Exits & Deep Reads

Africa's Moove acquires Brazil's Kovi for $275M (TWIF 2/2)

Kim Przybylski

Hello Fintech Friends,

No time to read the weekly newsletter on the go? Check out the audio version of Friday's newsletter below.

There Will Be Surprises (TWIF 1/31)

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And congrats to Kiaan and the team at Stitch* on acquiring Exipay; I'm excited to see this team keep building out the best payments platform in Africa.

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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📖 Read of the Week

"If you’ve ever paid bills, sent money, accessed your wages, or funded your business with a few taps on your phone, you’ve felt the power of digital innovation. Yet, behind these advances lies a stubborn truth: America’s financial laws remain stuck in the past. Despite the fact that three in four Americans use mobile payment services, these fintechs still cannot independently settle transactions."

- Modernizing America's Payments System to Lower Costs and Increase Competition

☯️ Exits

🤝 M&A - Fintech

Moove, an African mobility fintech backed by Uber, acquired Brazil's Kovi, increasing its annual recurring revenue to $275 million. This acquisition expanded Moove's vehicle subscription and financing services in Latin America.
360 One WAM agreed to buy India's B&K Securities for $205 million, aiming to strengthen its presence in the Indian financial services market.
TravelPerk raised $200 million in a Series E funding round and acquired Swiss AI-powered spend management platform Yokoy to integrate travel and expense management into one automated platform.
Pan-African payments provider Stitch* acquired ExiPay to offer in-person payments for enterprises.
Nuvei acquired Paywiser Japan Limited, launching direct acquiring capabilities in Japan to enhance its payment processing services in the region.
CohnReznick entered advanced talks to sell a stake to Apax Partners, aiming to bolster its growth and expand its service offerings.
Leste Group invested in Billor, a fintech and freight company, by acquiring a minority stake and providing a $335 million credit facility to support U.S. truck drivers in becoming vehicle owners.
Wealth Partners Capital Group and HGGC established a strategic partnership with The Wealth Alliance, making a minority equity investment to support the firm's growth through mergers and acquisitions.

🏦 M&A - Bank and FinServ

Vladimir Putin authorized the sale of Goldman Sachs' Russian unit to Armenian fund Balchug Capital, facilitating the bank's exit from Russia amid increasing restrictions on foreign asset sales.
Arax Investment Partners acquired Cedrus Financial, a registered investment advisory firm managing $1 billion in assets, to expand its wealth management platform.
Banca Monte dei Paschi di Siena made a nearly $14 billion unsolicited offer to acquire Mediobanca, aiming to create a national champion by merging retail banking with investment banking and wealth management capabilities. Mediobanca rejected the offer.

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