This Week in Fintech (3/6)

This Week in Fintech (3/6)

Hello Fintech Friends,

Sharing a reminder that you can sign up for our March 26th Fintech Geo Deep-Dives here.

Please find another week of financings and transactions below (and our Q4 M&A breakdown here).

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💸 Venture Financing

  • Klarna raised $1 billion and confirmed its $31 billion valuation.
  • Papaya, a global payroll and workforce platform, raised $100 million at a $1 billion valuation.
  • Xendit, which builds payments infrastructure for Indonesia, announced its 2019 $64.6 million Series B.
  • Xfers, a Singaporean business payments solution, raised a $30 million strategic round from Indonesian fintech Payfazz. The two will form a joint venture called Fazz Financial Group.
  • This newsletter covers fintech and not crypto, but the boundaries of those worlds are increasingly blurring. Eco raised $26 million to build the next wave of financial products - but on crypto digital wallet rails.
  • Minu, a Mexican real-time wage access startup, raised a $14 million Series A.
  • Accounting practice management startup Karbon raised $10 million.
  • FutureFuel, a student loan debt management platform, raised a $10 million Series A1 from UBS.
  • CountingUp, a UK business checking account provider, raised a £9.1 million Series A.
  • UK publicly-listed investment platform Mode raised £6 million.
  • Flourish, a bank customer engagement platform, raised a $1.5 million round.
  • German business financial management startup Monite raised a €1.1 pre-seed.
  • Raise, a Kenyan end-to-end fundraising startup, raised a $25,000 seed investment.
  • African gig economy payments startup ImaliPay raised pre-seed funding.
  • Codat, a business data API, received a strategic investment from PayPal Ventures and American Express Ventures.
  • 11Onze, a Catalonian digital community bank, raised a crowdfunding round.
  • Stripe is raising between $1 and $5 billion at a $100 billion valuation.

☯️ Exits and M&A

💻 Fintech
  • More details emerged on PayPal’s big for crypto custody firm Curv, which is valued at $500 million.
  • Digital merchant-funded offer platform Cardlytics is acquiring its rival Dosh (which powers Venmo’s rewards) for $275 million in cash and stock.
  • Betterment acquired Wealthsimple’s US investment business ($190 million in assets across 17,000 accounts) as the former prepares for IPO.
  • Airwallex acquired Hong Kong’s UniCard, which will give it a Chinese digital payments license.
  • Robinhood is expected to confidentially file for IPO as soon as this month.
  • Treasury and risk management platform GTreasury acquired intercompany netting solution Coprocess.
  • MoneyLion acquired Wealth Technologies, a consumer ML roboadvisor (founded by the MoneyLion founder’s spouse).
  • Calypso Technology, a capital markets software, put itself up for sale.
  • In an echo of GoDaddy’s $320 million acquisition of Poynt, e-commerce website platform Wix acquired restaurant payment technology provider SpeedETab.
  • Australian digital payments business ThinkSmart is trading up, following its sale of Clearpay to AfterPay.
  • Student loan platform Pillar is being acquired.
🏦 Bank
  • Morgan Stanley’s acquisition of asset manager Eaton Vance was finally approved.
  • Allied Irish Banks re-acquired Irish retail brokerage Goodbody Stockbrokers, which it formerly had to divest as part of a government bailout, for €138 million.
  • Sweden’s Nordax Bank made a $2.10 billion (17.8 billion kr) bid to acquire Norwegian Finans Holding, the owner of Bank Norwegian.
💲 Investment Management
  • Beacon Pointe Advisors acquired Wealth Design, a registered investment advisor with $350 million under management.
  • Advisory firm Pathstone acquired investment advisor Cornerstone Capital Group.
  • Beacon Street Group, a financial research and writing firm, will go public through a merger with Ascendant Digital Acquisition Corp at a $3 billion enterprise value.
  • 1.12 Acquisition, a SPAC focused on both tech and finance, filed for a $350 million IPO.
  • HCM Acquisition, a fintech SPAC, filed for a $250 million IPO.
  • Cornerstone Investment Capital, a financial services SPAC, filed for a $250 million IPO.
  • Avalon Acquisition, a financial services-focused SPAC, filed for a $200 million IPO.

🔎 Weekly Deep-Dive

Need a deeper dive?

This week on Fintech Brainfood- How 80s pop sensation Michael Bolton shows the future of trust in fintech.

  • What is trust?
  • Why does it matter?
  • And how has it changed from what used to matter?
  • Also: 4 Fintech companies you should see, a breakdown of the Coinbase IPO, and the Fedwire issues.

📚 Deeper Reads

Design principles for Third-party Initiation in Real-Time Payment Systems

Google’s Redesigned Digital Wallet Tries to Make Payments Feel More Personal

So you want to learn “fintech”

Goldman's Robo Underwhelms

Marcus is in the midst of a massive leadership shakeup

Fintechs love Gen Z

What BaaS trends mean for financial services

Building and scaling one of the world’s fastest-growing mobile banks

An Intentional Choice: Being API First

Fintech Innovation Done Right: Be A Creator

Here’s why Nigeria could be the next fintech frontier

Why Visa and MasterCard will continue to reign supreme

Open Banking in LatAm: The State of Play

Covid-19 Shopping Makes Card Fees a Bigger Burden for Merchants

4 Tech Trends That Will Massively Transform Banking in 2021

Disrupting The $8T Payment Card Business: The Outlook On ‘Buy Now, Pay Later’

Why Buy Now, Pay Later Is Taking Off

FT Partners’ Monthly Market Update

Innovative 10-year-old creates 'stick library' for local dogs