Hello Fintech Friends,
This week, payments company Priority Technology agreed to go private in a deal valued at approximately $1.6 billion. Stakk completed its A$88.7 million ($63 million) acquisition of fraud-detection software provider ParaScript, and MoonPay agreed to buy brokerage and investment advisory firm North Capital.
Airtel Money plans to list in London, seeking to sell at least $800 million in shares at a targeted valuation of $8 billion to $9 billion.
U.S. fintechs continued to pursue bank charters. Avant applied for a de novo bank charter, while stablecoin company Bastion got conditional approval for a national trust bank charter.
In Canada, Tru Cooperative Bank and Libro Credit Union began exploring a merger that would create a financial cooperative with nearly C$33 billion ($23 billion) in combined assets and assets under administration.
This week’s deep reads cover Bank of America’s plans to double its AI budget, a possible path to cross-border payments through FedNow, the seizure of bank accounts linked to a Tether payments partner, and the CFPB’s decision to stop adding consumers’ written complaint accounts to its public database.
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Reads of the Week
Exits
IPOs & SPACs - Fintech
M&A - Fintech
Priority Technology agreed to be taken private by a group led by its chairman and CEO in an all-cash deal valuing the payments company at approximately $1.6 billion.
Stakk completed its A$88.7 million ($63 million) acquisition of ParaScript, whose software helps financial institutions detect check fraud.
MoonPay agreed to acquire North Capital, adding the firm’s securities brokerage and investment advisory businesses to its digital-asset platform.
BlackLine acquired NetNow, which automates customer credit applications, risk assessments and ongoing credit monitoring.
PLACE announced its acquisition of Maxwell, a mortgage technology provider serving more than 400 financial institutions.
Huspy acquired Italian mortgage intermediary Integra Finance as part of a planned $86 million investment in Italy.
Kredete acquired Gravv, a stablecoin infrastructure platform connecting banks, blockchain networks and local payment rails.
Citrea acquired Crest, a self-custodial Bitcoin wallet focused on private transactions.
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M&A - Banks and Financial Institutions
Tru Cooperative Bank and Libro Credit Union signed a memorandum of understanding to explore a merger that would create a Canadian financial cooperative with nearly C$33 billion (approximately $23 billion) in assets and assets under administration.
Revolut received approval from Argentina’s central bank to acquire Banco Cetelem Argentina from BNP Paribas Personal Finance.
National Bank of Egypt received preliminary approval to acquire Banque Misr’s branches in the UAE.
WestStar Bank agreed to acquire Southwest Capital Bank, adding six New Mexico branches and creating a bank with approximately $3.8 billion in assets.
Gateway First Bank agreed to acquire Texas-based Colonial Savings, expanding its banking and mortgage operations.
