No buyer materializes for FTX (TWIF 11/13)

And, Worldline, and Tribal all go shopping for fintech acquisitions.

No buyer materializes for FTX (TWIF 11/13)

Hello Fintech Friends,

We are getting ready for December’s Abu Dhabi and Dubai Fintech Trek!

Part of the experience will be to take attendees to cultural activities and restaurants serving local food, so that people can get a feel for the Gulf. Does anyone have recommendations?

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

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☯️ Exits
🤝 M&A - Fintech
  • As everyone reading this newsletter should know by now, this week, FTX, the world’s seventh-biggest crypto exchange, encountered insolvency and was forced to look at strategic sale options due to a run on the bank. Its rival Binance, the world’s largest exchange, signed a non-binding agreement to acquire FTX, but later walked away from the acquisition after one day of audits. Meanwhile, the parent entity is trying to sell its ring-fenced US subsidiary,, to rivals Gemini or Kraken. The turmoil is caused ripples throughout digital currency markets - with bitcoin tumbling 11% as of writing. It remains to be seen what the fallout is from the contagion of FTX’s collapse.
  • French payments giant Worldline is boosting its presence in Italy through the acquisition of Banco Desio’s merchant acquiring business for €100 million.
  • Railsr, a UK banking and compliance software provider formerly known as Railsbank, which just last month announced a $46m Series C, reportedly shopping for a buyer.
  • Business-focused fintech giant Bill will acquire financial planning and analysis software builder Finmark.
  • Latin American corporate payments provider Tribal* announced its acquisition of Paykii, a B2B cross-border bill pay platform.
  • Indian small business-focused neobank startup ZikZuk acquired tax e-filing platform TaxSpanner.
  • Prevu, a digital homebuying platform, acquired the assets of Reali, which in August announced it was shutting down after raising a $100 million Series B a year prior.
🏦 M&A - Bank and FinServ
  • Alternative asset manager Canyon Partners is exploring selling itself.
  • The Irish government sold 5% of Allied Irish Banks to institutional investors for €396.6 million.
  • Australian fund manager Perpetual rejected a second private equity takeover proposal at a price of A$1.89 billion.

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🌎 Fintech Around the World

SEA FinTech investment landscape

Open and Instant Payments in Africa: Current Landscape and Opportunities

Fintech in Latin America and Africa Is Breaking the Mold

Six years after demonetization, cash has roared back in India

Philippines central bank deputy governor discusses digital asset regulation

📚 Deeper Reads & Features

Cash App Gets the Money

Why successful fintech companies are leaving their BaaS providers

TCH White Paper Outlines Legal Authority for Insured Depository Institutions to Issue and Provide Stablecoin-related Activities, including Digitized Deposits

Trustworthy Use of Artificial Intelligence (AI) in Finance

Embedded Insurance Overview: Helping Customers at the Point of Sale

Philanthropy is facing a ‘triple squeeze’ and digital assets can help

When a Walmart-backed fintech acquired One, its CEO promised the online bank would stay the same. But customers are complaining of disappearing features and even declined payments.

2 top investors identify fintech trends flying under the radar

The opportunities of Banking as a Service

Can A Bunch Of Ex-PayPal Execs Lead MX To Open Banking Dominance?

Expect a Wave of Private Tech M&A in 2023, Goldman Bankers Say

Colorado Votes Yes On Wolves and Psychedelics

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