India is putting its $8 billion state bank up for sale (10/23)

Also: Avalara tax gets scooped up for $8.4 billion and Mediobanca goes on a fintech buying spree

Hello Fintech Friends,

We’ll be in Cape Town for Africa Tech Festival next month! Come join us at our Fintech Happy Hour on November 10th: https://lu.ma/capetown (we’re still looking for one more sponsor - shoot me a note if you’re interested).

Also, here by popular demand is our first annual December 25th Chinatown Dumpling Crawl: https://lu.ma/dumpling, led by This Week in Fintech’s Alex Gillette.

At Money2020 tonight? Last chance to come join us for our kickoff event!

Lower valuations invited larger companies to go on buying sprees, which drove acquisitions to spike by 153% (🤯) in Q3 over the prior quarter. Get the full report in Sophie Vo’s Q3 Signals Report.

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

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☯️ Exits

💻 IPOs & SPACs

Super Apps, a Malaysian builder of payments tech, is set to go public in the US via a SPAC with Technology and Telecommunication Acquisition Corporation at a $1.1 billion valuation.

🤝 M&A - Fintech

Private equity firm Vista Equity Partners acquired tax software builder Avalara for $8.4 billion.
Chinese cross-border payments firm LianLian Global acquired a minority stake in AI content generator ContentBot.
RFI Global, a provider of data and insights for financial services, acquired MacroMonitor, another financial data and insights provider.
Texas’ securities regulator is investigating FTX’s quick rate of acquisitions for potential conflicts and antitrust.

🏦 M&A - Bank and FinServ

India is looking to sell its state-owned bank IDBI Bank to a private buyer for $7.73 billion.
The consumer credit arm of Italian investment bank Mediobanca Group acquired Italian special purpose lending fintech Soisy and a 19.5% stake in Swiss buy-now-pay-later provider HeidiPay.
Westpac Bank in Australia hired JP Morgan to help it vet an acquisition of payment terminals business Tyro Payments.
Credit Suisse is looking into selling its US asset management arm.