India is putting its $8 billion state bank up for sale (10/23)

Also: Avalara tax gets scooped up for $8.4 billion and Mediobanca goes on a fintech buying spree

India is putting its $8 billion state bank up for sale (10/23)

Hello Fintech Friends,

We’ll be in Cape Town for Africa Tech Festival next month! Come join us at our Fintech Happy Hour on November 10th: https://lu.ma/capetown (we’re still looking for one more sponsor - shoot me a note if you’re interested).

Also, here by popular demand is our first annual December 25th Chinatown Dumpling Crawl: https://lu.ma/dumpling, led by This Week in Fintech’s Alex Gillette.

At Money2020 tonight? Last chance to come join us for our kickoff event!

Lower valuations invited larger companies to go on buying sprees, which drove acquisitions to spike by 153% (🤯) in Q3 over the prior quarter. Get the full report in Sophie Vo’s Q3 Signals Report.

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


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☯️ Exits
💻 IPOs & SPACs
  • Super Apps, a Malaysian builder of payments tech, is set to go public in the US via a SPAC with Technology and Telecommunication Acquisition Corporation at a $1.1 billion valuation.
🤝 M&A - Fintech
  • Private equity firm Vista Equity Partners acquired tax software builder Avalara for $8.4 billion.
  • Chinese cross-border payments firm LianLian Global acquired a minority stake in AI content generator ContentBot.
  • RFI Global, a provider of data and insights for financial services, acquired MacroMonitor, another financial data and insights provider.
  • Texas’ securities regulator is investigating FTX’s quick rate of acquisitions for potential conflicts and antitrust.
🏦 M&A - Bank and FinServ
  • India is looking to sell its state-owned bank IDBI Bank to a private buyer for $7.73 billion.
  • The consumer credit arm of Italian investment bank Mediobanca Group acquired Italian special purpose lending fintech Soisy and a 19.5% stake in Swiss buy-now-pay-later provider HeidiPay.
  • Westpac Bank in Australia hired JP Morgan to help it vet an acquisition of payment terminals business Tyro Payments.
  • Credit Suisse is looking into selling its US asset management arm.
Signals Q3'22: A macroeconomic vibe check
Hey Fintech Friends, A new quarter can only mean one thing at This Week in Fintech– new Signals Quarterly Roundup 😎. For new readers, Signals is the subscriber-only edition of TWIF designed to get you away from the headlines and to explore the larger trendlines. Each quarter, we break down

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🌎 Fintech Around the World

‘I finally found my tribe’: Inside Latin America’s booming crypto testing ground

Brazil’s Surprising Fintech Tailwind

Uganda has the most promising financial sector in eastern Africa

How UAE's Ziina * is working to boost financial literacy in Middle East

Meet Axio, The Fintech Now Helping 6 Million Indians To Access Credit

With $900 Million In Funding, Hong Kong Fintech Unicorn WeLab Bets Big On Indonesia

📚 Deeper Reads & Features

Sardine: Fintech’s Great Detective

Launching a Financial Product: How to Choose the Right Funding Structure

What the Federal Crackdown on Bank+Fintech ‘BaaS’ Partnerships Means

Fintech pushes role of security in digital payments services

US Regulators Sound Cautious Note on FinTech Innovation

Many banks are racing to provide a digital solution

Against CBDCs and the Politicization of Money

The FinTech Bloodbath

Is fintech losing its lustre for career changers?

What will Goldman Sachs do with Marcus, and Why?

Buy now, pay later delinquencies could get 'dangerously' high. What will companies do about it?

CFA paper calls for ethical use of AI

ESG and FinTech: Put Your Money Where Your Mouth Is

Best POS systems of 2022

How the economic downturn will impact alternative finance

GOP Senate candidate demands schools notify parents if their kids identify as chipmunks. Elsewhere, Why We Should All Be Chasing Acorns.


Have a news item for us? Reach out to news@thisweekinfintech.com