Exits & Deep Reads

For Whom the Bell Chimes (TWIF 5/18)

Hello Fintech Friends,

I don't know when the last time is we featured so many current and upcoming fintech initial public offerings in our news.

The latest is neobank Chime, which filed their S-1 this week.

Neobank @Chime just filed their S-1.

Let's get into it:

Revenue Growth: Chime revenue improving, reaching $1.67 billion in fiscal year 2024, up from $1.28 billion in 2023 .

Profitability: In the first quarter of 2025, Chime had net income of $12.9 million on revenues of $518.7… pic.twitter.com/o9IIQ3CwkR
— Nik (@NikMilanovic) May 13, 2025

Please find another week of fintech exits and deep reads below.

(👍👎 Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm)

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📖 Reads of the Week

☯️ Exits

💻 IPOs & SPACs

Fintech IPO summer is back!

eToro went public at $52 per share, far exceeding its marketed range. The stock and crypto trading app debuted on the Nasdaq with strong investor demand pushing its valuation higher than initially expected to $4.2 billion, and raising $310 million.

Chime Financial publicly filed for an estimated $1 billion IPO. The mobile banking platform revealed that it has 8.6 million active members, with 67% of them using Chime as their primary banking platform. Its Active Members used Chime for an average of 54 transactions per month, of which 75% were purchase transactions using Chime-branded debit and credit cards.

UK neobank Monzo has reportedly lined up Morgan Stanley to pitch the company to investors ahead of a potential IPO in the first half of next year.

Galaxy Digital, which has traded on the Toronto Stock Exchange since 2020, shifted its shares to Nasdaq through a direct listing under the ticker GLXY.

Klarna's planned IPO will reportedly be postponed further. The Swedish buy-now-pay-later giant delayed its public offering timeline as it continued to evaluate market conditions.

Antalpha, a Singaporean firm that offers financing, technology and risk management solutions to institutions in the digital asset industry, announced the launch of its initial public offering.

Wen Acquisition, a fintech SPAC, priced a $261 million IPO.

🤝 M&A - Fintech

Robinhood agreed to acquire WonderFi, a Canadian crypto trading platform, in a definitive agreement for C$250 million.

Acorns acquired Earlybird, a family wealth and digital memory platform, expanding its child-focused financial services offerings (after acquiring a similar platform, GoHenry, in 2023).

DAT acquired freight finance provider OutGo* to become the a bigger freight exchange and logistics platform.

SavvyMoney, a provider of financial wellness tools and personalized loan offerings, acquired CreditSnap to expand its loan solutions.

Private equity firm Thoma Bravo sold its remaining $3.4 billion stake in Nasdaq. The firm divested around 43 million shares, or about 7.4% of the company.

Coupa acquired Cirtuo to add category management capabilities to its spend management platform, enhancing its procurement software suite.

Anchorage Digital agreed to acquire Mountain Protocol to accelerate institutional adoption of stablecoins, reinforcing its position in the digital asset custody market.

🏦 M&A - Banks

Spanish bank Santander rejected an £11 billion bid from NatWest for its UK unit.

Citigroup sold its private market funds to iCapital in a strategic deal, divesting part of its alternative investment offerings.

Bain Capital dropped out of the Insignia takeover bid, while CC Capital continued discussions; Bain had made an offer at A$5 per share that valued the company at about A$3.4 billion.

💡

Sponsored Content

Cross-border just got an upgrade—meet the new International Payments API from Cross River.

With rail-agnostic infrastructure that intelligently routes payments over SWIFT or local rails, Cross River’s International Payments solution is optimized for speed and cost.

It’s the same real-time core fintechs already trust—now with global reach.