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This week’s biggest transactions included Grab’s investment in BNPL provider Atome and a $7.7 billion agreement by DFO Management and Sequence Holdings to acquire The Baldwin Group. Indiabulls sold a controlling stake in its housing finance business, while S&P Global acquired blockchain security firm OpenZeppelin.
In digital banking news, Brazil’s Nubank went live in the U.S., though ahead of OCC approval through a partner bank. And U.S.-based Ramp launched in the U.K., with a tongue-in-cheek apology to British finance teams for arriving seven years late.
In the public markets, India’s National Stock Exchange moved closer to its long-awaited IPO, while Mynt, the parent company of GCash, began preparing for a listing in the Philippines. Both could become major fintech-related debuts in their home markets.
Also noteworthy: Vista Equity Partners is reportedly exploring strategic options for banking software provider Finastra, including a possible sale.
This week’s deep reads examine how Fed staff missed warning signs before Silicon Valley Bank’s collapse, why Enova abandoned its acquisition of Grasshopper Bank, and where Portage plans to invest its new $600 million fintech fund.
In TWIF coverage, we reported on why banks lack a clear framework for testing AI in fraud investigations, how Visa’s acquisition of BioCatch could spur more anti-fraud deals and how scammers tricked Revolut into handing over sensitive data.
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Reads of the Week
Exits
IPOs & SPACs - Fintech
National Stock Exchange of India launched a $2.3 billion IPO.
GCash operator Mynt secured approval for a nearly $1.3 billion IPO that would be the country’s largest-ever listing.
Manipal Payment & Identity Solutions listed in India following its $84 million IPO.
Revolut confirmed it’s considering a dual listing on Nasdaq and the London Stock Exchange.
M&A - Fintech
Grab acquired a 60% stake in Southeast Asian buy now, pay later provider Atome Financial in a $1.49 billion deal.
Indiabulls agreed to acquire 70% of lending-technology provider Fintech Cloud for approximately $156 million.
S&P Global agreed to acquire blockchain-security and smart-contract audit provider OpenZeppelin.
Vista Equity Partners is reportedly exploring a sale, stake divestment or other transaction involving Finastra, which could be valued at more than a high-single-digit billion-dollar amount.
M&A - Banks and Financial Institutions
Sequence Holdings and DFO Management agreed to acquire a majority interest in insurance brokerage The Baldwin Group in a take-private transaction valued at approximately $7.7 billion.
Macquarie Asset Management acquired a 37.5% stake in Indian infrastructure investment trust Maple Infrastructure Trust from La Caisse in a $450 million transaction that includes $150 million for future acquisitions.
Enova International abandoned its proposed $369 million acquisition of digital commercial bank Grasshopper Bancorp after withdrawing its regulatory applications.
