The Japanese investment company had originally aimed to secure a $10 billion margin loan backed by its OpenAI holdings.

However, discussions with banks and other potential lenders have recently shifted towards a smaller deal that could fall to about $6 billion, according to people familiar with the talks.

The loan is still under discussion and the final size could still change.

Lenders reportedly became cautious because OpenAI is privately owned, making it harder to determine a stable market value for the company.

Although OpenAI was recently valued at around $852 billion in a funding round earlier this year, creditors are wary about using unlisted shares as collateral for such a large borrowing arrangement.

A margin loan allows investors to borrow money against the value of assets they already own. In this case, SoftBank planned to use its OpenAI stake to secure the financing.

The proposed loan would run for two years, with an option to extend it by another year. Reports earlier this year also said the borrowing could carry an interest rate tied to SOFR plus 425 basis points, pushing costs close to 8%.

That is significantly higher than standard corporate lending rates and reflects the risks lenders see in the structure.

SoftBank has increased its financial exposure to OpenAI over the past two years. The company first invested in the ChatGPT maker in September 2024 and later expanded the partnership through Stargate, a large artificial intelligence infrastructure project launched in the United States in January 2025.

In March this year, SoftBank also secured a separate $40 billion bridge loan backed by major banks including JPMorgan and Goldman Sachs.

The company said the funding would support OpenAI investments and broader corporate operations.

Analysts estimate SoftBank’s total investment commitment to OpenAI could eventually reach about $64.6 billion, giving the group roughly a 13% in the company.

At the same time, some analysts believe SoftBank faces a financing gap of around $32 billion over the next two years.

To raise cash, the company has already sold several major assets. In 2025, SoftBank exited its Nvidia position for about $5.8 billion and also sold T-Mobile shares valued at roughly $12.7 billion.

Credit rating agency S&P recently revised SoftBank’s outlook to negative while keeping its BB+ rating, pointing to the company’s debt exposure and aggressive borrowing strategy.

Neither SoftBank nor OpenAI immediately responded to requests for comment following the latest reports on the loan discussions.

The post SoftBank Cuts Planned OpenAI-Backed Loan From $10bn to Around $6bn appeared first on Tech | Business | Economy.

The venture, called The Deployment Company, brings together 19 investors, including TPG Inc., Brookfield Asset Management, Advent International and Bain Capital. SoftBank Group and Dragoneer Investment Group are also involved.

People with direct knowledge say the new company is valued at about $10 billion, not counting the new capital raised, while OpenAI will keep control of the business.

OpenAI wants its tools used inside more companies, not just tested. So it will place its engineers, who will help redesign workflows, automate routine tasks and ensure wider use of its software, directly within organisations backed by these investors.

This approach changes direction from simply selling access to software to focusing on hands-on deployment. It is closer to a service model, where companies pay not just for tools, but for implementation and ongoing support.

The investors backing the venture control more than 1,000 companies between them. That gives OpenAI a ready pipeline of clients without relying on long sales cycles. It also means faster rollout across sectors.

OpenAI has committed about $500 million upfront, with the option to increase that to $1 billion later. The rest of the funding will come from private equity firms over the next few years.

Interestingly, OpenAI is offering investors a 17.5% annual return, and if the venture doesn’t meet expectations, it will cover the gap, creating risk. On a $4 billion commitment, the shortfall could run into hundreds of millions each year if returns disappoint.

The development comes after Anthropic secured about $1.5 billion for a similar initiative. Its backers include Blackstone Inc., Goldman Sachs and Hellman & Friedman, who plan to deploy AI tools across their own investment portfolios.

Both companies are trying to prove that their technology can deliver value inside large organisations even as they move closer to potential public listings.

OpenAI is on track for about $30 billion in annual revenue this year, and at the same time, heavy spending on infrastructure could push losses as high as $14 billion.

The post OpenAI Raises $4 Billion for Enterprise AI Venture Backed by TPG, SoftBank appeared first on Tech | Business | Economy.

