Hello Fintech Friends,
We miss you all and we want to see you in-person ❤️
Please find another week of fintech exits below.
🤝 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.
- 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
📚 Deeper Reads & Features
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