Exits & Deep Reads

Kraken files for IPO at a $20B valuation; Liverpool's new PayPal deal (TWIF 11/23)

Hello Fintech Friends,

Keep an eye out: our Call For Speakers for Stablecon EMEA in Amsterdam next year drops soon 👀

Who should be on it?

I’m sorry, does that hoodie say “2008 Global Financial Crisis” on it? https://t.co/S4Hy4bvVJm
— Yearner Herzog (@notbuaydubz) November 21, 2025

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

News coverage written and provided by Rachel Chang.

Reads of the Week

Exits

IPOs & SPACs

Kraken filed confidentially for a US IPO, valuing the crypto exchange at $20 billion after securing $200 million from Citadel Securities and targeting a Q2 2026 listing.
Central Bancompany raised $373 million in its Nasdaq debut, with shares closing roughly 5% above the IPO price and valuing the Midwestern banking group at $5.26 billion.

M&A - Banks and Financial Institutions

Lloyds Banking Group agreed to acquire digital wallet provider Curve in a deal reportedly worth up to £120 million, aiming to plug Curve’s multi-card wallet and BNPL tools into its app for around 28 million customers.
ING Bank Śląski agreed to acquire its 55% stake in Goldman Sachs TFI for about €93 million, taking full control of Poland’s second largest capital markets mutual fund manager and deepening its push into investment and retirement products.
BECU agreed to merge with California-based SAFE Credit Union, creating the fourth largest US credit union with more than $33 billion in assets and 1.8 million members under BECU’s charter.

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