Kalshi’s $185M Bet on the Future of Forecasting

Kalshi lands big funding and a legal win—plus, InComm unlocks code-based cash withdrawals at 23K+ ATMs.

July 01, 2025

🔮 Kalshi Raises $185M to Scale Regulated Event-Based Trading

In a landmark moment for the future of financial forecasting, Kalshi, a regulated prediction market platform, has raised $185 million in a fresh funding round, bringing its valuation to a stunning $2 billion.

The round was spearheaded by Paradigm, a crypto-focused investment firm, with heavyweight backing from Sequoia Capital, Multicoin, Neo, Bond Capital, and Citadel Securities CEO Peng Zhao.

Founded in 2018 by MIT graduates Mansour and Luana Lopes Lara, Kalshi offers a new way to trade—not on stocks or crypto, but on real-world events. From presidential elections and inflation rates to celebrity breakups and sports outcomes, Kalshi’s contracts turn everyday uncertainty into a tradable asset.

🚀 Betting on Certainty in an Uncertain World

Prediction markets have long fascinated economists and traders for their potential to surface more accurate forecasts than polls. Kalshi’s platform brings this theory to life, enabling traders to put money behind their beliefs. That financial skin in the game, supporters argue, makes the outcome predictions more grounded and data-driven.

“They rely on traders with money at stake,” one investor told Reuters, “which creates a natural filter for accuracy.”

However, not everyone’s convinced. Critics see Kalshi’s offering as a "backdoor to gambling", especially when tied to political or entertainment outcomes. That tension between innovation and regulation came to a head last year when Kalshi took on the Commodity Futures Trading Commission (CFTC)—and won.

The legal win granted Kalshi the green light to list contracts related to the U.S. presidential election, setting a powerful precedent for the industry. The ruling hasn’t just validated Kalshi—it’s catalyzed broader market momentum.

In fact, Robinhood entered the space in March, launching its own prediction markets hub, signaling that this niche could be the next frontier for fintech platforms looking to expand their retail trading offerings.

With $185 million in fresh capital, Kalshi is well-positioned to scale operations, deepen liquidity, and weather any regulatory headwinds. It’s also a sign that fintech is not just about neobanks and crypto—it’s about reimagining what markets can do.

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🏧 InComm & Atleos Power Cardless ATM Withdrawals Nationwide

While some fintechs are pushing the boundaries of what can be traded, others are reimagining how we access and move money. In a notable move toward financial accessibility, InComm Payments has integrated NCR Atleos’ ReadyCode API, unlocking cardless cash withdrawals at over 23,000 ATMs across the U.S.

The feature, available via InComm’s network of fintech and banking partners, allows users to withdraw cash using secure, code-based access directly from mobile or digital banking apps—no physical card required.

🔗 A Seamless, Omnichannel Cash Experience

InComm Payments, known for its work in retail, healthcare, transportation, and digital currency, sees this partnership as a major leap in cash accessibility—especially in underserved or underbanked communities.

“Atleos’ ReadyCode API offering provides an additional modality and channel for our money movement partners,” said John Houseal, VP of Product at InComm Payments.

With ATMs in over 40 U.S. states, covering 70+ of the largest population centers, the reach is significant. This also aligns with the broader trend of mobile-first financial access, especially as digital wallets and app-based finance become standard.

📈 A Win for Retailers, Too

For retailers, the story doesn’t stop at convenience. These new ATM capabilities can drive foot traffic and incremental in-store spending, a compelling value proposition.

“This relationship will provide more flexibility for consumers... and additional use cases to drive utilization of the ATM,” said Ben Bregman, SVP at Atleos.

The move also signals a broader shift: traditional ATM infrastructure is evolving to meet the expectations of digital-native consumers, without losing the value of cash in everyday transactions.

1. The Legitimization of Prediction Markets:
Kalshi’s funding and legal win may open the floodgates for more regulated event markets. Expect more fintechs and even traditional brokerages to test these waters.

2. Cardless Cash is Going Mainstream:
As cardless access becomes table stakes, watch for broader integrations with BNPL platforms, digital wallets, and gig economy apps.

3. Regulatory Friction = Market Opportunity:
From CFTC battles to evolving state laws on cash access, regulatory challenges are increasingly becoming competitive moats for well-capitalized fintechs.

💡 Final Thoughts

This month’s stories highlight a common theme: access—to markets, money, and mobility. Whether it’s democratizing insights through event-based trading or enabling cash access without a card, fintech continues to expand its role in making financial systems smarter, faster, and more inclusive.

Until next time,
— Fintech Forward Team