Hello Fintech Friends,
We’d love to hear your fintech predictions for 2023! Send us your most controversial and outlandish takes by replying to this email, and we’ll post our favorites in the first edition of the new year.
Programming Note: We’ll be taking a break the last couple weeks of the year to recharge and come back with more fintech news, more fintech jobs and talent matches, more podcasts, a bigger community, even better events, and more fintech.
(But keep a look out for our pending Abu Dhabi and Dubai Fintech Trek update next week.)
PSA: Our Talent Collective. Many fintech companies are dealing with difficult situations at the moment. We are trying to do everything we can to help people moving between jobs find their next role. If you’re looking for your next company to join, come check out our job board. If your company is hiring for new roles, come post them with us! And if you want employers to find your (anonymized) résumé, join our Talent Collective.
Please find another week of fintech exits and deep reads below and have a great end of the year.
Did you know that 80% of investors don't tax-loss harvest? The team at Reconcile recently released an in-depth report, "Why Retail Investors Overpay in Tax," that delves into the common pitfalls of retail investors that cause them to pay more than they should. They also released a free tax calculator that outputs an estimated tax bill and potential optimization opportunities for all of your stock and crypto transactions. Check out all the helpful tax resources Reconcile put out this week!
Indian digital payments giant Paytm is planning to buy back up to $103 million of shares in order to steady a stock price that has been in freefall since its IPO last year.
🤝 M&A - Fintech
- In one of the (likely) last mega-mergers of the year, private equity giant Thoma Bravo acquired corporate spend management platform Coupa for $8 billion.
- Insight Partners is weighing a $2 billion sale of its property Community Brands, which builds software for donations and peer-to-peer fundraising.
- Brazilian fintech Open Co acquired buy-now-pay-later provider BoletoFlex to move into lending.
- Chime reportedly made two offers to buy DailyPay for up to $2 billion.
- British wealth management tech provider Moneyfarm announced that it will acquire digital pension advisor Profile Pensions.
- TradeSun, the provider of an AI solution for trade compliance, acquired ESG compliance software company Coriolis.
- United Fintech acquired risk data services provider Cobalt to strengthen its digital asset trading platform.
🏦 M&A - Bank and FinServ
- Microsoft took a £1.5 billion stake in the London Stock Exchange as part of a deal for the exchange to buy cloud space and surfaces from Microsoft’s Azure.
- Belgian bank Euroclear will acquire Goji, a London-based provider of digital access and technology to private markets.
- Indian financial services conglomerate Poonawalla Fincorp will sell its housing finance unit to private equity firm TPG for ₹39 billion ($473 million).
- Saudi Arabia’s sovereign wealth fund is in advanced talks to acquire Egypt’s United Bank for $600 million.
- Abu Dhabi state holding firm ADQ is leading a consortium to acquire a controlling stake in Israeli financial services provider Phoenix Group for $800 million.
- Australian bank Westpac walked away from its planned acquisition of domestic Eftpos provider Tyro Payments.
🌎 Fintech Around the World
📚 Deeper Reads & Features