According to the Debt Management Office (DMO), the Eurobond offering comprised $1.25 billion maturing in 2036 (Long 10-year) and $1.10 billion maturing in 2046 (Long 20-year), priced at 8.6308% and 9.1297% respectively.

The transaction generated overwhelming investor interest, recording a peak order book of over $13 billion, the largest ever achieved by Nigeria in the Eurobond market.

The robust participation came from a diverse pool of investors spanning the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting broad-based confidence in the country’s macroeconomic framework.

Investor participation was spread across multiple categories, including fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.

President Bola Ahmed Tinubu, GCFR, hailed the outcome as a clear demonstration of confidence in Nigeria’s reform trajectory.

“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market,” the DMO said.

Mr. Wale Edun, the minister of Finance and Coordinating Minister of the Economy, described the successful market access as “a reflection of the international community’s continued confidence in Nigeria’s commitment to sustainable and inclusive growth.”

Patience Oniha, the director-general of the DMO, noted that the issuance reinforces Nigeria’s ability to access long-term international financing needed to support the growth agenda of President Tinubu’s administration.

“This is a major achievement for Nigeria and aligns with our goal of diversifying funding sources to drive development,” she said.

The Notes will be listed on the London Stock Exchange, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited, ensuring transparency and liquidity in secondary trading.

Proceeds from the Eurobond will be channeled toward financing the 2025 fiscal deficit and other key government financing needs.

Nigeria appointed Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as Joint Bookrunners, while FSDH Merchant Bank Limited served as Financial Adviser to the transaction.

The post Nigeria Raises $2.35 Billion in Record-Breaking Eurobond Issuance appeared first on Tech | Business | Economy.

According to the announcement available to Techeconomy, Aminata, based in Abidjan, Côte d’Ivoire,  will lead Visa’s newly established sub-regional team, covering 23 markets across four key offices in Abidjan, Accra, Kinshasa, and Lagos.

Kane is a recognized leader in digital financial services and telecommunications, bringing over a decade of executive experience from Orange’s operations in the Middle East and Africa.

Most recently, she served as Regional Chief Executive Officer for Orange Money Group, where she oversaw Orange Money and Orange Bank Africa services across 17 countries.

A committed advocate for inclusive development, Kane has championed initiatives that empower youth and women through technology, establishing the Orange Foundation and the Orange Digital Center in Sierra Leone—both dedicated to fostering leadership and equipping individuals with essential digital skills for the future

“Aminata’s leadership and deep expertise in digital financial services will be instrumental in driving Visa’s mission to expand financial inclusion across Western and Central Africa. We are excited to have her lead this dynamic region and believe that her strategic vision will help enhance our efforts to create more accessible and innovative digital payment ecosystems,” said Andrew Torre, Visa’s regional president for Central and Eastern Europe, Middle East, and Africa

Aminata Kane began her professional journey at Goldman Sachs, then joined McKinsey & Company as a consultant in Paris, where she developed deep expertise in financial strategy, transformation, and market expansion.

With a strong academic foundation from HEC Paris and the MIT Sloan School of Management, she is recognised as a Young Global Leader by the World Economic Forum and has more recently been named as one of the Top 100 Women CEOs in Africa.

“I am deeply honoured to join Visa at such a pivotal moment for Africa’s digital transformation”, said Aminata Kane. “Building on years of work advancing digital and financial inclusion across Africa and the Middle East, this a unique opportunity to help shape a more inclusive, innovative ecosystem that reflects the talent, ambition, and potential of our region. I look forward to collaborating closely with our teams, partners, and public sector stakeholders to expand access, empower businesses, and deliver trusted, impactful payment solutions that drive sustainable growth and opportunity for all”.

The post Visa appoints Aminata Kane as Head of Western and Central Africa appeared first on Tech | Business | Economy.

