Hello Fintech Friends,
Indian payments company Razorpay reportedly received approval for a proposed IPO of ₹50 billion to ₹60 billion ($529 million to $634 million), while tokenized securities provider tZERO agreed to go public through a SPAC merger at a $350 million valuation.
In dealmaking news, Amdocs acquired insurance software provider EIS for approximately $340 million, and stablecoin payments company Yellow Card bought Brazilian virtual asset provider GoMoney. Digital lender OppFi withdrew regulatory applications for its proposed $130 million acquisition of BNCCORP, although the deal has not been terminated.
In this week’s deep reads, Synctera raised $24.5 million as it expands its banking-as-a-service network, Paraguay seized neobank Ueno, and Revolut cut AI coding costs by switching to self-hosted models. Also, QED Investors’ Nigel Morris looks at what the U.S. midterm election results could mean for fintech.
Photo by Jakub Zerdzicki via Pexels. Have feedback for us? Let us know. Find us at @nikmilanovic, @twifintech, and @ndm.
Want to sponsor a newsletter? See our sponsorship information here.
Reads of the Week
Exits
IPOs & SPACs - Fintech
Razorpay, an Indian payments company, reportedly received approval for a proposed ₹50 billion to ₹60 billion IPO (approximately $529 million to $634 million).
tZERO, a provider of tokenized securities infrastructure, agreed to go public through a merger with SPAC FG Imperii Acquisition Corp. at a $350 million pre-money equity valuation.
BEHNEH, a Singapore-based cross-border payments provider, filed for a U.S. IPO seeking to raise about $20 million
ABHI Microfinance Bank priced its Pakistan IPO at PKR 15.50 per share, raising PKR 1.53 billion ($5.5 million) in the institutional book-building stage.
M&A - Fintech
Amdocs acquired insurance software provider EIS for approximately $340 million.
Investing platform eToro agreed to acquire Argentine financial app LB Finanzas.
Stablecoin payments provider Yellow Card acquired Brazilian virtual asset provider GoMoney. The deal closed in October and was announced this week.
Embedded finance platform Liberis and Swedish digital bank Qred completed their previously announced merger.
Digital identity providers Fourthline and Veridas completed their previously announced merger.
Vencora, a Constellation Software unit that acquires financial services software companies, acquired insurance technology provider CT InsureTech.
Insurance technology company Martin acquired Adaptify, a provider of AI tools for insurance product development and pricing.
Hiring in fintech? We want to feature your role.
We’re launching the TWIF Fintech Job Board—and once a month, our editorial team will handpick and highlight the 10 most compelling, high-impact job openings across the industry in a dedicated roundup.
Whether you're making a critical founding hire, tackling tough technical infrastructure, or building zero-to-one, we want to hear about it.
M&A - Banks and Financial Institutions
Digital lending platform OppFi withdrew regulatory applications for its proposed $130 million acquisition of BNCCORP and BNC National Bank, though the deal has not been terminated.
M&F Bancorp shareholders approved its proposed $105 million acquisition by Optus Financial, which would create the largest Black-owned bank in the U.S. The deal still needs regulatory approval.
First Capital, the parent of First Harrison Bank, agreed to acquire First Bancorp of Indiana, the parent of First Federal Savings Bank, for approximately $33.2 million in stock.
KeyBanc Capital Markets agreed to acquire Atlantic-Pacific Capital, a private capital adviser to financial sponsors.
Insurance distributor Confie acquired the insurance operations of Texas credit union TDECU.
Creative Planning acquired Rockbridge Investment Management, a New York wealth manager with approximately $2.2 billion in assets under management.
Global Payments CEO Cameron Bready declined to comment on reports that private equity firms Clayton, Dubilier & Rice and GTCR were exploring a buyout of the payments company.
