This Week in Fintech (7/3)

This Week in Fintech (7/3)

Hello Fintech Friends,

We miss you all and we want to see you in-person ❤️

Join us at our upcoming  SF Summer Social on July 21st and our NYC Fintech Picnic on July 23rd!

Please find another week of fintech exits below.


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☯️ Exits
🤝 M&A - Fintech
  • Public financial services recommendation platform Nerdwallet will acquire lending recommender On The Barrelhead for $120 million ($70 cash, $50 in stock).
  • Indian e-commerce and payments startup Pine Labs acquired embedded finance provider Setu for $75 million.
  • After it was reported that FTX was close to buying embattled crypto lender Blockfi for $25 million, after first offering to extend it a $250 million emergency line of credit, Blockfi CEO Zac Prince clarified the terms: a $400 million revolving credit facility and and option for FTX to acquire BlockFi at a variable price of up to $240 million based on performance triggers. (FTX is also eyeing up Robinhood for an acquisition.)
  • Bank payments provider GoCardless will acquire Scandinavian open banking provider Nordigen, which will expand its coverage to 2,300 banks across 31 countries.
  • German banking-as-a-service provider Raisin Bank acquired a unit of Bankhaus August Lenz in order to move into payments.
  • Turkey’s Colendi, a decentralized credit scoring engine, will acquire blockchain investment tool SETL.
  • Swiss investor financial hub Ephelia Capital took an 80% stake in financial asset streaming fintech Streamable Finance..
  • Cap table management platform Carta announced its acquisition of UK AngelList competitor Vauban.
  • Private equity firm FFL Partners announced a partial buyout of financial services IT provider Abacus Group.
  • Belgian B2B payments firm iBanFirst will acquire UK currency exchange provider Cornhill.
  • Manulife Financial received approval from Chinese regulators to increase its stake in its China-based joint venture to 100%.
  • Crypto brokerage Nexo has hired Citibank to help it hunt for acquisitions during the crypto market turmoil.
  • Nubank is on the hunt for Brazilian fintech acquisitions.
🏦 M&A - Bank and FinServ
  • Sumitomo Mitsui Banking Corporation acquired a minority stake in US investment bank Marathon Capital.
💰SPACs
  • UK no-fee trading app eToro is reportedly abandoning plans to go public via SPAC FinTech Acquisition Corp. V at a $10.4 billion valuation.

🌎 Fintech Around the World

Nigerians are learning to buy now and pay later

MTN’s mobile money push into Nigeria was hacked for millions within days

📚 Deeper Reads & Features

How Crypto Lender Celsius Overheated

In Defense of Pay-as-You-Go

Fintech Guide to Payment Card Fraud

The phoney 'fintech revolution' is eating itself… or:

The Revolution Is Alive And Well: How Fintech Has Impacted Banking

New Payment Solutions Are Knocking At The Door—How Industry Leaders Can Stay Competitive

NYDIG: On impossible things before breakfast

Klarna exec blasts 'mind-boggling' Barclays BNPL research

A second wave of consumer BNPL startups is taking the model to new markets

Pruning Memes - "Algo Stables Are Dead"

What’s a fintech even worth these days?

What can crypto learn from TradFi?

An Interview With Brex Co-Founder and Co-CEO Pedro Franceschi

How has the Covid pandemic affected the Fintech Industry?

Private Lenders Are Offering Cheaper Debt Than Wall Street Banks

CDC tells public to not 'kiss or snuggle' chickens, ducks, backyard poultry amid salmonella outbreaks


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