As reported by the Wall Street Journal, this offer, which has been described as unusually large, stresses the high stakes involved in securing the Apple Card partnership.

Sources familiar with the matter revealed that Visa’s bid comes as other financial firms are also eager to take over from Goldman Sachs, which is exiting its consumer banking venture with Apple. 

American Express is also aggressively pursuing the deal, not just as a network provider but as the card’s issuer—an arrangement that could alter Apple Card’s benefits and merchant fees.

Goldman Sachs initially partnered with Apple in 2019, aiming to expand beyond investment banking and trading. However, financial losses and regulatory cases forced the bank to reconsider. 

By late 2022, it had begun scaling back its consumer banking operations, and by November 2023, reports confirmed the breakup of its partnership with Apple.

Apple has reportedly been in discussions with Barclays, Synchrony Financial, and JPMorgan Chase, all of whom are vying for the lucrative contract. JPMorgan, in particular, has been engaged in talks with Apple since last year, exploring adjustments to billing features and other terms.

For Apple Card users, the transition could bring changes—possibly new reward structures, revised fraud protection measures, or even temporary service disruptions. However, given Apple’s focus on seamless user experience, any shift will likely be managed carefully to minimise inconvenience.

Neither Apple nor Visa has publicly commented on the ongoing negotiations.

The post Visa Offers $100 Million to Take Over Apple Card Partnership from Mastercard appeared first on Tech | Business | Economy.

The programme is championed by Goldman Sachs and delivered through the University of Leeds to equip women entrepreneurs with invaluable knowledge, skills, and resources to help them thrive in the competitive business landscape.

According to research, besides funding, some of the unique challenges faced by women entrepreneurs are lack of business acumen and mentorship.

By addressing these hurdles, the partnership aims to create a pathway to success for women who seek to turn their dreams into realities.

The Goldman Sachs 10,000 Women programme offers tailored support, providing comprehensive business education, mentorship opportunities, and a platform for networking with industry leaders and fellow entrepreneurs.

Olajumoke Bello, head of Enterprise Banking at Stanbic IBTC Bank, emphasises,

“We believe that supporting women in business is not just a necessity, but also a celebration of their resilience and determination. This was the reason we created the Blue Blossom community to allow women to network, get mentorship, and connect them to financial opportunities with discounted offerings that enable their businesses to grow. Our partnership with IFC to enrol women in the Goldman Sachs 10,000 Women SME training embodies our admiration and respect for women entrepreneurs. It is part of our commitment to ensure members of the community continue to get the support they need to ensure their businesses thrive.”

It is worth noting that Stanbic IBTC Bank has occupied the top spot in Small and Medium Enterprise (SME) Banking in the 2024 KPMG Survey, for two years in a row.

This achievement is a testament to the Bank’s innovation, dedication and commitment to service excellence to its customers.

The Goldman Sachs 10,000 Women is a global initiative that helps foster economic growth by providing women entrepreneurs around the world with practical education, interactive activities, and instruction by educators from top business schools reaching over 200,000 women.

The curriculum covered in the training includes financial literacy, strategic planning, marketing strategies, and leadership development.

The post Goldman Sachs 10,000 Women: Stanbic IBTC Bank Partners with IFC to Empower Women Entrepreneurs appeared first on Tech | Business | Economy.

This new financial boost included institutions from across nine banks including JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, and Santander.

Aside the OpenAI liquidity boost, the credit line will also enable the company’s further expansion, as it comes a day after OpenAI’s valuation rose to $157 billion, becoming one of the most valuable private tech companies globally. 

The credit facility provides OpenAI with the financial flexibility to continue investing in infrastructure, talent acquisition, and research, while also addressing the growing demand for its generative AI technology, which gained global attention following the launch of ChatGPT in late 2022.

According to insiders, the credit line has the option to expand by an additional $2 billion, although it carries a relatively high interest rate of 6%, which could become a costly burden if the funds are accessed over time. 

