Hello Fintech Friends,
Who would be interested in a This Week in Fintech SPAC? I’m just kidding (am I kidding?) but these days I may as well not be.
Please find another week of financings and transactions below.
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- Robinhood raised $3.4 billion in funding to account for growth in new accounts and trade volume.
- Millennial investing app Stash raised a $125 million funding round.
- Home lease-to-own startup Divvy Homes raised a $110 million Series C.
- Construction finance company Built raised an $88 million Series C.
- Valon, a digital mortgage servicer, raised a $50 million Series A.
- Scalapay, an Italian buy-now-pay-later startup, raised $48 million.
- Financial crime investigation automation software Quantifind raised $22 million in growth financing.
- Narmi, a digital banking technology provider, raised a $20.4 million Series A.
- Yotta, a lottery-based savings account, raised a $13.2 million Series A.
- Mexican consumer investing startup Flink raised a $12 million Series A.
- Lockstep, a connected accounting startup, raised a $10 million Series A.
- NymCard, an Abu Dhabi-based banking-as-a-service provider, raised a $7.6 million Series A.
- Datomize, a financial services metadata discovery and model configuration platform, raised a $6 million seed.
- Monkey, a Brazilian financial marketplace, raised a $6 million Series A.
- B2B payments platform Balance raised $5.5 million from backers including Stirpe and Affirm’s Max Levchin.
- Rightfoot raised a $5 million seed to build an embedded application that allows users to pay down debt in any platform.
- Banxware, a German embedded small business lending startup, raised a €4 million seed.
- Swiss wealth management fintech Wealtharc raised $4 million in new funding.
- Routefusion, a B2B cross-border payments platform, raised a $3.6 million seed round.
- Vested Finance raised $3.6 million to bring US stock investing to Indian traders.
- Is this… fintech? Crush Capital raised a $3.25 million to launch a streaming series on going public.
- Twinco Capital, a Spanish supply chain finance startup, raised €3 million.
- Cowrywise, a Nigerian wealth management app, raised a $3 million pre-Series A.
- Ben, a combination fintech and HR tech platform, raised a $2.5 million seed to build employee benefits.
- GajiGesa, an Indonesian earned wage access provider, raised a $2.5 million seed.
- Doorvest, an online real estate investment platform, raised $2.5 million in seed funding.
- Auto refinancing platform iLendingDIRECT received a majority investment from J.C. Flowers.
- Fidelity is in talks to invest £200 million into UK neobank Starling.
☯️ Exits and M&A
- Financial software provider MeridianLink is planning an IPO at an enterprise valuation of up to $3 billion.
- ION Group, the financial data and technology vendor, is nearing a deal to buy Italian banking software provider Cedacri for €1.5 billion.
- InvestCloud completed a recapitalization valuing the company at $1 billion.
- National Australia Bank will acquire neobank 86 400 for $220 million and combine it with its own neobank, Ubank.
- Intuit bought app integrator OneSaas to boost its Quickbooks Commerce business.
- United Fintech bought a 25% stake in German financial instruments automation platform TTMzero.
- Ant Group will plan to sell its EyeVerify biometric ID unit due to US scrutiny.
- Greenphire, which helps process payments for clinical trials, is looking for a buyer.
- Goldman Sachs increased its stake in Czech digital bank MONETA to 10.45% to head off a takeover offer by PPF Group.
- Lending Club officially completed its acquisition of Radius Bank.
- Mediobanca’s wealth management division bought UK distressed credit specialist Bybrook Capital.
- BBVA sold Holvi, its digital banking service for self-employed people, to Keru Fintech Investments.
💲 Investment Management
- Vinci Partners, a Brazilian alternative investor, raised $250 million in a Nasdaq IPO.
- Canadian investment manager Ninepoint completed a C$230 million IPO, raising a new fund to invest in cryptocurrencies.
- Payoneer, which expects to make $432 million in revenue in 2021, reached a deal to go public through a merger with FTAC Olympus at a $3.3 billion valuation (including a $300 million PIPE).
- Online financial technology marketplace and banking provider Moneylion is in talks to go public through a merger with Fusion Acquisition Corp, at an enterprise value of up to $2 billion.
- Asset management and risk software Solera Holdings is in talks to go public through the Apollo Strategic Growth Capital SPAC at an enterprise value of around $1 billion.
- Hera Acquisition, a Bancorp-led SPAC, filed for a $750 million IPO.
- Thunder Bridge Capital Partners III, a fintech SPAC, priced a $360 million IPO.
- Finserv Acquisition II, a financial services SPAC led by an ex-Barclays team, filed for a $250 million IPO.
- VPC Impact Acquisition III, led by Victory Park Capital, filed for a $225 million IPO.
- Astrea Acquisition, a SPAC focused on the intersection of hospitality and financial services, filed for a $150 million IPO.
- The London Stock Exchange is looking at facilitating SPACs.