Hello Fintech Friends,
As market activity intensifies and asset valuations grow, late into a ~10 year growth cycle, curious to hear what investors are considering as safe havens?
Please find another week of financings and transactions below.
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💸 Venture Financing
- British neobank Starling raised a £272 million Series D at a £1.1 billion valuation.
- NYDIG, a financial services firm for investors entering cryptocurrency, raised $200 million from investors including Morgan Stanley.
- Cedar, a patient payment platform for hospitals, raised $200 million in funding at a $3.2 billion valuation.
- Flutterwave, the Nigeria-based pan-African payments provider, raised $170 million at a $1 billion valuation.
- Indian consumer investment startup Groww is in talks to raise a Series D between $100 and $125 million. (After expenses shot up 20x in 2020 with minimal revenue growth.)
- WeLab, a Hong Kong mobile lender, raised a $75 million Series C1.
- Wealth management platform M1 Finance raised a $75 million Series D, a couple months after raising $45 million Series C, and announced $3.5 billion AUM.
- Automated tax credit software provider Mainstreet raised a $60 million Series A.
- Pipe, a revenue-based financing platform for SaaS companies, raised $50 million.
- Alternative asset investment platform Alt raised $31 million.
- Wrapbook, an entertainment payroll and accounting company, raised a $27 million Series A.
- Autobooks, a small business payment and accounting software, raised a $25 million Series B.
- Komainu, a bank crypto custody joint venture of Nomura, CoinShares, and Ledger, raised a $25 million Series A.
- Cloud security firm Securonix raised $24 million from Capital One Ventures.
- Rewire, an Israeli cross-border banking service for migrant workers, raised a $20 million Series B.
- Zeni, an accounting “finance concierge” for startups, raised a $13.5 million Series A.
- Cube raised a $10 million Series A to build financial planning and analysis software for the mid-market.
- Exabel, an analytics tool for investment teams, raised a $9 million seed round.
- AeroPay, a digital payments platform for the cannabis industry, raised $5 million.
- Cheese raised $3.6 million to build a digital bank for the Asian American community.
- Clara, a Mexico-based corporate spend management startup (similar to Tribal or Brex), raised $3.5 million.
- Flowcast, an AI tool for non-performing credit and loans, raised $3 million from INGVentures.
- ClearGlass Analytics, a long-term savings market fee transparency provider, raised a £2.6 million round.
- Elucidate, a German financial crime detection startup, raised €2.5 million.
- Interprice, a debt capital markets platform, raised a $2.5 million seed round.
- Stoovo, which provides banking assistance and financial advice to gig workers, raised $2.4 million.
- Manara raised its seed round from Stripe. The firm helps MENA software engineers get jobs at top-tier technology firms.
- BitcoinBlack, a Canadian firm building a crypto credit card, raised an undisclosed amount.
- Atom Bank is in talks to raise a possible £40 million down-round from its 2019 valuation.
- Endowus, a Singaporean wealth management platform, is in talks to raise a $20 million Series A.
- Monva, a financial comparison startup, is looking to raise £200,000.
☯️ Exits and M&A
- Payments processor Flywire filed confidential paperwork for an IPO that could value the company at up to $3 billion.
- European payment provider Nets Group completed the €2.85 billion sale of its clearing, instant payment services, and e-billing solutions to Mastercard.
- POS provider Lightspeed continued expanding its global footprint via its acquisition of Vend for $350 million to grow into Asia-Pacific.
- Alkami Technology, which empowers banks and credit unions by enabling their digital interfaces, filed for an IPO expected to raise north of $100 million.
- Geru, a Brazilian consumer fintech lender focused on prime customers, and Rebel, a Brazilian unbanked consumer lender, merged to form Open Co, a credit provider with a BRL 1.5 billion portfolio.
- PFM Acorns acquired Harvest, a consumer debt reduction startup.
- CeriFi, a financial services certification and training platform, acquired Bionic Turtle, a provider of risk management exam prep.
- Private equity firm Levine Leichtman acquired Icelandic credit information and risk management provider Creditinfo.
- Italian credit ratings agency Cerved is fielding $2.2 billion buyout offers from multiple private equity firms.
- Australian lending solution Pepper Money is once again exploring an IPO.
- JD Technology may withdraw the Shanghai stock sale of its fintech subsidiary, JD Digits, pending restructuring. Meanwhile, the company is looking to acquire brokerage Sinolink Securities for at least $1.5 billion.
- SoFi acquired its own bank, Sacramento community bank Golden Pacific Bancorp, for $23 million.
💲 Investment Management
- Private equity giant Apollo Global Management will buy Athene, a provider of credit and investment products (including insurance) for $11 billion.
- RIA Mercer Global Advisors continued its acquisition streak, buying out Epstein & White Financial.
- Australian ETF manager BetaShares received a strategic investment from private equity firm TA Associates.
- Private equity firm TDR Capital increased its bid for European investment platform Arrow to £540 million.
(This week we published Signals 4.3 on SPAC activity from Q4 2020.)
- Southeast Asia’s Grab, a superapp provider of financial and other products, is in talks to merge with Altimeter Capital’s SPAC, Altimeter Growth. The deal could value the enterprise at $40 billion.
- FTAC Zeus Acquisition, The Bancorp’s eleventh fintech SPC, filed for a $440 million IPO.
- Corsair Partnering Corp filed for a $350 million IPO targeting financial services.
- Callodine Acquisition filed for a $250 million IPO to seek out an asset management target.
- Chardan NexTech Acquisition, which is looking for a fintech target, filed for a $200 million IPO.
🔎 Weekly Deep-Dive
Need a deeper dive? Check out Simon Taylor’s Fintech Brain Food. This week, on why open-source financial infrastructure is the future:
- What's wrong with financial infrastructure today.
- Why is it so hard to upgrade.
- What can base primitives of finance do to help?
- Also - four fintech companies you should see, a breakdown of the Pipe.com raise, Blockfi raising $350m!