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Please find another week of fintech exits below.
Identity verification is trickier than ever — SSNs are leaked all the time, government IDs and other documents are easily Photoshopped, and deepfakes even make it easy to “take” someone’s face. It may be tempting to ask users for a ton of info during onboarding to better identify fraudsters, but the more friction you add, the less likely users are to convert. We’ve learned a lot helping companies like Square, BlockFi, and Brex find the perfect balance between risk management and conversion optimization, and now we’re sharing our learnings with you.
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☯️ Exits
Neobank Revolut ruled out going public in 2022 amid the IPO slowdown.
🤝 M&A - Fintech
ICE, the parent of the New York Stock Exchange, announced that it will buy mortgage lending software provider Black Knight for $16 billion.
Truist, the 6th-largest bank in the US with $488 billion in assets, acquired Long Game, a 12-person team building a gamified financial mobile app for younger consumers.
Coinbase ended talks to buy Mercado Bitcoin, a $2 billion Brazilian crypto exchange.
Dutch neobank Bunq announced that it will acquire group expense management mobile app Tricount.
Private equity firm Fourshore Partners acquired lender Celtic Capital.
🏦 M&A - Bank and FinServ
Itau Unibanco, a Brazilian bank, announced that it will acquire an 11% stake in Brazilian brokerage XP for $1.6 billion.
Financial conglomerate LPL Financial will acquirePeople’s United Bank to add to its brokerage and advisory platform.
Investor services provider IQ-EQ acquired Irish fund management business Davy Global Fund Management.
First Century Bankwalked away from its planned merger with First Internet Bank.
AML doesn’t have to make you think FML. At Persona, we offer the world’s easiest and most customizable identity verification solution and help companies like Square, BlockFi, and Brex meet compliance standards and reduce fraud. Since you’ve got great taste in newsletters, we’re offering you 500 free government ID + selfie verifications and watchlist reports each month to help meet KYC/AML requirements.
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🌎 Fintech Around the World
📚 Deeper Reads & Features
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