The Worldpay is not enough (TWIF 2/19)
Hello Fintech Friends,
🗣️ I really enjoyed this open and frank conversation on intersectionality and identity with two fintech founders, Nadia of Tome and Neepa of Themis*. I hope we can facilitate more of these conversations; there are very real human questions that underlie how we navigate in the fintech world, which deserve to be discussed out in the open. Julie and Helen do a great job moderating - give it a listen.
🤠 On another topic - a lot of people don't typically view SXSW as a fintech event, but this year there is a big wave of fintech activity. We’ve partnered with Fortress on The Fintech Fortress - 4 days of programming tailored to builders at the corner of Fintech and Web3. Come by and meet Alex on our team!
👍👎 Have feedback for us? Let us know!
Please find another week of fintech exits and deep reads below.
🤝 M&A - Fintech
- UK bank NatWest will buy 85% of workplace savings and pension app Cushon for £144 million. The startup previously raised £52.2 million.
- European digital currency exchange Coinmetro acquired blockchain-enabled small business financing app Ignium for €4 million.
- Financial education platform SUMA Wealth will acquire Reel, a savings and personal finance solution - both of them Latinx-owned companies.
- Peer-to-peer lender turned consumer neobank Zopa entered an agreement to acquire buy-now-pay-later provider DivideBuy.
- Brazilian mobile payments provider PicPay acquired rival BX Blue and called off its planned IPO.
- Saudi small business transaction processor Hala agreed to acquire UAE microbusiness payment processor Paymennt.
- Chinese e-commerce giant Alibaba sold its stake in India’s Paytm for $167 million following increased tensions between the two countries.
- Fintech giant Finastra is exploring a sale of its banking business, which could fetch up to $7 billion.
- Bankrupt crypto lender Celsius nominally found a buyer, agreeing in-principle to be acquired by NovaWulf Digital Management.
- The UAE's Blockfinex bought Nigerian crypto app Fluidcoins after it failed to raise funding.
🏦 M&A - Bank and FinServ
- Private equity firm Parthenon Capital will acquire the gaming-focused division of Global Payments for $415 million and will spin it out as Pavilion Payments.
- FIS is spinning out Worldpay (more on that below).
- Indian bank Kotak Mahindra will acquire microfinance lender Sonata Finance for ₹5.37 billion ($65 million).
- Truist Bank will sell a 20% minority stake in its insurance brokerage unit to private equity investor Stone Point.
- Royal Bank of Canada acquired the Canadian operations of real estate tech company OJO.
- Kazakh brokerage Freedom Holding entered an agreement to buy US financial services firm Maxim Group.
- SoftBank is considering a sale of M&A bank Raine Group.
🌎 Fintech Around the World
Lithuania, EU’s Fintech Hub, Tightens Supervision After Massive Expansion
SME Banking & Remittances in Africa
Tala’s transparent fees, fair loan collections restore Filipino trust in digital lending
📚 Deeper Reads & Features
The Wallet Wars Are Not About Money, They Are About Identity
2023 Fintech Market Trends Report
20 Ways Artificial Intelligence Might Shape Financial Services
A decade of fintech failures: 4 innovations that didn’t live up to the hype
The Unusual Crew Behind Tether, Crypto’s Pre-Eminent Stablecoin
The match should always add up
Is this the end of the BNPL boom?
Home equity loans are booming — here’s why
Inside Stripe’s $55 Billion Pitch to Investors
Crypto's Banking Problem: Industry Needs Access but US Regulators Keep Digital Assets at Bay
Banks Are Breaking Up With Crypto During Regulatory Crackdown
Big banks choose fear-mongering over facts when it comes to fintech
How the Digital Revolution in Banking is Transforming the Customer Experience
Drivers, opportunities, and risks shaping the retail banking industry in 2023
Why Meta Is Missing The Boat On Asia’s Fintech Boom
The bizarre and brutal final hours of FTX
Financial Inclusion: A Critical Driver of the Credit Economy
Top 10 fintech trade associations globally
Amish farmer alleges George Santos wrote him bad check in exchange for puppies
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