Exits & Deep Reads

"A whole generations of fintechs are preparing for IPOs" (TWIF 2/9)

Hello Fintech Friends,

The header quote today comes from a CNBC interview with QED Investors' Nigel Morris, linked below.

It does seem like there is a lot of late-stage pressure for fintech companies to exit! This week was no exception to that rule, with 16 fintech M&A deals announced or previewed.

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

(👍👎 Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm)

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📖 Reads of the Week

☯️ Exits

💻 IPOs & SPACs

Global asset manager Rithm Acquisition filed for a $200 million initial public offering, aiming to raise funds through a special purpose acquisition company.

🤝 M&A - Fintech

Decentralized data web3 companies Textile and 3Box Labs* merged to enhance decentralized data solutions, focusing on improving data accessibility and interoperability for AI agents.
Temenos sold its fund accounting software business, Multifonds, to UK private equity firm Montagu for approximately $400 million, aiming to simplify its product portfolio.
Private equity firm Veritas engaged in discussions to acquire business data firm Dun & Bradstreet, aiming to expand its data analytics capabilities and market reach, at or around its current market cap of about $5.4 billion.
Paysafe, the online payments firm that went public in 2020 at a $9 billion valuation through a merger with a blank-check company led by Bill Foley, is exploring a sale after receiving takeover interest
Brazilian bank Itaú invested in AI-for-banking startup Kanastra, transitioning from a client to a partner, to enhance back-office fund management services and improve operational efficiency.
Cryptocurrency exchange Coinbase acquired Spindl to tackle issues related to on-chain discovery, aiming to improve data analysis and user experience on its platform.
Fintech giant Stripe closed its $1.1 billion acquisition of Bridge, setting the stage for its upcoming push into stablecoin-related services and expanding its cryptocurrency offerings.
Payments giant Worldpay acquired AI-native fraud prevention platform Ravelin, integrating its products to strengthen security measures and reduce fraudulent activities in payment processing.
Southeast Asian ride-hailing, food delivery, and payments giant Grab is in advanced talks to merge with its smaller Indonesian rival GoTo, as the firms seek to stem years of losses
Vehicle payments business Corpay announced its acquisition of Brazilian company Gringo, aiming to expand its vehicle payments services and strengthen its presence in the Latin American market.
Napier AI obtained a majority growth investment from Marlin Equity Partners, aiming to accelerate the development of its AI-driven financial crime compliance solutions.
Minority owners of financial data firm Kpler considered selling their stakes, exploring opportunities to capitalize on the company's growth and market position.
Stone Point Capital acquired a significant stake in Kestra, aiming to support the company's expansion in the wealth management sector.
Fintech roll-up vehicle United Fintech acquired trade finance and payments vendor Commercial Banking Applications to broaden its product portfolio and offer comprehensive solutions to financial institutions.
ExtractAlpha acquired ESG Analytics to provide clients with advanced environmental, social, and governance insights for informed investment decisions.
B. Riley Financial is considering spinning off its securities division to streamline operations and focus on core business areas, exploring strategic alternatives for the unit.

🏦 M&A - Bank and FinServ

Bank J. Safra Sarasin is exploring a potential acquisition of Denmark's Saxo Bank.
BPER Banca launched a €4.3 billion all-share bid to acquire Banca Popolare di Sondrio, aiming to secure at least 35% of the bank’s capital plus one share to exert control.
Brookfield Asset Management entered a bidding war for Australia's Insignia Financial, matching offers of A$4.60 per share (approximately $1.9 billion) from Bain Capital and CC Capital.
British Columbia Investment Management Corporation agreed to acquire Luxembourg-based BBGI Global Infrastructure, valuing the investment firm at £1.06 billion ($1.32 billion).

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Download now: How to fight business fraud like a pro