Hello Fintech Friends,
Private equity firms Clayton, Dubilier & Rice and GTCR reportedly ended early-stage talks to acquire Global Payments, with sources citing the complexities of taking the payments processor private.
In other deal news, Morgan Stanley agreed to acquire digital transfer agent Vinyl Equity, while Affirm agreed to buy German payments provider Ratepay from Nexi. Western Union said it terminated its agreement to acquire Intermex over California’s conditions for approving the deal; Intermex disputed the termination.
Bank consolidation continued as Hancock Whitney agreed to acquire Trustmark in an all-stock transaction valued at approximately $3.2 billion. In Europe, Crédit Agricole proposed merging its Italian banking business with Banco BPM, while Britain’s Metro Bank launched a formal sale process.
In this week’s deep reads, Canada launched its Real-Time Rail, which brings around-the-clock payments infrastructure, and Revolut received approval to establish a digital bank in Israel. British payments fintech Zilch, meanwhile, said it was confident it could maintain its $2 billion valuation in a potential IPO as soon as the second half of 2027.
At The Financial News Network, we covered Addition Wealth’s launch of an AI-powered financial guidance platform as the company rebrands as Addable. We also covered how Morgan Stanley is using Hyperlayer’s technology to let eligible wealth management clients receive securities-based loan proceeds in their existing accounts, with rules that automatically restrict how the money can be spent.
Photo by Money Knack via Unsplash. Have feedback for us? Let us know. Find us at @nikmilanovic, @twifintech and @ndm.
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Reads of the Week
IPOs & SPACs - Fintech
Zilch, a British payments and lending fintech, said it was confident it could maintain its $2 billion valuation in a potential IPO as soon as the second half of 2027.
Veefin Solutions, an Indian digital lending and supply chain finance technology provider, began trading on the main boards of the NSE and BSE after moving from the BSE’s small and midsize enterprise platform.
Veritas Finance, an Indian nonbank lender, received regulatory clearance for an IPO that includes a ₹9 billion (approximately $96 million) share sale. Existing shareholders also plan to sell up to 12.8 million shares. (Reported Nov. 9; approval issued Oct. 19.)
M&A - Fintech
Private equity firms Clayton, Dubilier & Rice and GTCR reportedly ended early-stage discussions to acquire Global Payments,
Morgan Stanley agreed to acquire Vinyl Equity, a digital transfer agent that manages shareholder records and share transfers.
Affirm agreed to acquire Ratepay, a German provider of pay-by-invoice and direct debit services, from payments company Nexi.
Western Union said it terminated its agreement to acquire Intermex after objecting to California’s conditions for approving the deal. Intermex disputed the termination.
Fiserv plans to move customers onto one debit network and sell or wind down the other.
Tokenization platform Securitize agreed to acquire River One, a platform for asset-backed financing.
Cross-border payments fintech Raenest acquired Remitise, a U.K. payments company registered with the Financial Conduct Authority.
M&A - Banks and Financial Institutions
Hancock Whitney agreed to acquire Trustmark in an all-stock transaction valued at approximately $3.2 billion.
Samsung Fire & Marine Insurance, KKR and Korea Investment Corporation agreed to acquire the remaining 60% of specialty insurer Canopius. The transaction is estimated at $2.47 billion, of which Samsung is expected to invest $1.67 billion.
Marsh agreed to acquire investment consulting and analytics firm Wilshire.
First International Bank & Trust agreed to acquire Texas-based Dominion Bank.
MAX Credit Union agreed to acquire substantially all the assets and liabilities of Alabama-based First Financial Bank.
BCP Investment Corporation agreed to acquire Investcorp Credit Management BDC, a business development company that lends to middle-market businesses.
Ascend Federal Credit Union and LGE Community Credit Union received regulatory and member approval for their proposed merger. The combined institution would have more than $7 billion in assets.
Crédit Agricole proposed merging its Italian banking business with Banco BPM. Banco BPM’s board authorized its CEO to engage in discussions.
Britain’s Metro Bank launched a formal sale process as part of a strategic review.
Svea Bank offered to acquire the shares of Swedish payments company Qliro that it does not already own or have agreements to acquire. The offer values Qliro at SEK 805 million (approximately $82 million). This could also go in the fintech M&A section.
