Hello Fintech Friends,
Restructuring was the mood this week. PayPal is winding down its venture arm. Robinhood is laying off 10% of its staff — with no mention of AI playing a role.
Illinois, meanwhile, became the latest battleground over crypto taxation, enacting a 0.2% digital asset tax that industry groups warn could push builders elsewhere.
On the deal front, consolidation continued across payments and banking. Nuvei confirmed its $2.75 billion acquisition of Payoneer and Deluxe embarked on a $625 million deal for Celero Commerce. Adyen picked up usage-based billing player Orb and Barclays added the GoHenry U.K. youth banking business. In crypto, Blockworks is acquiring competitor Messari at a deep discount from its prior $300 million valuation. Razorpay and Turtlemint both pushed ahead with IPO plans, testing investor appetite in India's payments and insurtech markets.
Please find another week of fintech exits and deep reads below.
Have feedback for us? Let us know or reach out to @nikmilanovic, @twifintech, or @ndm
Reads of the Week
IPOs & SPACs
Razorpay confidentially filed for a $600 million IPO in India, positioning one of the country's largest payments companies for a public market debut later this year.
Turtlemint opened its ₹883 crore ($93. 6 million) IPO, testing investor appetite for Indian insurtech listings amid a challenging market for growth companies
M&A - Fintech
Nuvei confirmed that it’s acquiring Payoneer for $2.75 billion to build a larger global cross-border payments platform.
Deluxe is acquiring Celero Commerce for $625 million.
Adyen is acquiring Orb for $335 million to plug usage-based billing into its payments stack.
Barclays agreed to acquire GoHenry’s U.K. business from Acorns, giving the bank a youth-focused financial literacy and savings app serving more than 500,000 children in the market.
Western Union is buying Israeli remittances and payments firm GMT in a deal valued at about 200 million shekels (roughly $70 million), expanding its local footprint.
CapitalSage Holdings is acquiring Chi Technologies, the parent of Chimoney, just weeks after the cross-border payments startup announced it would shut down.
Crypto media and data company Blockworks is acquiring rival Messari.
Access PaySuite, the payments arm of The Access Group, has finalized a deal to acquire the pay-by-bank technology of U.K. open banking provider Ordo.
Bed Bath & Beyond will acquire real estate services platform Fathom Holdings in a deal valuing Fathom at about $53 million.
Navan has agreed to acquire Brazilian travel management firm Smartrips, its first deal as a public company.
M&A - Banks and Financial Institutions
MidFirst Bank will acquire Dallas Capital Bank.
Santander received OCC approval for its Webster Bank acquisition.
GreatAmerica has completed its acquisition of Heritage Bank.
Isabella Bank will acquire Grand River Bank in a $54.6 million deal.
