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BFD Expert Voices - Private Credit

BFD Expert Voices

Apex Fintech Solutions has no plans for an IPO after receiving its first outside strategic investment from State Street, CEO Bill Capuzzi tells Axios Pro.

Why it matters: The State Street stake gives Apex additional capital and credibility at a time when other fintech infrastructure firms are testing the public markets.

Context: Apex previously attempted to go public through a failed 2021 SPAC deal and later confidentially filed for an IPO.

(This interview has been edited for clarity and brevity.)

Axios: Why did you bring on State Street as a strategic investor?

Capuzzi: "We wanted them to have skin in the game. 

The partnership has three key pieces: They will stand up an introducing broker that uses Apex for retail wealth; we will pursue referrals together including the U.S. Treasury RFP; and [Apex] can put our real-time, multi-currency platform on top of their network that operates in 100 countries. 

That combination lifts our brand into the major leagues."

You sold Apex Crypto a couple of years ago and exited the crypto business. Do you need to buy back in?

"We had roughly five million clients using us for crypto before we got out of holding the asset because the regulatory risk was too high... but we continued to provide access through partners.

We never stopped providing access, and with clearer rules, the long-term implications are very positive. At some point, we are going to need to own the asset again."

How do you see traditional finance and DeFi converging?

"The question I always ask is, 'Why can't you own bitcoin right alongside Tesla in your brokerage account?' The SEC is moving toward allowing that.

On- and off-ramps should also include stablecoins, because they are faster and more efficient than ACH or wires. 

And tokenizing a security — private or public — has the potential to remove a lot of friction. The challenge is interoperability: if tokenized assets can't move across firms, the utility is limited.

Near-term, the most useful applications are in alternatives rather than public equities."

"We have two lanes right now. One is 'roll your own,' where a client shows up with access to something like SpaceX shares, and we can take that position, expose it via APIs, and let the end customer complete a digital accreditation process. 

The second is DTCC AIP, which provides access to a series of different alts.

The experience is built for retail: you tap an 'alts' tab, complete accreditation electronically, we capture it, move the money to the SPV and provide a confirmation and a statement, even when the asset sits off our books."

You've recently partnered with companies like Ramp and Mercury... What are you providing to them?

"CFOs want yield on corporate cash. Instead of money sitting in a bank earning nothing, they can transfer it into a laddered Treasury product. Ramp and Mercury use us to get access to those markets."

Now that the IPO window appears to be open again, are you planning on listing?

"It's just not a short-term thing for me.

The IPO market is open, but it's not a very efficient process, and it's incredibly laborious for a company. 

I do think we should be a public company, but I don't need to raise the money, and there's probably a year to two years of work I'd love to get through before we pick our heads up."

Expert Voices: Apex CEO on State Street, crypto and IPO timing

Startup isn't rushing to list after State Street investment

Photo illustration of Bill Capuzzi surrounded by abstract shapes. 

Photo illustration: Axios Visuals. Photo: Apex Fintech Solutions

Apex Fintech Solutions has no plans for an IPO after receiving its first outside strategic investment from <a class="gtmContentClick" data-vars-link-text="State Street" data-vars-click-url="https://www.businesswire.com/news/home/20250903509131/en/State-Street-Corporation-and-Apex-Fintech-Solutions-Announce-Strategic-Partnership-to-Address-Growing-Global-Wealth-Market-Opportunity" data-vars-content-id="dfbacb3d-a455-4363-acec-d2ad8472a708" data-vars-headline="Expert Voices: Apex CEO on State Street, crypto and IPO timing" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businesswire.com/news/home/20250903509131/en/State-Street-Corporation-and-Apex-Fintech-Solutions-Announce-Strategic-Partnership-to-Address-Growing-Global-Wealth-Market-Opportunity" target="_blank">State Street</a>, CEO Bill Capuzzi tells Axios Pro.Why it matters: The State Street stake gives Apex additional capital and credibility at a time when other fintech infrastructure firms are testing the public markets.

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Expert Voices: Apex CEO on State Street, crypto and IPO timing

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