Essential Guidance

Betterment, the largest independent digital investment advisor in the U.S., announced the acquisition of Rowboat Advisors, a leading provider of portfolio management software with advanced capabilities in direct indexing, tax optimization, and personalized investing. The acquisition strengthens Betterment’s technology platform and accelerates its roadmap for delivering sophisticated tools to RIAs through Betterment Advisor Solutions. Rowboat Advisors developed a suite of portfolio optimization software purpose-built for investors seeking greater control, transparency, and tax efficiency. Its solutions will be integrated into Betterment Advisor Solutions, the company’s all-in-one custodial platform for modern RIAs, beginning in the second half of 2025. The deal reflects Betterment’s strategic focus on expanding product capabilities for advisor clients and follows a series of product launches earlier this year, including Solo 401(k) plans and securities-backed lines of credit (SBLOCs). Following the acquisition, Kourtidis will join Betterment’s engineering leadership team as Vice President of Portfolio Management, reporting to Chief Technology Officer John Mileham. Advisors can expect the following portfolio management enhancements this year, as well as direct indexing in 2026:

• Expanded single stock support: Manage portfolios across a wider range of securities, building on Betterment’s growing ETF and mutual fund universe.
• Tools for more control and transparency: Run sophisticated simulations and use critical data to trade portfolios.
• Powerful automation and tax management: Optimize portfolios with enhanced rebalancing, tax-loss harvesting, tax-smart portfolio transitions, asset location and intelligent withdrawals.

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After years of wrangling, the UK Government is finally introducing new rules to clamp down on what it describes as the ‘wild west’ of buy now, pay later lending. Under the changes, millions of BNPL shoppers will gain stronger rights and clearer information as the Government reforms the 50-year-old Consumer Credit Act to better reflect modern borowing trends. That means upfront checks to make sure people can repay what they borrow, fairer and faster access to refunds, and the right to complain to the Financial Ombudsman — bringing BNPL in line with other credit products. The Government says outdated and confusing rules will be removed, with oversight shifting to the FCA. The legislative shift comes as a report by the FCA showed that one in ten people were unable to pay essential bills while millions more Brits were using buy now pay later products over the last three years. New figures from Money Wellness reveal a 68% increase in the number of people seeking help with BNPL debt in the past year, highlighting the growing strain the sector is placing on household finances. Sebrina McCullough, director of external relations at Money Wellness, says: “We’ve seen a significant rise in people struggling with Buy Now Pay Later debt, often because they’ve used it to plug gaps in everyday budgets. For many, it’s become a way to spread the cost of essentials like food shopping, rather than to cover large expenses. The legislation bringing BNPL into regulation will be laid in Parliament on 19 May.

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Junk-rated companies and private equity firms have lined up about $17 billion of debt recently for purchases of everything from power plants to a chain of gas stations. But they are using an unusual tool for that financing: the 364-day bridge loan. Wall Street firms look to sell that debt to investors but often agree to provide that funding even if markets are closed, and they have to hang onto the risk for years. “It is very rare to see this structure in a sponsor-backed LBO,” said Peter Toal, Barclays’ global head of fixed income, referring to 364-day loans. “In times of volatility, it’s an easier structure for the banks to commit to, no question about it.”  After junk-bond and leveraged-loan markets effectively closed last month in the wake of President Donald Trump’s tariff announcements, banks were stuck holding onto billions of dollars of debt they couldn’t sell to investors. Hanging onto that debt can translate to hits to earnings for Wall Street firms.  Now, borrowers are getting 364-day bridges that are effectively lines of credit for their acquisitions, which they can tap if they can’t sell bonds or leveraged loans before they close their acquisition.  A significant number of buyouts financed in the leveraged loan market feature ratings in the B tier. Most of the companies getting 364-day bridge loans now, though, have grades in the BB tier, and sometimes their secured debt carries investment-grade ratings. Herc, for one, has an overall high-yield profile with a Ba2 rating from Moody’s Investors Service and an equivalent BB from S&P Global Ratings while its $750 million loan earned the lowest rung of investment-grade with a Baa3 rating by Moody’s and BBB- by S&P. At NRG, the firm’s senior-secured debt is rated BBB- by Fitch Ratings and S&P, the company said in an investor presentation detailing its acquisition plans this week.

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Citi’s treasury and trade solutions customers were asking for multinational cash management and trade services available 24/7 and that’s where Citi Token Services was born. “The pain point was our clients wanted 24/7, always on, liquidity and payments,” said Ryan Rugg, Citi’s global head of digital assets, treasury and trade solutions. Ambrish Bansal, Citi’s global head of liquidity and cash concentration solutions, liquidity management services in the bank’s treasury and trade solutions unit, said the initiative stemmed from clients’ requests. “It’s really important for us to ensure that our clients can leverage cutting-edge technologies and new developments and move their treasury management into the real-time world,” Bansal said. “The whole idea behind Citi Token Services was born out of this pressing need by our clients to ensure that their money can move around the global ecosystem in as [close to] real time as possible.” The bank uses a private permissioned distributed ledger and a distributed database with embedded business logic to enable a range of services from intraday lending, cross-border payments and conditional transfer of funds to supply chain financing, trade settlements and fractional ownership to identity verification and know-your-customer compliance. Citi Token Services adheres to the ERC-20 technical standard — a community-created framework for creating smart contract-enabled fungible tokens on the ethereum blockchain. The bank owns and manages all the blockchain technology infrastructure it’s using for its token services, which will be integrated into the bank’s global network. Clients will be able to access Citi Token Services through its CitiDirect online portal or API connectivity. Rugg said multinational companies with hundreds, if not thousands, of accounts with Citi and other banks can use the program to manage liquidity and payments across the globe. Before, they would have to forecast and leave money in different branches as well as keep track of cut-off times and holidays around the world when money can’t be moved.

