Hello Fintech Friends,
Anecdotally, fintech M&A seems to have taken off compared to relatively flat venture activity (by number of fundraises; the dollar value of raises has dropped). Our colleague Sophie Vo will go into the data behind this Q3 shift in our subscriber Signals edition, but at a high level, this is expected behavior as valuations compress, late-stage fundraising gets harder, and more companies become acquisition targets as a result.
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Please find another week of fintech exits and deep reads below.
💻 IPOs & SPACs
- Travel payments provider TripActions filed confidentially to go public at a $12 billion valuation. The company last raised a $275 million Series F in October 2021 at a $7.5 billion valuation.
- HSBC is talking to banks about a potential IPO of its Indonesian retail bank.
🤝 M&A - Fintech
- Private equity fund EQT will acquire accounts receivable automation provider Billtrust for $1.7 billion.
- Acquisitive crypto giant FTX won the rights to acquire bankrupt crypto lender Voyager Digital for $1.4 billion.
- Canadian real estate tech firm Voxtur will acquire mortgage servicing platform Blue Water Financial Technologies for $101 million.
- Canadian crypto exchange Coinsquare will acquire rival CoinSmart - giving the combined entity 1 million customers - for around C$29 million in cash and shares.
- Investing platform Public, last valued at $1.2 billion, is in talks to acquire Dutch broker Bux.
- Even though more than half a dozen US state and federal regulators have filed actions against crypto lender Nexo for its earned interest product, the lender received a US bank charter this week after buying a stake in Hulett Bancorp, which owns Summit National Bank.
- French digital payments provider Worldline will acquire a 40% stake in Dutch e-commerce PSP Online Payment Platform.
- Indian business payments platform Razorpay acquired PoshVine, a loyalty and rewards network - its 7th acquisition this year.
- Allurity acquired financial cybersecurity and compliance platform Aiuken Cybersecurity.
- Subscription management and billing service provider Recurly acquired revenue forecasting solution LeapRev.
🏦 M&A - Bank and FinServ
- PNC bank will acquire restaurant point-of-sale payments solution Linga.
- Citigroup is seeking a second round of bids by the end of October to sell off its Mexican unit, Banamex.
- Private equity firms TPG and Brookfield are bidding for UAE bank Mashreqbank’s payments unit.
Here are some of our favorite answers to the question, “what's the most novel fintech product or concept that you've seen in the last year?”
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