The fintech SPACs are back (TWIF 11/20) is going to market, Intesa Sanapolo sells its Nexi stake, and Thompson Reuters acquires SurePrep for $500 million

The fintech SPACs are back (TWIF 11/20)

Hello Fintech Friends,

Banks in the US are becoming more active acquirers of fintechs - either to decommission competitive products or to incorporate them into their own service offerings - as fintech startup valuations plunge. Meanwhile, many fintech-focused SPACs are struggling to find merger targets before the 2-year timeline for their acquisitions runs out; and yet, two new fintech SPACs found their targets this week.

Please find another week of fintech exits and deep reads below.

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In this podcast, Lithic’s general counsel (Matt Janiga) and their product counsel (Reggie Young, author of Fintech TLDR), give a deep dive into fintech compliance programs:

They cover:

  • Compliance 101 for fintechs
  • What to look for in your first compliance hires
  • How to use tools to enhance compliance
  • General counsel vs. compliance officer
  • And more

Prefer to read? They created a written guide too.

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☯️ Exits
💻 IPOs & SPACs
  • Chinese e-commerce giant’s fintech unit plans to IPO in Hong Kong in the next year for less than its prior $2 billion price target.
  • AtlasClear, a provider of banking services to clearing firms owned by Atlas Fintech Holdings Corp., will combine with the broker-dealer Wilson Davis & Co. and will be acquired by SPAC Quantum FinTech Acquisition Corporation.
  • Digital Vergo, a French mobile payment solutions provider, will go public through a combination with Goal Acquisitions Corp. at a $513 million valuation (including debt).
🤝 M&A - Fintech
  • Opn, a Japanese fintech conglomerate valued at $1 billion, entered the American payments market with its purchase of MerchantE, a B2B digital commerce platform, for around $400 million.
  • Reorg, a global provider of financial intelligence and data, will acquire FinDox, a document, compliance and data management provider.
  • Bankrupt crypto brokerage Voyager Digital reopened the bidding process for its assets following FTX’s collapse.
  • Embedded payments builder for software Fortis will acquire embedded payments rival Payment Logistics.
  • Nigerian and pan-African cross-border payments app Chipper Cash will acquire Zambian online payment and agent services business Zoona.
  • Regnology, a Dutch regulatory reporting firm, acquired b.fine, a Belgian regtech with 30 institutional clients.
  • Investment platform Sproutfi will acquire the Brazilian portfolio of crypto exchange Passfolio.
🏦 M&A - Bank and FinServ
  • Italian bank Intesa Sanapolo sold its 5.1% stake in payments processor Nexi for €584 million.
  • Thompson Reuters will acquire tax automation company SurePrep for $500 million.
  • Commonwealth Bank of Australia is looking into selling off its Indonesian banking unit.
  • Credit Suisse’s stock dropped as it failed to provide financials to private equity firm Apollo in the sale of its securitized products business.

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📚 Deeper Reads & Features

Startups Should Prepare for ‘Second-Order Fallout’ From FTX Collapse

In times of crisis, fintech startups should take the long view instead of hibernating

Who will regulate crypto and fintech in the US?

Fintech fills a gap for divorced parents co-managing money

Why stablecoins present a 'right side of history' moment for early adopters

Bank monetisation of APIs represents "billions-per-year" opportunity

Maintaining decentralization: Are custody services a threat to DeFi protocols?

Varo Trims Losses, But Can It Last Til VC Market Thaws?

Cloud computing dependence imperils banks

The Path to BaaS Compliance

Does Elon Musk want to transform Twitter into Paypal?

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

M2P’s Sustainable Fintech Report

M2P’s Embedded Finance – Vol. 3

The Casino and the Genie

How Mercury’s Venture Debt dashboard is setting a new standard in lending

Dog Mom and Her Puppy Befriend Magpie Bird Abandoned by His Parents

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