The Front Page of Global Fintech

The largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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The Front Page of Global Fintech

The the largest fintech community in the world. Subscribe to our newsletter to stay up to date on the latest in news opinions, and all things financial technology.

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Fifth Third embeds with Rize (TWIF 5/28)

Fifth Third embeds with Rize (TWIF 5/28)
Fougeron Architecture’s Fall House in Big Sur, California

Hello Fintech Friends,

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

☯️ Exits
🤝 M&A - Fintech
  • US regional bank Fifth Third surprised the fintech community this week with the announcement that it acquired banking-as-a-service software provider Rize. The terms of the deal were undisclosed, but Fifth Third’s treasury group anticipates $130 million ARR this year. It remains to be seen whether this is an outlier BaaS acquisition or it presages a wave of embedded fintech consolidation.
  • Maxwell, a mortgage lending platform for community banks, acquired LenderSelect, a banking capital markets access provider.
  • The owner of the Miami International Securities Exchange acquired the LedgerX exchange as part of the FTX bankruptcy proceedings.
  • PayIt, which helps governments register vehicles and process tax payments, acquired S3, a platform for “licensing and permitting for hunting, fishing, RVs, boats and event management.”
  • Private equity firm Silver Lake acquired a minority stake in Italian accounting, payroll and business management software provider TeamSystem (founded in 1979) for €600 million.
  • Mexican regulators approved Argentinian fintech Ualá’s purchase of ABC Capital to obtain a Mexican banking license.
  • ATM business NCR is considering a sale of its digital banking business for $2 billion.
  • Australian payments firm Tyro Payments saw a 20% drop in share price after it was revealed that private equity firm Potentia was walking away from a potential $A875 million acquisition.
  • Tradeweb, an online marketplace for rates, credit, equities and money markets, agreed to acquire Australian and New Zealand government bond trading platform Yieldbroker.
  • Hong Kong fintech Hyphen rebranded to MoneyHero Group and entered into a merger agreement with Bridgetown Holdings, a SPAC run by Peter Thiel, at a $342 million valuation.
  • College payment processor Transact Holdings has hired investment bank William Blair to explore a $1 billionsale.
🏦 M&A - Bank and FinServ
  • TBC Bank of Georgia (the country), a bank with $11 billion AUM, acquired a 51% stake in Uzbekistani payments firm LLC Inspired, which operates under the DBA Payme in the country and features 1.3 million customers.
  • Citigroup will spin off its Mexican banking unit Banamex through an IPO, after an effort to sell the bank collapsed.
  • Pacific West Bank sold off its real estate lending unit to RE investing platform Roc360.
  • Japanese bank Mizuho will buy US investment bank Greenhill.

🌎 Fintech Around the World

EBANX: We will be operating in 11 African countries by the end of the year

A digital payments revolution in India

US risks losing the crypto race to UAE, Korea, Aus and Switzerland

Fintech in MENAP: A solid foundation for growth

Indian Banks Are Set for a Profit Boost on Bank Notes Withdrawal

📚 Deeper Reads & Features

The Need for Speed: Demand, Regulation, and Welfare on the Margin of Alternative Financial Services

Chime’s Slowdown Highlights Limits of Bank Disruptors

‘I Came to Kill the Banks.’ Meme-Stock Traders Find a New Passion.

Unpicking the US deposit insurance debate

The AI era of risk management is a win for financial inclusivity and stability

The old bank/card model is still entrenched in the rich world

How fintech can adapt to a tougher environment

The financial system is slipping into state control

Is politics monopolising fintech?

Coinbase to roll out ‘Moving America Forward’ national campaign for crypto

Watch out, TurboTax: This upstart tax-filing service is helping families claim their refunds

Banks are ‘museums of technology,’ says fintech company

The fight over the future of global payments

Why Tether Cannot Be Trusted

Grinch Toes

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