Exits & Deep Reads

Two massive Indian fintech IPOs (TWIF 11/16)

Hello Fintech Friends,

Big news from India’s fintech scene this week: Groww just raised ≈ $748 million in its IPO—its shares closed 29% above issue price, valuing the company at around $9 billion. Launched in 2016 by former Flipkart employees, Groww now serves over 14 million active users and is branching out from brokerage into lending, payments, asset management and insurance.

The listing comes amid a surge in Indian retail investing — and Groww’s success signals a major shift: first-time investors, tech startups gone public, global VC exits, and India’s fintech appetite hitting full stride. Investors like Microsoft, Ribbit, YC, and Tiger Global backed the company.

Indian payments technology provider Pine Labs, which is backed by PayPal and Mastercard, also went public this week, finishing its first day of trading 14% higher even after lowering its valuation for its $440 million IPO.

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

Want to sponsor a newsletter? See our sponsorship information here.

News coverage written and provided by Rachel Chang.

Reads of the Week

Exits

IPOs & SPACs

Groww debuted as India's largest fintech IPO of 2025, with the online brokerage platform raising ₹66.3 billion (~$748 million) and shares closing 29% above the issue price.
Pine Labs debuted with the Indian digital payments company — known for its point-of-sale devices and merchant checkout — opening 9.5 % above its IPO price of $440 million.
Launchpad Cadenza Acquisition Corp I, a blank check company formed by Candenza, filed for IPO in an aggregate amount of $200 million, targeting tech companies in the blockchain, financial technology, or digital infrastructure sectors.

M&A - Fintech

Public acquired the CryptoIRA business from Alto, a self-directed IRA platform, to offer its members the ability to trade cryptocurrencies within their IRAs. The CryptoIRA product will be integrated into the Public platform early 2026.
Reseda acquired Tandem, an Ann Arbor-based fintech that helps couples manage shared expenses.
Banca Sella agreed to acquire full control of Hype, a Milan-based electronic money institution, for €85 million (~$99 million).
Moni (now rebranded as Rank) acquired AjoMoney and Zazzau Microfinance Bank as it digitizes traditional African savings mechanisms, including Ajo, Tontines, and ROSCAs.
Paystand acquired Bitwage to power its stablecoin settlement and foreign exchange across its accounts receivable and accounts payable network.
State Street acquired PriceStats, its partner specializing in real-time inflation analytics, for an undisclosed amount.
FE fundinfo acquired Contengo to enhance its data-analytics capabilities for financial advisers.
Six Group, Swiss stock exchange operator, buys Worldline's electronic data management (EDM) unit to grow its sanctioned securities monitoring business.
ISH acquired ProSpend, an Australian spend-management platform, for an undisclosed sum.
United Fintech acquired Trade Ledger, a lending-as-a-service provider, in an all-share deal to expand its commercial banking division.

M&A - Banks and Financial Institutions

ABN Amro agreed to acquire NIBC Bank from Blackstone for €960 million (~$1.1 billion) to expand its retail banking operations in Dutch, German, and Belgian saving markets, with plans to complete the deal in H2 2026.