Fintechs are still buying banks (TWIF 6/25)

Investcorp, a Bahranian alternative asset manager, is looking to raise $600 million from an IPO sale of its portfolio including credit, real estate and private equity.

Consumer stock investing platform Robinhood this week announced that it will acquireX1, the maker of a premium consumer rewards credit card, for $95 million in cash. X1 had previously raised $60 million.

Republic, an investing platform for startup equity and alternative investments, bought a 9.5% stake in crypto broker-dealer INX at a $50 million valuation, with an agreement to acquire of 100% of equity at a valuation of $120 million as early as Q3 this year.

Fortis, a builder of embedded financial solutions, acquired Canadian payments provider SmartPay in order to go live in Canada and roll out out augmented funding and settlement capabilities for online marketplaces.

Mediobanca Group, an Italian banking consortium, signed an agreement for its consumer banking unit Compassb to acquire Swiss buy-now-pay-later fintech loan provider HeidiPay.

Banking-as-a-Service provider Bankable acquired embedded finance software Arex Markets in order to add working capital (flexible invoice financing, corporate credit cards, lodged cards and revolving credit) to its APIs.

PayPal and asset manager KKR entered into a multi-year partnership in which the investment giant will initially purchase €3 billion in PayPal loans, but may purchase up to €40 billion of buy now, pay later loan receivables from the company across Europe.

Baker Hill, builder of a loan origination, risk management, and analytics software, was acquired by Flexpoint, a private equity firm focused on financial services and healthcare.

Private equity firm Summit Partners bought a stake in TradingHub, a UK provider of risk-based software solutions for financial markets.

Indian mortgage lender HDFC sold off its ₹90 billion ($1.11 billion) education loan arm to a private equity consortium.

Bankrupt regional bank SVB agreed to sell off its investment banking division SVB Securities to its CEO Jeff Leerink, who created the group when he sold his health care-focused investment bank to SVB in 2018.

It was revealed that Abu Dhabi wealth fund ADQ previously held talks to acquire investment bank Lazard.