Nevertheless, the arrangement allows OpenAI to maintain agility as it scales its operations, particularly in AI research and development, requiring high investment in computing capacity, such as Nvidia chips, which are important for running large-scale AI models.

The tech giant is forecast to generate $3.7 billion in revenue for 2024, though its operational costs are expected to result in losses of approximately $5 billion this year. Despite these losses, OpenAI is projecting substantial growth, with revenues expected to climb to $11.6 billion by next year.

The company has been undergoing a series of internal changes, including restructuring into a for-profit entity. Also, OpenAI CEO Sam Altman has denied rumours of receiving a large equity stake but acknowledged that the board has been considering restructuring options to better align with the company’s goals.

The funding round was led by Thrive Capital, with additional participation from Nvidia and Microsoft, OpenAI’s long-time strategic partner. This partnership with Microsoft is particularly noteworthy, given the role of Microsoft’s Azure cloud platform in supporting OpenAI’s AI infrastructure. 

Despite issues over high costs and leadership exits, OpenAI’s investors remain positive about the company’s growth in the AI sector.

The post OpenAI Secures $4 Billion Credit Line, Boosting Liquidity to Over $10 Billion appeared first on Tech | Business | Economy.

According to Marc Nachann, Goldman’s global head of asset and wealth management,  “It’s a huge opportunity”. Goldman’s private credit aspirations are larger than those of its peers, including Morgan Stanley which aims to double its private credit portfolio to $50 billion in the medium term as it gathers funds from large investors.

JPMorgan Chase has earmarked at least $10 billion for private credit, and Wells Fargo and Citigroup have set up partnerships to get deeper into the market.

Of the $40 billion to $50 billion Goldman plans to raise for alternative investments this year, at least a third will be dedicated to financing private credit strategies, he said.

Accordingly, Non-bank lenders, or shadow banks, have expanded their lending in recent years as they faced fewer regulatory hurdles than traditional lenders.

Wall Street banks have also joined forces with private equity giants and asset managers to expand their private credit businesses. Goldman Sachs has been active in private credit for almost three decades.

The asset management arm has a variety of strategies for private credit for different tiers of investors in companies who get paid back depending on the type of debt or equity they hold, Nachmann said.

Goldman Sachs has touted asset and wealth management as a growth area as it stepped back from an ill-fated foray into consumer banking. Its investment banking and trading division accounts for about 70% of the firm’s revenue.

Nachmann, a three-decade Goldman veteran, was put in charge of asset and wealth management after CEO David Solomon merged the businesses in 2022.

Since then, Goldman Sachs Asset Management (GSAM) has lost some high-profile managers, including former chief investment officer Julian Salisbury, who joined investment firm Sixth Street. Katie Koch departed after two decades to become CEO of asset manager TCW Group.

While staff turnover is expected when businesses are brought together, morale is still strong, Nachmann said.

Nachann said, “People are very much focused on executing our strategy around the two big businesses and are very comfortable around the direction of the firm”.

He stressed that the bank is hiring across asset and wealth management.

Nachmann aims to improve GSAM’s return on equity to mid-teens percentage in the medium term by trimming the bank’s own investments held on its balance sheet, which have been a drag on returns.

The legacy investments fell to $16.3 billion at the end of the fourth quarter 2023 from about $30 billion at the end of 2022, faster than an internal target.

“We will keep selling down over the next three to four years,” Nachmann said. “We will get to a place where it is not material from a financial impact.”

He also sees opportunities to increase the $1 trillion wealth management business, focusing on ultra-high-net-worth clients in overseas markets in Europe and Asia by adding advisers and boosting lending to private bank clients. Currently, 80% of Goldman’s wealth business is in the U.S.

“We believe we can double the business internationally over the next few years,” he said.

Goldman’s lending in wealth management as a percentage of its wealth client assets is 3%, well below an average of 9% among its peers, according to a report by Autonomous Research.

