Exits & Deep Reads

HDFC becomes the world's fourth largest bank (TWIF 7/23)

American Airlines - New York Endless Summer

Hello Fintech Friends,

Starting September 6th, we're hosting a virtual Fintech Job Fair to help folks in our 60k+ community find opportunities at amazing companies. Want to join? Click the image below. 👇

Thank you to our first hiring partner, Basis, for working with us to hire amazing people! Want to work with us? Check out our employer overview.

Have questions? Reach out to sophie@thisweekinfintech.com or check out our job fair overview!

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

☯️ Exits

🤝 M&A - Fintech

Digital Currency Group is selling off its cryptocurrency-focused media publication CoinDesk to crypto-focused investment firm Tally Capital and Peter Vessenes of VC firm Capital6 for the princely sum of $125 million.
Convera, an international cross-border B2B payments provider, completed its acquisition of Western Union Business Solutions for $910 million.
Small business credit card, lending, and financial health platform Nav announced its acquisition of Tillful, a provider of cashflow scoring data for loans.

🏦 M&A - Bank and FinServ

Black Knight, a US mortgage data vendor, will sell off its Optimal Blue unit to Canadian business software firm Constellation for $700 million so that it can merge with NYSE owner InterContinental Exchange.
Telco Orange, active across Africa and Europe, has entered negotiations to sell off its entire retail banking business to French bank BNP Paribas.
India’s largest private lender HDFC Bank merged with Housing Development Finance Corporation, the country’s biggest mortgage lender, in a $40 billion transaction. The bank will be the world’s fourth largest, behind JPMorgan, Industrial and Commercial Bank of China and Bank of America.
Finnish bank Nordea acquired the Norwegian personal customer and private banking business of Denmark's Danske Bank.
Goldman Sachs sold off $1 billion of loans from its Marcus consumer unit to alternative asset investor Varde.
European bank Barclays is getting ready to sell off its German consumer unit of Barclaycard with a loan book of £4.3 billion.
Private equity firms Bain Capital and Carlyle Group are contenders to acquire Adani Capital, Gautam Adani’s Indian shadow bank, following the holding company’s failed IPO.
Abu Dhabi state holding firm ADQ and Canada's Bank of Montreal will acquire minority equity stakes in alt asset manager Sagard.
Sequoia Financial Group’s SEC-registered investment advisory business acquired Cirrus Wealth Management.
SVB obtained court permission to sell off its investment bank.