Exits & Deep Reads

Risk management platform Auditboard sells for $3B (TWIF 5/26)

TWIF @ NY Fintech Week

Hello Fintech Friends,

For all our American readers, I hope you're having a fantastic Memorial Day Weekend (and focused on more fun topics than fintech – fintech will be here for you again on Tuesday).

Sharing this week's latest exits, around-the-world, and deeper reads below 👇

I'd also like to say a quick congrats to Cascading AI* and Ansa* (disclosure: both are portfolio companies) for being selected as Finovate's Best of Show 2024 and American Banker's Innovators of the Year 2024!

Please find another week of fintech exits and deep reads below. (👍👎 Have feedback for us? Let us know!)

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☯️ Exits

🤝 M&A - Fintech

Auditboard, a risk management platform that focuses on auditing, risk, compliance, and ESG management, was acquired by software firm Hg for over $3 billion. The last round it raised was a $40 million Series B in 2018 and it recently crossed $200 million in annual recurring revenue.
Envestnet, a publicly-traded provider of wealth-management software, is drawing takeover interest from buyers including Advent International and GTCR. It is currently valued at $3.6 billion.
British neobank Chetwood Financial acquired investment property mortgage provider CHL Mortgages to build out its upcoming mortgage products.
Indian fintech giant Jio Financial plans to acquire equipment worth $4.33 billion from the retail arm of Reliance Industries as it plans to enter the device leasing business.
Fabrick, a British open banking provider, acquired a majority 75% stake in its German counterpart finAPI to enter the German, Swiss, and Austrian market.
FE fundinfo, a financial data platform for the asset management industry, acquired German wealthtech provider Dericon.
Middle Eastern investment bank EFG Hermes acquired a minority stake in Danish fintech Kenzi Wealth for an undisclosed amount.
Financial crime consultancy Plenitude acquired Contineo , a provider of technical advisory services for regulatory compliance operations.
Solana-based crypto wallet Phantom acquired Bitski, a wallet-as-a-service platform.

🏦 M&A - Bank and FinServ

Financial advisor WH Ireland Group is selling off its capital markets division to British investment bank Zeus Capital. The company has a market value of about £9.4 million.
Dutch bank ABN Amro is discussing selling off its insurance joint venture Neuflize Vie to French bank BNP Paribas.
UK investment manager Hargreaves Lansdown turned down a £4.7 billion acquisition offer from a group of investors including the Abu Dhabi sovereign wealth fund.

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