Exits & Deep Reads

Two $2B+ Acquisitions (TWIF 5/11)

Hello Fintech Friends,

I thought TPG and Corpay's banger of an acquisition for AvidXchange in a $2.2 billion deal would be the deal of the week, until Coinbase struck a $2.9 billion deal for crypto options platform Deribit, which I believe makes it the largest-ever crypto acquisition. See my quick interview with Coinbase CFO Alesia Haas on it here.

Please find another week of fintech exits and deep reads below.

(👍👎 Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm)

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📖 Reads of the Week

☯️ Exits

💻 IPOs & SPACs

Stock trading platform eToro filed for its long-awaited IPO. The trading platform is moving forward with its public market debut plans. The company posted revenues of $12.6 billion in 2024, with $192 million in profit – up 1,160.7% compared to the year prior – and $12.2 billion in crypto revenue alone.

Citigroup's Banamex ruled out a direct sale of the bank and focused on pursuing an IPO instead.

Lone Star's Novo Banco is aiming for a possible IPO in June, according to statements from the CEO.

XData Group plans to go public on Nasdaq through a blank check merger, choosing an alternative path to public markets.

Wen Acquisition, a fintech SPAC, filed for a $261 million IPO. Another fintech SPAC, Republic Digital Acquisition Company completed a $300 million initial public offering.

🤝 M&A - Fintech

Coinbase struck a $2.9 billion deal for Deribit, a major crypto options platform, expanding its services in the cryptocurrency derivatives market.

AvidXchange agreed to be acquired by TPG in partnership with Corpay for $2.2 billion, marking a significant transaction in the payments sector.

Republic acquired crowdfunding pioneer Indiegogo, consolidating its position in the alternative fundraising space.

TrueAccord accelerated growth with the acquisition of Sentry Credit, strengthening its debt collection capabilities.

IntoTheBlock and Trident Digital merged, combining their resources and expertise in the digital assets analytics space.

MyVenue received a majority investment from Greater Sum Ventures, securing financial backing to support its future development.

Buyout firm Apax emerged as the favorite to win a Finastra unit in a $2 billion deal, according to sources familiar with the negotiations.

Employer.com scooped up another fintech in its purchase of MainStreet.com, continuing its acquisition strategy in the financial technology space.

California-based Clearlake bought Natixis private credit unit, expanding its footprint in the alternative lending market.

🏦 M&A - Banks

Erste Group purchased Santander assets in Poland for $7.91 billion, marking a significant expansion into the Eastern European banking sector.

UBS entered into talks to sell hedge fund O'Connor to Cantor Fitzgerald, working to divest its asset management business.

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