Chairman’s Report 2025

Clearinghouse for Fiat and Tokenized Money 

2025 has been an extraordinary year for Zenus Bank, one that fills me with real pride. We’ve fully leaned into our evolution as a fintech powerhouse, all backed by the solid foundation of our regulated U.S. bank license. Today we’re delivering a complete suite of embedded financial services that let innovators around the world build sophisticated, compliant, and scalable products. It’s genuinely exciting to see Zenus right at the heart of the global fintech ecosystem. 

Expanding Our Global Footprint

Embedded banking via named virtual accounts has become the cornerstone of what we do. Partners rely on us to embed secure, global USD infrastructure through our APIs, so their users can hold, send, receive, and manage dollars seamlessly, no matter where they are. Adoption has taken off as this service has proven its value time and again. 

Our BIN Sponsorship program has continued to grow strongly too. We’ve brought on new partners and made U.S.-originated Visa cards available in over 100 markets. It’s been rewarding to see this part of the business accelerate right alongside our embedded accounts. 

We’ve also invested heavily in upgrading our payment rails, with more options, faster cross-border routing, deeper stablecoin integration, and smoother settlement workflows. All of this means faster and more reliable transfers for enterprises and FinTechs alike. 

A Year of Transformation and Growth

We’ve strengthened our core with even tougher security, compliance, and risk frameworks. That includes advanced transaction monitoring and robust cybersecurity, so we continue to meet the highest global standards. 

On the technology front, big upgrades in AI-driven automation, Azure cloud infrastructure, and predictive monitoring have made everything more reliable, sped up onboarding, and improved the experience for everyone who uses us. 

Our strategic partnership with the talented team at PurplePlum (now restructured in the U.S.) is already speeding up innovation and helping us build next-generation client applications. 

I’m thrilled that the industry has taken notice, honoring us with awards from Fintech Americas, Global Finance Innovators, PayTech USA, and World Finance Innovation, among others. 

None of this would have happened without expanding our outstanding global team in technology, product, operations, engineering, and compliance. They’ve been the real engine behind our progress. 

The Year of Product- Market Fit

This was the year it all came together: genuine product-market fit. The old saying “build it and they will come” has never felt more true. Zenus has become the infrastructure bank of choice for many of the world’s top FinTech's. 

We’ve made U.S. dollars truly accessible everywhere, powering treasury management, settlement, and cross-border flows. More than 650 MSBs, eMoney institutions, banks, brokers, stablecoin issuers, lenders, FX providers, and others trust us as their go-to clearinghouse for dollars. In many ways, we’re the vital interoperability layer that connects fragmented systems, much like Visa and Mastercard did for cards, but for modern global transactional banking. 

The numbers I’m proudest of tell the story clearly: 

• Hitting $40B annualized run rate. 

• 70% month-over-month TPV growth, with strong momentum carrying into 2026. 

• More than 650 financial institutions actively settling through our platform. 

While others are still working through approvals, we’re already live, fully audited, and scaling fast, providing the dependable infrastructure that powers global payments and tokenized value. 

Looking Ahead

As we step into 2026, Zenus is in the strongest position we’ve ever been. With a sharp fintech strategy, a fast-growing partner network, and an ambitious technology roadmap, we’re ready to help define the next decade of global financial services. 

None of this is possible without the people who bring it to life. First, a heartfelt thank you to our incredible team, especially the engineers and developers who built this world-class platform from the ground up, and the whole operations who keep it running smoothly through one record-breaking month after another. Your commitment and grit are what make the impossible happen every day. 

I’m just as grateful to our partners who choose Zenus day in and day out. Your trust is everything to us, and the feedback you share keeps pushing us to get better. Together we’re showing the world what borderless finance can really look like. 

I’m genuinely excited to keep evolving our services with you, growing side by side, and making an even bigger impact in the years ahead. 

Mushegh Tovmasyan 
Chairman, Zenus Bank