for fintech startups

• Large banks are actively buying fintech-style capabilities instead of building their own, which creates both exit potential and tougher competition.
  
  
• Wealthtech, retirement products and digital investment tools are high-priority areas for incumbents, so startups in these verticals need sharp differentiation.
  
  
• Consolidation continues across Europe, reducing the number of independent growth paths for new fintechs while increasing the value of strong partnerships.
  
  
• Startups should prepare for a market where banks use scale and distribution to expand quickly into traditionally “fintech” spaces.

If you want help positioning your fintech for growth, partnerships or market clarity, Your Fintech Story can guide you with strategy, storytelling and practical next steps. Contact us.

When a once-$2 billion fintech trims roughly half its team, founders pay attention.

US-based Pipe, an embedded capital and financial tools provider for SMBs, has reportedly laid off about 50% of its roughly 150+ employees in a major restructuring announced on 18 November 2025. The figure comes from multiple industry sources. A company spokesperson confirmed that a significant reduction took place, but the company has not published an exact number.

From “Nasdaq for revenue” to a leaner organisation

Pipe became one of the highest-profile revenue-based financing players after raising $250 million in 2021 at a $2 billion valuation. That round – widely covered at the time – positioned Pipe as a breakout fintech offering companies a way to trade recurring revenue for upfront capital.

The recent layoffs come under CEO Luke Voiles, who took over after the three co-founders stepped down from executive roles in late 2022. Since then, Voiles has rebuilt the leadership bench with senior hires across product, risk, operations and marketing. Some of those hires have already moved on, which shows how turbulent the post-hypergrowth phase can be.

The official line: profitability and focus

In its public statement, Pipe described the workforce reduction as a “difficult decision to shift to a leaner org structure.” The company says its business is “strong and growing rapidly,” but highlighted the need to prioritise profitability, operating efficiency and its core product set.

This sits within a broader wave of fintech job cuts that continued into 2025 as investors demanded clearer paths to profit. Tech and fintech companies across the US have been reducing headcount throughout the year as capital availability tightened and the cost of growth increased.

For Pipe, the cuts follow a period of expansion. In 2024 the company secured a $100 million credit facility to support its Capital-as-a-Service offering, expanded its card product and continued repositioning itself as a broader financial infrastructure provider for SMBs.

Confirmed vs. reported

For founders reading this story, it helps to be precise about what is confirmed and what remains reported:

Confirmed:

• Pipe has carried out a major workforce reduction.
  
  
• The company is shifting toward a leaner structure with a stated profitability focus.
  
  
• Leadership changes since 2022 have reshaped the organisation.
  
  

Reported but not disclosed by Pipe:

• Multiple well-sourced reports estimate layoffs at around 50% of staff.
  
  
• Base headcount before the cuts was widely cited as roughly 150–155 people.
  
  
• No official number or breakdown has been shared by the company.

Key takeaways for fintech startups

Here is how founders can read this story as a checklist, rather than just news:

• Building a “dream team” is expensive Executive hiring sprees look great on paper, but they add fixed costs and complexity. Tie every senior hire to a measurable business outcome.
  
  
• Profitability needs to enter the picture earlier Revenue-based financing and embedded capital models are sensitive to macro shifts. If your unit economics only work in perfect conditions, you’re exposed.
  
  
• Communicate the difference between confirmed facts and estimates The market will run with the headline number. Your clarity is essential for maintaining trust with staff, investors and partners.
  
  
• Product expansion carries hidden operational load Adding new product lines increases demands in risk, compliance, marketing and support. Fintechs should be selective and intentional.
  
  
• Your “second act” will require different structures Post-hype phases often mean fewer people, tighter controls and a leadership style built around discipline. Planning for that shift beats reacting to it.

How Your Fintech Story can help

If the Pipe story makes you rethink your own roadmap, team structure or product focus, you’re in good company. Your Fintech Story works with founders and leadership teams to pressure-test decisions, sharpen strategy and plan sustainable growth. Get in touch.