Hello Fintech Friends,

Today’s newsletter is brought to you by our friends at Visa.

I'm excited to introduce Rachel Chang, who is working with us on our news summaries for the Saturday and Sunday newsletter (while I'll continue to write the editorial sections).

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

- Nik

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Read of the Week

Value Derivations

I use a simple model when thinking about how value moves across the internet: ValueType defines what is moving – dollars, euros, stablecoins, digital deposits, whatever. TransferType defines …

Ben MilneSkip to content

Exits

IPOs & SPACs

• BTC Development announced the pricing of its IPO of 22 million units at a price of $10 per unit, marking its entry to the public markets through Nasdaq.
• Climate First Bank tapped investment firm Piper Sandler to explore a U.S. IPO in 2026.
• Commercial Bancgroup priced its IPO at $24 per share, raising $172 million and offering 7.2 million shares to expand its Tennessee-based community banking operations.
• Ethos Technologies filed for a U.S. IPO, focused on simplifying the insurance industry's value chain.
• Revolut aimed to make history with a potential dual-listing in New York and London, at a target $75 billion valuation.
• Tata Capital raised 46.42 billion rupees ($523 million) from anchor investors with plans for a $1.7 billion IPO, set to be India’s biggest listing of 2025.
• Wealthfront filed for a U.S. IPO after 17 years, reporting 26% revenue growth to $339 million in 2025 from its automated portfolios of stocks and bonds, with plans to expand into mortgages.

M&A - Fintech

• Fiserv acquired Smith Consulting Group to expand its advisory and operational services for community banks and credit unions across the U.S.
• Fiserv announced plans to acquire StoneCastle Cash Management to bolster its FIUSD stablecoin by the first quarter of 2026.
• Gusto acquired Guideline for $600M, aiming to divest customers associated with rival retirement and payroll companies.
• Rocket Companies closed its $14.2 billion acquisition of Mr. Cooper, combining the largest home loan originator and mortgage servicer in the U.S.
• TMX Group acquired Verity, an investment research and analytics provider, to expand its footprint into the U.S.

M&A - Banks and Financial Institutions

• First Merchants announced plans to acquire First Savings Financial Group for $241.3 million in stock, expanding its presence in Indiana and entering the Kentucky market.
• Heritage Financial announced plans to acquire Olympic Bancorp in an all-stock transaction valued at $176.6 million in Washington.
• HSBC agreed to sell its Sri Lanka retail banking operations to Nations Trust Bank, continuing its international divestment strategy
• Mid Penn Bancorp agreed to buy 1st Colonial Bancorp in New Jersey, paying $101 million in cash and stock.
• Mubadala Capital and Silver Rock Financial formed a strategic partnership, combining Silver Rock Financial’s credit expertise with Mubadala Capital’s global network and capital base. Mubadala Capital also acquired a 42% stake in Silver Rock Financial LP through cash and stock.
• Sabadell’s board rejected BBVA’s improved takeover bid valued at $20 billion, with 10 days left for shareholders to make a final decision.
• Stearns Bank agreed to buy One American Bank in South Dakota.