Hello Fintech Friends,
Anecdotally, fintech M&A seems to have taken off compared to relatively flat venture activity (by number of fundraises; the dollar value of raises has dropped). Our colleague Sophie Vo will go into the data behind this Q3 shift in our subscriber Signals edition, but at a high level, this is expected behavior as valuations compress, late-stage fundraising gets harder, and more companies become acquisition targets as a result.
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Please find another week of fintech exits and deep reads below.
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☯️ Exits
💻 IPOs & SPACs
Travel payments provider TripActions filed confidentially to go public at a $12 billion valuation. The company last raised a $275 million Series F in October 2021 at a $7.5 billion valuation.
HSBC is talking to banks about a potential IPO of its Indonesian retail bank.
🤝 M&A - Fintech
Private equity fund EQT will acquire accounts receivable automation provider Billtrust for $1.7 billion.
Acquisitive crypto giant FTX won the rights to acquire bankrupt crypto lender Voyager Digital for $1.4 billion.
Canadian real estate tech firm Voxtur will acquire mortgage servicing platform Blue Water Financial Technologies for $101 million.
Canadian crypto exchange Coinsquare will acquire rival CoinSmart - giving the combined entity 1 million customers - for around C$29 million in cash and shares.
Investing platform Public, last valued at $1.2 billion, is in talks to acquire Dutch broker Bux.
Even though more than half a dozen US state and federal regulators have filed actions against crypto lender Nexo for its earned interest product, the lender received a US bank charter this week after buying a stake in Hulett Bancorp, which owns Summit National Bank.
French digital payments provider Worldline will acquire a 40% stake in Dutch e-commerce PSP Online Payment Platform.
Indian business payments platform Razorpay acquiredPoshVine, a loyalty and rewards network - its 7th acquisition this year.
Allurity acquired financial cybersecurity and compliance platform Aiuken Cybersecurity.
Subscription management and billing service provider Recurly acquired revenue forecasting solution LeapRev.
🏦 M&A - Bank and FinServ
Here are some of our favorite answers to the question, “what's the most novel fintech product or concept that you've seen in the last year?”
🌎 Fintech Around the World
📚 Deeper Reads & Features
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