Hello Fintech Friends,
Curious for people’s thoughts: Which fintech that hasn't yet announced plans to go public will file next for an IPO?
Please find another week of fintech financings and exits below.
Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to email@example.com.
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💸 Venture Financing
- Chime, the largest US neobank, raised $750 million at a $25 billion valuation.
- Carta, a cap table management software, raised $500 to $600 million at a $7.4 billion valuation.
- Uala, an Argentine personal finance management app, raised a $350 million Series D at a $2.45 billion valuation.
- Gusto, a payroll and HR platform, raised $175 million at a $9.5 billion valuation.
- Upgrade, a consumer lending and credit startup, raised $105 million at a $3.3 billion valuation.
- BigPay, the Malaysian fintech arm of airline AirAsia, received a $100 million investment.
- PayPal joined the $98 million Series B round for e-commerce platform Cart.com.
- FreshBooks, a Canadian accounting software firm, raised an $80.75 million Series E.
- Klover, a financial data permissioning tool, raised $60 million.
- Pave, a corporate compensation tool, raised a $46 million Series B.
- Moove Africa, a platform for revenue-based vehicle financing and lending, raised a $23 million Series A.
- Kroo, a UK neobank focused on social spending, raised a £17.7 million Series A.
- Canopy, an API-based loan management system, raised a $15 million Series A.
- Car IQ, a contactless automatic payment network for connected vehicles, raised a $15 million Series B.
- Keebo, a UK open banking personalized credit card startup, raised £5 million in seed funding.
- Trust, a corporate card for online marketing, raised $9 million in seed funding.
- Appital, a UK equity capital markets platform, raised £2.5 million.
- Allocations, a back-office software for investment firms, raised $4 million at a $100 million valuation.
- Durianpay, an Indonesian online hosted checkout and payment solution, raised $2 million.
- FranShares, a platform for fractionalized franchise investing, raised a $1.4 million pre-seed.
- Paysme, a UK SMB mobile payments, e-commerce, digital banking, accounting, lending, and insurance business, is crowdfunding £1 million.
- Lockstep, a connected accounting platform, raised strategic funding from Amex Ventures.
💵 Debt Financing
- Payl8r, a UK buy-now-pay-later provider, raised £40 million in debt from Conister Bank.
- Canadian accounting software provider FreshBooks raised $50 million in debt to help businesses handle cashflow.
- CapitalSage, a Nigerian lending fintech, raised $4 million (₦2.2 billion) in debt.
- OpenDoor is in the market for a $2 billion credit facility.
💰 Venture Funds
- Fabric Ventures, a European fintech VC, raised a new $130 million fund from backers including Wise, PayPal, Square, PayU, and Raisin.
- Nubank, the Brazilian juggernaut neobank, hired Morgan Stanley, Goldman Sachs and Citigroup to begin its US IPO.
- Enact Holdings, a mortgage service provider and insurance company, revived plans for its $497 million IPO that it had scrapped in May.
- Southern States Bancshares, an Alabama-based bank, raised $16 million in its IPO at a $172 million valuation.
- FinWise Bancorp, a Utah-based neobank, postponed its planned $58 million IPO.
The SPACs are back…
- Pico, a trading and financial services infrastructure company, announced that it will go public through a $1.75 billion merger with FTAC Athena Acquisition Corp.
- Riverview Acquisition Corp, a SPAC targeting a financial services company, priced a $250 million IPO.
- Insight Acquisition filed for a $240 million IPO to acquire a fintech.
- World Quantum Growth Acquisition Corp priced a $200 million IPO to hunt for a financial services or fintech target.
- Armada Acquisition Corp priced a $150 million IPO to buy a fintech company.
- TG Venture Acquisition filed for a $100 million IPO to acquire a space fintech.
- Abri SPAC I priced a $50 million IPO targeting a fintech or insuretech business.
- Green neobank Aspiration is reportedly in talks to go public at a $2 billion valuation through a SPAC.
🤝 M&A - Fintech
- Paymentus, a cloud-based billing tech provider, announced that it will acquire Payveris, a bill, peer-to-peer, and account-to-account payment software provider, for $152 million (56% cash, 44% stock).
- UK buy-now-pay-later platform Zilch acquired US mezzanine debt software provider NepFin to expand into the US.
- Decentralized finance and crypto platform Gemini acquired predictions platform Guesser.
- Callpay, a South African card payments service provider, was acquired by an unknown buyer for $6.8 million.
- Robinhood acquired proxy voting and shareholder communications platform Say Technologies for $140 million.
- Credit bureau Equifax will acquire public and workplace safety data provider Appriss Insights.
- Investment manager Abrdn will acquire fintech firm Nucoro’s digital wealth management product.
- CFO and accounting outsourcer Positive Venture Group sold its assets to ‘finance as a service’ firm Consero.
- Financial services firm Voya Financial, a fund manager, is exploring the acquisition of Alight Solutions, a business process outsourcing firm that previously went public through a merger with SPAC Foley Trasimene Acquisition Corp for $7.3 billion.
🏦 M&A - Bank
- US Bank will acquire the business expense and CFO software provider Bento Technologies.
- National Australia Bank will buy Citigroup’s local consumer bank for $882 million.
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