Hello Fintech Friends,
In a slow fundraising market, fintech exits are happening at a blistering pace, with one upcoming IPO and fifteen fintech acquisitions (two for over $1 billion) all announced this week.
Please find another week of fintech exits and deep reads below.
☯️ Exits
💻 IPOs & SPACs
We have a fintech IPO! British B2B cross-border payments company CAB Payments is planning to list on the London Stock Exchange for a valuation between £800 million and £1 billion.
🤝 M&A - Fintech
Financial data and intelligence platform Brightflowannounced its acquisition of equity crowdfunding platform CircleUp.
Origin, a financial wellness app for employers to help employees, acquired financial education app Finny.
Employee compliance technology solutions provider StarCompliance will acquireETHIX360, an integrated risk and compliance management provider.
Capital markets workflow provider Finsemble and Glue42 will merge.
Private equity firm Clarion Capital Partners took a stake in Ready Credit, a payment solutions platform that enables cashless operations for consumer facing businesses.
Financial services provider Onboard Partnersannounced its acquisition of Payvus, a small business credit card issuing and capital management business.
Business banking platform Rho is reportedly in talks to buy Capital.xyz, the startup previously known as Party Round.
Investment banking and wealth management provider Investec took a majority stake in M&A advisor and lender Capitalmind.
Payroll software provider Netchex was acquired by private equity firm GrowthCurve Capital for an undisclosed amount.
Accounts payable automation software Mediusannounced its intent to acquire expense management software Expensya.
CluneTech, an Irish holding company of multiple tech providers, agreed to sell its payroll software developer to Immedis for €575 million to US multinational UKG.
GiveCampus, a fundraising platform for education nonprofits, acquired crowdfunding platform Community Funded.
🏦 M&A - Bank and FinServ
Capital One beat out other banks to acquire a digital concierge service, Velocity Black, to integrate as a perk for its premium cardholders.
UK bank Barclays is considering major changes to its payments business, including reportedly looking into mergers with other providers.
Canadian asset manager Brookfield announced that it will acquire payments provider Network International for $2.2 billion.
Visa is reportedly edging outMastercard in a deal to acquire Brazilian payments provider Pismo for $1 billion.
Standard Chartered will sell its Zimbabwe banking business to local bank holding company FBC Holdings.
UBS' shotgun acquisition of rival bank Credit Suisse could be completed as soon as June 12th
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Partner w us! [email protected] pic.twitter.com/LWylpBiB2V— This Week in Fintech (@twifintech) June 6, 2023
Such great energy tonight mingling with @twifintech LA Founders, operators, and investor community including @xtina1225, @NikMilanovic, and @ToriKeeshin. Check out some highlights 👀 pic.twitter.com/ZbQW4ZFyTF— Tech Week (@Techweek_) June 6, 2023
OMG Tandem bank is still a thing?
And it does green lending??
And it's profitable?!
Well. That's 3 for 3 on the crop UK digital only banks that got a licence
🇬🇧🇬🇧🇬🇧https://t.co/xkv7OQa2zf— Simon Taylor (@sytaylor) June 2, 2023
"[The authors] present evidence that shows that concentration among fintech lenders is significantly higher than that for bank lenders and other nonbank lenders." https://t.co/5AXVWK41Ox pic.twitter.com/GGs0wbxrAR— Joshua Rosenberg (@_jrosenberg) June 10, 2023
the moment I learned what fintech means pic.twitter.com/O5QlUELySY— Nik (@NikMilanovic) June 9, 2023
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