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This week, Visa agreed to buy fraud-detection firm BioCatch for $2.4 billion, while Mastercard completed its acquisition of stablecoin payments provider BVNK for up to $1.8 billion.
The IPO pipeline also gathered momentum. Airtel Money prepared for a London listing at a $10 billion valuation, while PalmPay considered a Hong Kong IPO and Robinhood Ventures Fund II filed to raise up to $200 million.
In other news, Santander’s $12.3 billion Webster Financial deal won Federal Reserve approval, American Family Insurance moved to acquire Bowhead Specialty in a $1.2 billion transaction, while Maybank and Allianz Global Investors struck deals in Asia.
Image: Jonas Leupe via Unsplash
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Reads of the Week
IPOs & SPACs - Fintech
Bharti Airtel is preparing to list its African mobile money business Airtel Money in London this year at a reported valuation of $10 billion.
Africa-focused payments fintech PalmPay is considering a Hong Kong IPO while seeking $200 million in private funding at a valuation of more than $1 billion.
Robinhood Ventures Fund II filed to raise up to $200 million in a U.S. IPO, giving retail investors exposure to early- and growth-stage private companies.
1776 Acquisition filed for a $150 million SPAC IPO targeting technology-enabled businesses, including fintech, payments, insurtech and blockchain companies.
The U.K. Financial Conduct Authority eliminated a seven-day waiting period for publishing connected research and eased information-sharing requirements to reduce the time and cost of U.K. IPOs.
Financial Nigeria examines how PalmPay, OPay and Airtel Money are leading a push by African fintechs to tap public markets.
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M&A - Fintech
Visa agreed to acquire behavioral fraud-detection firm BioCatch for $2.4 billion in cash.
Mastercard completed its acquisition of stablecoin payments infrastructure provider BVNK for up to $1.8 billion.
Digital Currency Group-owned Fortitude acquired a 12.5-megawatt digital-asset mining facility in Nebraska for $6.25 million.
Accenture agreed to acquire IBM’s majority stake in the joint venture that manages a significant portion of UniCredit’s technology infrastructure.
PicPay completed its acquisition of Brazilian digital insurance technology company Kovr.
Arthur J. Gallagher acquired Canadian digital insurance broker and managing general agency Apollo Insurance Solutions.
India-based Mintoak acquired UAE-based rewards technology provider ICC Loyalty to expand its banking platform.
Indian media conglomerate The Times Network acquired Indian stock-advisory marketplace OpiGo for integration into its ET NOW Pro investment platform.
Cross-border payments platform OpenFX acquired Global Ledger to launch multicurrency accounts for fintechs and digital-asset companies.
ATM services provider Grant Victor acquired Automated Transaction Delivery and its affiliated retail ATM business, ATM Worldwide.
M&A - Banks and Financial Institutions
Monte dei Paschi is exploring alternatives to Intesa Sanpaolo’s $35 billion takeover bid.
American Family Insurance agreed to acquire the remaining shares of specialty insurer Bowhead Specialty in a deal valuing the company at $1.2 billion.
Maybank agreed to acquire Ageas’s remaining 30.95% stake in the owner of insurer Etiqa for 4.83 billion ringgit ($1.18 billion).
Allianz Global Investors agreed to acquire UOB Asset Management from United Overseas Bank for S$555 million ($434 million).
Advent and a consortium including HarbourVest Partners agreed to acquire German wealthtech provider FNZ Bank from FNZ.
Corient agreed to acquire Summit Trail Advisors, a registered investment adviser managing more than $21 billion.
Sixth Street and Bayview Asset Management-backed vehicles acquired U.K. specialist lender Castle Trust Bank from J.C. Flowers.
The Federal Reserve approved Banco Santander’s $12.3 billion acquisition of Webster Financial, clearing the deal to close Aug. 20.
Zions Bancorporation completed its acquisition of Basis Investment Group’s agency multifamily lending platform, including its staff and mortgage-servicing rights.
