Hello Fintech Friends,
This week, DoorDash agreed to buy Instacart for $17 billion, a deal that could have major implications for how retailers and gig workers get paid.
Meanwhile, private equity firms CD&R and GTCR reportedly teamed up on a bid for Global Payments, a processor with an enterprise value of approximately $40 billion. Guidewire agreed to buy hyperexponential for $1.7 billion plus potential payouts, and S&P Global completed its acquisition of OpenZeppelin.
Bank deals were led by UMB Financial’s $506 million agreement to buy El Dorado Savings Bank and First Community Bankshares’ $243 million deal for Main Street Financial Services. In public markets, OPay raised $304 million in its U.S. IPO, while RedotPay reportedly weighed a filing before year-end.
Our reads this week examine potential job cuts at the Office of the Comptroller of the Currency and Ripple’s push deeper into banking through stablecoin deals.
From The Financial News Network (FNN), formerly TWIF, we explore what Binance’s $6.3 billion breach means for crypto security in the AI era and why Gusto wants to connect bank accounts to payroll.
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Reads of the Week
Exits
IPOs & SPACs - Fintech
RedotPay, a Hong Kong crypto card provider, is reportedly weighing a confidential US IPO filing before the end of 2026 while in talks over a pre-IPO round valuing it at $4 billion to $5 billion.
OPay, a Nigeria-focused digital bank and payments fintech, raised $304 million in its US IPO.
BHAV Acquisition II, a SPAC targeting sectors including fintech, robotics and advanced computing, raised $100 million in its Nasdaq IPO.
SPACCircle Acquisition, a SPAC targeting digital assets, technology and healthcare, raised $100 million by offering 10 million units at $10.
ABHI Microfinance Bank, a Pakistani lender expanding its digital banking business, plans to raise PKR2 billion–PKR3 billion (up to approximately $10.8 million) in a November IPO.
AdalFi, a Pakistani digital lender focused on Islamic and small-business loans, plans to raise up to 652 million rupees ($2.35 million) in an IPO next month.
Maya, a Philippine digital banking and payments platform, is targeting a 2027 IPO.
PhonePe, an Indian digital payments platform, confirmed its IPO remains on hold.
M&A - Fintech
DoorDash agreed to acquire Instacart for $17 billion, bringing the grocery delivery platform and its relationships with more than 2,200 retailers into its commerce business.
CD&R and GTCR teamed up on a bid to acquire Global Payments, a card processor with an enterprise value of approximately $40 billion.
Guidewire agreed to acquire hyperexponential, an AI underwriting and pricing platform for insurers, for $1.7 billion in cash plus up to $400 million in contingent payments.
S&P Global completed its acquisition of OpenZeppelin, a provider of smart contract security tools and services for blockchain-based finance.
Zafin agreed to acquire Naehas, a provider of offer management and compliance technology for financial institutions, in a nine-figure cash-and-equity deal.
An investor group led by The Lifetime Value Company (LTVCo) and its founders acquired Kipp, a fintech platform helping card issuers and merchants recover transactions declined for insufficient funds.
Hummingbird acquired Quantimon, a developer of machine learning technology for anti-money laundering transaction monitoring.
Franklin Madison agreed to acquire Bindable, an insurance distribution technology provider offering digital marketplaces and white-label agency services.
Inkle acquired Finally’s bookkeeping business in an all-cash asset purchase, adding approximately 100 employees to its AI-powered accounting operation.
Dark Matter Technologies acquired House Numbers’ AI agent platform and related intellectual property, bringing its team aboard to expand automation across home lending.
PayTabs Group announced a memorandum of understanding to acquire SeaPay, a Saudi payments provider, from Arab Sea Information Systems.
Oxygen Finance, a subsidiary of TruFin, acquired Rockford Associates, an overpayment audit specialist, for £1.8 million plus up to £200,000 tied to performance targets.
Xsolla, a gaming payments and commerce provider, acquired GamePix, a browser-game publishing and distribution platform with more than 10,000 titles.
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M&A - Banks and Financial Institutions
UMB Financial agreed to acquire California-based El Dorado Savings Bank for approximately $506 million in cash and stock.
First Community Bankshares agreed to acquire Ohio-based Main Street Financial Services for approximately $243 million in an all-stock transaction.
Renasant agreed to acquire Commercial Holding, parent of Tennessee’s Commercial Bank & Trust, for $106.3 million in stock, alongside a $35.7 million preclosing dividend to the seller’s shareholders.
First Mid Bancshares agreed to acquire Evergreen Bancshares, parent of Missouri-based American Bank of Freedom, for approximately $70.7 million in cash and stock.
Texas Banc Financial, parent of TexasBank, agreed to acquire Haskell Bancshares, parent of Texas-based Haskell National Bank.
Numerica Credit Union and SELCO Community Credit Union agreed to merge, creating a credit union with nearly $8 billion in assets and more than 325,000 members.
Financial Plus Credit Union and Monroe Community Credit Union announced plans to merge, creating a Michigan credit union with more than $2 billion in assets.
Desjardins agreed to acquire Bennington Financial, a Canadian equipment leasing and financing company, from Equitable Bank.
OMERS agreed to acquire a nearly 20% stake in Australian credit manager La Trobe Financial from Brookfield.
CAPTRUST acquired Pacific Sage Partners, a Washington-based investment adviser overseeing approximately $1.1 billion in client assets.
Wealthspire Advisors’ Ground Control Business Management acquired Atlantic Swiss, a London wealth manager overseeing more than $1 billion in assets under management and administration.
Modern Wealth Management acquired 4thGEN Wealth Management, a California advisory firm with approximately $330 million in client assets.
Sequoia Financial Group acquired Quish & Co., a Colorado-based family office and wealth manager with approximately $175 million in client assets.
Mesirow Fiduciary Solutions completed its acquisition of flexPATH Strategies’ plan-level fiduciary business, expanding its retirement-plan investment management capabilities.
JAB Insurance completed its acquisition of Utmost Life and Pensions, a UK insurer with more than £5 billion in assets and nearly 300,000 policyholders.
AmTrust International acquired Wakam SA and Wakam UK, expanding its white-label insurance operations across Europe and the UK.
CopperPoint Insurance Company completed its acquisition of General Indemnity Group from Boston Omaha, adding nationwide surety underwriting and distribution capabilities.
Rainier Partners acquired Apex Insurance Services, a Texas-based managing general agency platform specializing in nonstandard auto insurance.
