Hello Fintech Friends,

Question for our readers: Which US bank partners and program sponsors are still working with fintechs outside of the US? 

(And for those who haven't seen it, this is a great report from Morgan Stanley ~9 months ago on which banks still support crypto companies.)

We end the year with over $1 billion of new fintech M&A activity announced in one of 2023's final weeks.

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

(👍👎 Have feedback for us? Let us know!)

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☯️ Exits

💻 IPOs & SPACs

• Two years ago, clearing and settlement platform Apex Fintech filed for a $4.7 billion SPAC. This week, the company filed confidentially for IPO, and expects to hit $418 million in operating revenue in 2023, with adjusted EBITDA of $178 million.
• British commodities broker Marex Group picked the New York Stock Exchange for an IPO that could value it at $1.8 billion.

🤝 M&A - Fintech

• International payment network Visa agreed to acquire a majority interest in Mexican payment processor Prosa, which will operate as an independent company with its own technology infrastructure under the agreement, while Visa looks to expand Prosa’s product offering with new digital solutions. Prosa was previously seeking a buyer at a $1 billion+ valuation in 2021.
• Dutch bank ABN Amro agreed to acquire online stockbroker BUX for $100 million in order to boost its retail investment and digital presence. The fintech had previously raised $115.8 million over 8 rounds.
• TMX Group, the owner of the Toronto Stock Exchange, acquired a 78% stake in American data analytics company VettaFi for $848 million.
• Ebury, a UK provider or international payments and collections, foreign exchange and cash management services, acquired Prime Financial Markets for an undisclosed sum in order to establish a presence in Africa.
• EquiLend, a platform for electronic securities lending and borrowing, will sell itself to private equity firm Welsh, Carson, Anderson & Stowe for $800 million.
• Tax Systems, a tax compliance software supplier to the UK and Ireland, will acquire TaxModel, a Dutch provider of tax technology.
• Ncontracts, a provider of compliance, risk, and vendor management solutions to financial services, acquired Quantivate, a compliance software provider to banks and credit unions.
• M2P Fintech, an Asian open banking platform, will acquire Goals101, a Transaction Behavioural Intelligence provider in India and Asia, for a sum "in the millions."
• Private equity firm Motive Partners acquired a controlling stake in Australian-listed BNPL firm Splitit Payments, for $25 million up-front and $25 million conditional on performance hurdles.
• beqom, a provider of compensation and performance management solutions, will acquire PayAnalytics, a pay and workplace equity software provider.
• Vertex, a provider of indirect tax solutions, made a bid to acquire e-invoicing vendor Pagero for $555 million.
• Cable television provider Altice USA is in talks to sell financial news streaming service Cheddar private equity firm Regent.

🏦 M&A - Bank and FinServ

• Mirae Asset Securities, a South Korean institutional capital markets provider, will acquire French bank BNP Paribas' Indian retail brokerage unit, Sharekhan, for ₩487 billion ($370.11 million).
• Midsize American bank Codorus Valley, which operates PeoplesBank in Pennsylvania and Maryland, will merge with Orrstown Financial in an all-stock deal, creating a bank with $5.2 billion in assets.
• Private equity firm Bain Capital sold a stake worth $448 million in Indian private lender Axis Bank.
• Global Payments, currently worth $32.4 billion, is weighing an acquisition of Shift4 Payments, worth $6.1 billion.
• Private equity firm Apollo Global is weighing a bid for the UK's Pension Insurance Corporation at a valuation of about £5 billion pounds.
• Webster Financial Corporation – the owner of principal bank Webster Bank – agreed to acquire Ametros, a custodian and administrator of medical funds from insurance claim settlements, from private equity firm Long Ridge Equity Partners.
• The process to sell the venture-capital arm of bankrupt SVB Financial – the former parent of Silicon Valley Bank – to SkyBridge Capital and Atlas Merchant Capital, has fallen flat and creditors are now gearing up for a potential takeover of the business.

🌎 Fintech Around the World

24 million SMEs in LATAM use at least one fintech solution

Palau’s Ripple-supported stablecoin pilot achieves positive results

Moni: Pioneering Community Banking in Africa

Crackdown-Hit Crypto Industry Sets Sights on Abu Dhabi

UK watchdog proposes cap on card fees in blow to Visa and Mastercard

📚 Deeper Reads & Features

How sustainable is payment by cash?

CFPB: The Consumer Credit Card Market 2023

Are "buy now pay later" plans really helping to raise people's credit scores?

Why This CEO Thinks You Should Ditch Your Credit Cards

Is pay by bank the future of payments?

CBDCs, Standards, and Liquidity: What Financial Institutions Need From Cryptocurrency

Fintech Seeks To Achieve SDGs Through Artificial Intelligence

What It’s Like Working in a Building Shaped Like a Hot Dog

Have a news item for us? Reach out to news@thisweekinfintech.com