Hello Fintech Friends,
If you missed it this week, Editor Sophie Vo had a great new writeup for Signals with a surprising insight: one year in, the small banks have done pretty well following the 2023 banking crisis.
Please find another week of fintech exits and deep reads below. (👍👎 Have feedback for us? Let us know!)
📖 Read of the Week
☯️ Exits
💻 IPOs & SPACs
UK-based buy-now-pay-later provider Zilch is reportedly looking into an IPO as it approaches profitability.
Roboadvisor Wealthfront hit $200 million in revenue last year and achieved profitability, but having terminated its merger agreement with UBS, is putting off IPO plans for now.
🤝 M&A - Fintech
Cloud banking provider nCino agreed to acquire DocFox, a provider of automated onboarding experiences for commercial and business banking, in an all-cash transaction of $75 million.
Canadian payment processeor Nuvei is reportedly near a buyout deal with private equity firm Advent. It currently has a C$4.1 billion market cap.
Payments firm Shift4 rejected multiple private equity buyout bids above its current share price, claiming they undervalued the company.
Bain Capital's tech opportunities fund acquired mortgage sales and origination software provider Iress and a made a majority investment in finova, another UK mortgage software provider.
Tax advisor Grant Thornton sold a majority stake of its US business to private equity.
🏦 M&A - Bank and FinServ
Goldman Sachs completed its sale of point-of-sale lending provider GreenSky to Sixth Street, KKR, Bayview Asset Management, and CardWorks.
French bank BNP Paribas is considering an acquisition of Fosun International ’s stake in Belgian insurer Ageas.
DLocal $DLO reports Q4 2023 results 👉🏻 https://t.co/ypYMqDksfW pic.twitter.com/JKzWi9H590— Jevgenijs Kazanins (@jevgenijs) March 19, 2024
buy-now-pay-later is going great pic.twitter.com/UGjULNNAC9— Nik (@NikMilanovic) March 19, 2024
📺
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This from a long time partner of ours recently: https://t.co/kwDNMqKnXY pic.twitter.com/LbGycWVEcp— Alex (@CallMeGillette) January 24, 2024
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📚 Deeper Reads & Features
Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)? (Answer: Concentration + regulation)
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