Exits & Deep Reads

MENA's Tabby courts banks for IPO (TWIF 2/16)

Cabo Verde. KB

Hello Fintech Friends,

We're looking to profile more great companies in The Weekly Stable, our new newsletter published ahead of Stablecon this May. Who should we cover?

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

Northpointe Bancshares, a Michigan-based community bank, set terms for its IPO, aiming to raise $150 million by offering 8.8 million shares priced between $16 and $18 each. This move targeted a valuation of up to $595 million, marking the first U.S. bank IPO of 2025.
eToro, an Israeli multi-asset investment platform, filed confidentially for an IPO on Wall Street, seeking a valuation of at least $5 billion. This followed a previous attempt in 2022 to go public via a $10.4 billion SPAC deal, which was later canceled.
Tabby, a UAE-based buy now, pay later platform, hired banks including HSBC, JPMorgan, and Morgan Stanley to prepare for an IPO in Saudi Arabia, planned for late 2025 or 2026. This decision came after a financing round in December 2023, where the firm secured $700 million in debt financing from JPMorgan and extended its Series D round to $250 million.
Gemini, a cryptocurrency platform founded by Cameron and Tyler Winklevoss, engaged in discussions with potential advisors to pursue an IPO as early as this year. In February 2024, Gemini returned $1.1 billion to customers who lost assets in its failed partnership with Genesis.

🤝 M&A - Fintech

Core banking provider nCino acquired Sandbox Banking – a bank digitization platform – for $52 million to enhance data connectivity and streamline operations for banks and credit unions.
Kort agreed to acquire Paysafe's direct marketing payment processing business, aiming to optimize its portfolio and focus on growth opportunities.
Netcompany struck a deal to buy SDC, a core banking vendor, to gain a better foothold in financial services.
Cleversoft acquired AML vendor Fineksus.
Portfolio management provider Infinite Investment Systems secured a majority investment from private equity firm JC Flowers to accelerate growth.
Ageras, a Danish admin and banking provider company, acquired Storebuddy.
The Riverside Company invested in Wall Street Prep, an online financial training provider, to pursue growth opportunities.

🏦 M&A - Bank and FinServ

TD Bank announced plans to sell its entire 10.1% equity stake in Charles Schwab, valued at approximately $15.4 billion. The decision came as TD aimed to optimize its capital allocation, with a portion of the proceeds expected to fund share buybacks. The sale follows Schwab’s recent market struggles and TD’s efforts to reassess its investment priorities.
Mizuho Financial Group was in advanced negotiations to acquire Avendus Capital, an Indian financial services firm backed by KKR. The deal, estimated to be worth around $800 million, was expected to enhance Mizuho’s investment banking and wealth management presence in India. Avendus, known for its asset management and financial advisory services, had grown significantly under KKR’s ownership, making it an attractive target for Mizuho’s expansion strategy.
Shackleton acquired Harrold Financial Planning, a Norfolk-based financial advisory firm managing approximately £300 million in client assets. The acquisition expanded Shackleton’s footprint into the East of England, aligning with its strategy of acquiring well-established independent financial planning firms.