Hello Fintech Friends,

Today’s newsletter is brought to you by our friends at Formance, an open-source, programmable core ledger that works with both fiat and digital assets.

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

Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm

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Auditors want proof your balances are reproducible. Regulators demand ownership traceability. Controllers need zero drift. Your ledger is either trustworthy, or it's not. Learn the six invariants every NBFI must enforce to stay audit-ready, and why ledger integrity isn't optional. Discover how the right infrastructure turns compliance requirements into competitive advantages you can't afford to ignore.

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News coverage written and provided by Rachel Chang.

Exits

IPO

• Silicon Valley Acquisition Corp closed its IPO, raised $200 million on Nasdaq, targeting fintech, crypto and technology assets as a SPAC vehicle.

M&A - Fintech

• Clearwater Analytics agreed to go private in an $8.4 billion acquisition by private-equity investors, marking one of the largest fintech take-private deals of the year.
• Basware acquired Redmap to expand its AI-driven accounts-payable and procurement capabilities in Australia, strengthening its embedded finance and automation stack.

M&A - Banks and Financial Institutions

• CVB Financial acquired Heritage Commerce in an $811 million merger to expand its regional banking footprint and commercial lending capabilities.

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MiCA and the GENIUS Act just rewrote the rules for stablecoin issuers. From 1:1 reserve requirements to monthly audits and AML checks, compliance isn't optional: It's the price of entry. We break down what NBFIs need to track, report, and prove to regulators on both sides of the Atlantic. Learn how the right ledger infrastructure turns stablecoin compliance from a burden into a competitive advantage you can build on.

Learn more at the Formance Blog

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