Exits & Deep Reads

Kraken won't go public just yet (TWIF 3/30)

Hello Fintech Friends,

Today’s newsletter is brought to you by Visa Direct.

If you missed it this week, our deep-dive author Jas Shah had a great writeup on Marqeta, payment processing, and the future of self-service fintech issuing.

Anyone building card payment products should give it a read; it's the most thorough dissection of Marqeta that I've ever read.

Here’s what to expect:

Marqeta’s origins and parallels with first ever payment card
A brief timeline from founding in 2010 to today
What does an issuer-processor actually do?
Parallels between great issuer-processors and wedding planners
The Speculative Now, Next and Later of issuer-processing
Why API-Driven platforms, Payment Nerds, and AI will be key to the future of fintech innovation

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

eToro, an Israeli-based online trading platform, filed for an initial public offering in the United States. In 2024, the company reported total revenue and income of $12.6 billion, a 225.3% increase from the previous year, and a net profit of $192.4 million, up 1,160.7%. This growth was primarily driven by crypto assets, which contributed $12.2 billion in revenue, a 254% rise from the prior year. eToro plans to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol "ETOR."
In a related development, Kraken, a major U.S.-based cryptocurrency exchange, is considering raising up to $1 billion in debt ahead of a potential IPO. The company is working with Goldman Sachs and JPMorgan Chase on this effort, which is in preliminary stages. Co-CEO Arjun Sethi emphasized that Kraken is not rushing to go public and will consider an IPO if it benefits their clients and builds trust. The company is also focusing on acquisitions to leverage crypto's efficiencies in traditional finance.

🤝 M&A - Fintech

Clearlake Capital Group entered into a definitive agreement to acquire Dun & Bradstreet Holdings, the historic provider of business decisioning data and analytics (where Abraham Lincoln, Ulysses S. Grant, Grover Cleveland and William McKinley all once worked). The transaction was valued at $7.7 billion, including outstanding debt, with an equity value of $4.1 billion. Under the terms, Dun & Bradstreet shareholders will receive $9.15 in cash per share.
PayU, the Indian payments and fintech arm of Prosus, acquired a 43.5% stake in Mindgate Solutions, a Mumbai-based digital payments infrastructure provider.
Venture firm FinTech Collective acquired the Scandinavian fintech investment fund Upfin.
Bain Capital agreed to acquire a majority stake in Namirial SpA, an Italian digital transaction management company, from private equity firm Ambienta. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals.
NYDIG, a leading bitcoin and power firm, announced plans to acquire Crusoe Energy's bitcoin mining operations.
9fin, a British analytics platform for debt capital markets, acquired Bond Radar, an intelligence and data provider for the international bond and loan markets.
Unified Health Services, a a provider of end-to-end revenue cycle management ("RCM") solutions for Workers' Compensation claims, acquired Sunbelt Medical Financial.

💡

Sponsored Content

Discover how modernizing payment systems can reduce hidden frictions in healthcare.

Visa’s latest whitepaper, "Untangling the Complexity of Payments in Healthcare," reveals key insights and strategies for improving efficiency and patient satisfaction.

Learn how Visa Direct can enhance payments and patient experiences by enabling real-time payouts using just the debit card number linked to your bank account. Download the report by Visa Direct.