Hello Fintech Friends,
I’d be curious to hear people’s thoughts on a few recent payments practice updates.
And PayPal can now withdraw up to $2,500 from SMB accounts if they’ve been found to “spread misinformation.” Does this violate financial consumer (business) protection standards? Curious to hear your thoughts.
(PS: We’re partnering with our friends at Fintech Today, Activant, Truework, and Rutter on a small Money2020 kickoff, come say hi. And - only 25 general admission tickets left to The Fintech Formal, hope to see you there!)
Please find another week of fintech exits and deep reads below.
Rutter is a Universal API for Commerce & Accounting (’Plaid for Commerce’) that makes it easy for fintech companies (like Ramp, Mercury, Airwallex, Parafin) to read and write financial data from e-commerce platforms, marketplaces, accounting systems, and payment processors like Shopify, Amazon, WooCommerce, Quickbooks, Xero, Stripe, Chargify, and 30+ other integrations.
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🤝 M&A - Fintech
- ATM builder Brinks acquired NoteMachine, a network of UK ATMs, for $179 million (or 5x adjusted EBITDA).
- Humane debt collection innovator TrueML * (formerly TrueAccord) acquired the collections business of debt recovery provider Enhanced Recovery Company.
- MoneyGram acquired 12% of UAE-based payments superapp Jingle Pay.
- Embedded banking provider Q2 acquired Canadian expense management startup Sensibill.
- Crypto payments provider Circle announced that it will acquire merchant and developer-first payments orchestration platform Elements.
- Fintech venture capital firm QED acquired Lingua Franca Search, a boutique executive search firm that specializes in placing financial professionals.
- Aztec Software, an adult education software provider, acquired financial wellness education platform iGrad.
- Private equity firm SFW Capital Partners completed the sale of payroll and accounting firm Greenshades to Waypoint Capital and Gearbox Capital.
- In a surprise move, Naspers private equity arm Prosus called off the $4.7 billion acquisition of BillDesk, the Indian online merchant payments and banking provider, which it planned to incorporate into its PayU business, citing certain conditions precedent which were not fulfilled.
🏦 M&A - Bank and FinServ
- French bank and merchant services provider Société Générale will acquire a majority stake in PayXpert, a UK-based provider of payment solutions for merchants, acquirers and fintechs.
- Multinational bank HSBC is considering selling its multibillion dollar Canadian retail banking division.
🌎 Fintech Around the World
📚 Deeper Reads & Features
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