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Google’s NotebookLM, an experimental AI-powered notebook, is now available on iOS, iPadOS, and Android platforms. It offers similar insights to ChatGPT and Google Gemini chatbot services but is limited to accessing specific documents and sources. It provides summaries and important data points, reducing the risk of hallucinations. NotebookLM offers services like document questions, summarization, idea generation, and podcast-style overviews. It can also help users revise courses or take notes on documents. The tool is available for iOS, iPadOS, and Android.

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Digital traffic pipeline management startup Gravitee Topco has closed on a $60 million Series C funding round, bringing its total amount raised to date to more than $125 million. The company is the creator of an open-source API management platform that provides developers with the tools they need to easily manage both legacy and newer data streaming protocols. It also provides a wealth of API security tools with its platform. Gravitee’s core offering is split into two products, with the Gravitee API Management tool designed for API publishers, and the Gravitee Access Management offering aimed at the developers who need to use those APIs. Through the two platforms, it provides tools that span API design, access, management, deployment and security. Gravitee can therefore be thought of as a kind of control plane for APIs, which often come with a confusing array of protocols and tools that can quickly overwhelm developers, despite their intention of making life simpler. Companies can deploy Gravitee’s core, open-source offering in the cloud or on-premises, or they can access the premium platform through the startup’s software-as-a-service offering. Its core features include a tool for designing and deploying APIs, mock testing and a dashboard that provides an overview of team’s API deployments. What makes Gravitee different is that it supports both asynchronous and synchronous APIs, meaning APIs that deliver data at a later point in time, and those that deliver data immediately, in real time.

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Kiikenomaga Kikenjigewen Employment and Training Services (KKETS) has launched its Mino-Ayaawin Maamawi program, aimed at increasing access to safe, trauma-informed wellness supports rooted in Indigenous knowledge and traditions. The two-year program, funded by $392,800 from TD Bank Group, includes holistic practices such as mindfulness practices, neuro-decolonization, positive affirmations, journaling, yoga, and healthy eating guidance. The funding supports a broader vision for wellness and education in First Nations communities. The program’s development and effectiveness have been supported by research led by Anita Vaillancourt, an assistant professor in the School of Social Work at Lakehead University. A survey evaluating the first phase of the pilot program found that 98% of participants found the program beneficial, 72% felt more motivated to apply for jobs, 70% reported increased confidence in job applications, and 72% felt more prepared for the workforce. The Mino-Ayaawin Maamawi program marks an advancement in promoting wellness and employment readiness within First Nations communities.

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Google is introducing shopping features in search to compete with artificial intelligence chatbots for eCommerce transactions. At its annual I/O conference, Google announced that AI Mode will soon allow users to shop for products on behalf of them, allowing them to do virtual try-ons and add goods to their online shopping cart. The feature will also track prices and send notifications if the product reaches the target price. These new features will be powered by Google’s advanced AI model, Gemini 2.5. The decision comes as AI chatbot makers increasingly steal shopping traffic from Google Search. Google also plans to embed these AI features directly into Google Search for a seamless interaction, turning search into a big AI chatbot.

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Cardlytics announced the general availability of Cardlytics Rewards Platform (CRP), a new solution that provides publishers the opportunity to enhance their customer loyalty programs with card-linked offers. With CRP, a merchant with digital channels and a loyalty program can now become a publisher on the Cardlytics network and offer more value to their customers. This opens up Cardlytics’ supply to new verticals beyond financial services – such as retail and restaurants – and provides advertisers increased exposure, reach and engagement with consumers where they are already transacting. Publishers can also boost engagement with their customers by incentivizing them to earn rewards on their purchases and improving the shopping experience, helping to create a flywheel for CRP partners. CRP is an extension of Cardlytics’ core platform for financial institution partners, with the same advertiser offers flowing seamlessly to new publisher channels. Offers on CRP are delivered within a publisher’s loyalty program and targeted based on purchase data from a third-party vendor. After opting in to receive offers and connecting their bank account information, customers can activate offers and earn rewards in the form of the publisher’s loyalty currency, such as points or loyalty cash, which can be used for future purchases. Amit Gupta, CEO of Cardlytics said “By enabling our advertisers to become publishers, we are unlocking new opportunities for growth and redefining what it means to be a partner in our ecosystem.”

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