“We can do more there – lending to wealthy people is a good business,” Nachmann said.

The post Goldman Sachs to Expand Private Credit Portfolio to $300bln in Five Years appeared first on Tech | Business | Economy.

Sophos, a global leader in innovating and delivering cybersecurity as a service, today released details of two expansive, still operational, pig butchering or sha zhu pan rings (elaborate and lengthy financial fraud scams that can cost victims thousands of dollars) that scammers are operating from Asia.

One of the rings, based in Hong Kong, involves a fake gold trading marketplace, while the other, based in Cambodia and with ties to Chinese organized crime, netted the scammers $500,000 in cryptocurrency in just one month.

In both schemes, the scammers targeted Sophos’ principal threat researcher, Sean Gallagher, directly via Twitter and text message, respectively, rather than dating apps, the traditional method used to find and target victims. Part one of a two-part series, “Fool’s Gold: Dissecting a Fake Gold Market Pig Butchering Scam,” released today, focuses on the inner workings of the ring based out of Hong Kong, which demonstrates how these scammers are upping their technical sophistication to lure in and con targets.

ALSO READ: Sophos Uncovers Fake Apps on Apple’s App Store Used by Cybercriminals for CryptoRom Schemes

“For two years, we’ve been following and reporting on a subset of these pig butchering schemes called CryptoRom. This is a particular flavor of pig butchering that relies on romance-based lures with scammers approaching potential victims on dating apps and then asking them to invest in fraudulent crypto trading apps. But CryptoRom is really just the tip of the iceberg. Since the start of the pandemic, this type of cyberfraud has massively expanded. These scammers are now targeting people on all major social media platforms or even direct message, and they’re not limiting themselves to just exploiting crypto but also gold and other forms of currency or trading value. They’re quite literally going after the whole hog,” said Sean Gallagher, principal threat researcher, Sophos.

In the first scam Gallagher investigated, he spent three months interacting with one of the scammers after they approached him directly on Twitter.

The scammer posed as a 40-year-old woman from Hong Kong who quickly attempted to move the conversation to WhatsApp.

From there, the scammer tried to convince Gallagher to invest in a fake gold trading marketplace, touting her connections with her “Uncle Martin”—supposedly a former Goldman Sachs analyst.

She then directed him to a site that copied the branding of a legitimate Japanese banking company called Mebuki Financial, where the foreign exchange and commodity trading services were to be conducted.

While the social engineering of this scam was less polished than other cases Sophos has investigated, it showed a marked increase in technical sophistication for these types of groups.

The scammers used an elaborate combination of highly effective SEO, polished scam pages to “register” new clients on their fake Mebuki website, and a pirated version of a legitimate trading app (MetaTrader 4) with additional malicious code to steal money from their victims. They are also actively updating their operation’s scam infrastructure to avoid being shut down.

“Both scam rings are still operational and will be difficult to shut down. While we marked the domains and IP addresses being used by the attackers in the Hong Kong ring as malicious, their scam operations have already shifted to new domains. They already have a new download infrastructure in place for their pirated version of the MetaTrader app, so, at this point, we’re essentially playing ‘whack-a-mole’.

“Unfortunately, that’s the reality as these operations become broader in scope, targeting more regions and across different platforms. The move from crypto to gold also shows how easily these groups can find a new niche to exploit. That means the best defense is public awareness of these types of scams. People should be wary of any SMS, dating app, or social media direct message from a stranger who strikes up a conversation and then suggests moving it to WhatsApp or Telegram—especially if they make claims about wealth obtained from crypto or other trading,” said Gallagher.

You can learn more about the criminals behind this fake gold trading ring in “Fool’s Gold: Dissecting a Fake Gold Market Pig Butchering Scam” on Sophos.com.

The post Sophos Investigates Two Active Cyberfraud Operations . This Shows Scammers are Expanding their Crypto-Romance Cons appeared first on Tech | Business | Economy.