Hello Fintech Friends,

August is traditionally a slow month for exits, as corporate leadership enjoys time at the beach. But this August, every bank, fintech company, and crypto exchange seems to be sprinting for the door, after watching firms like Bullish, Chime and Circle trade up significantly on strong retail demand.

Wall Street has taken notice, with banks performing an about-face on crypto in order to win lucrative deals, leading CNBC to comment that "tech IPOs are roaring after ‘years of Prohibition.’"

Will it last?

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

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Exits

IPOs & SPACs

• Crypto excange Bullish raised approximately $1.1 billion in an upsized IPO priced at $37 per share, achieving a valuation around $5.4–$5.6 billion fueled by strong investor demand. The company more than doubled in its first day of trading and ended the day up 84%.
• SoftBank’s PayPay, a Japanese digital payments provider, filed a confidential registration with the SEC for a U.S. listing via American Depositary Shares, targeting a possible valuation near $10 billion.
• Apex Treasury filed for a $250 million IPO as a blank-check SPAC focused on blockchain, crypto treasury, and related industries, offering 25 million units at $10 each.
• Miami International Holdings, a US exchange operator also known as MIAX, raised $345 million in its IPO by selling shares above the marketed range and saw its stock surge 34–35% in its first day of trading.
• Home mortgage lenders Fannie Mae and Freddie Mac are considering an IPO that could raise up to $30 billion later this year, with the Trump administration planning to initiate a public offering of the government’s stakes.

M&A - Fintech

• Sapiens entered into a definitive agreement to be acquired by Advent for approximately $2.5 billion.
• Western Union announced that it would acquire Intermex for about $500 million in cash.
• Fiinu planned a reverse takeover of FX brokerage Everfex.
• Nedbank acquired iKhokha in a deal worth $94 million to deepen its support for SMEs.
• Fitch Learning signed an agreement to acquire Moody’s Analytics Learning Solutions and the Canadian Securities Institute.
• PwC US signed a definitive agreement to acquire substantially all the assets of Kunai.
• AcreTrader was acquired by Proterra Investment Partners in a private deal with undisclosed terms.
• RBC and BMO placed their joint payments venture Moneris up for sale, valuing it at around $2 billion.
• Rumble shared plans to acquire Tether-affiliated Northern Data in an all-stock deal.
• MeridianLink, which caters to nearly 2,000 community financial institutions and reporting agencies, agreed to be taken private by Centerbridge Partners in a $2 billion deal.

M&A - Banks and Financial Institutions

• Canada's Bank of Montreal is exploring a potential sale of its transportation finance arm for roughly $1 billion, though it had not committed to a final decision.