This Week in Fintech (8/14)

Hello Fintech Friends,

Curious for people’s thoughts: Which fintech that hasn't yet announced plans to go public will file next for an IPO?

Please find another week of fintech financings and exits below.

Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to nik@thisweekinfintech.com.

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💸 Venture Financing

Chime, the largest US neobank, raised $750 million at a $25 billion valuation.
Carta, a cap table management software, raised $500 to $600 million at a $7.4 billion valuation.
Uala, an Argentine personal finance management app, raised a $350 million Series D at a $2.45 billion valuation.
Gusto, a payroll and HR platform, raised $175 million at a $9.5 billion valuation.
Upgrade, a consumer lending and credit startup, raised $105 million at a $3.3 billion valuation.
BigPay, the Malaysian fintech arm of airline AirAsia, received a $100 million investment.
PayPal joined the $98 million Series B round for e-commerce platform Cart.com.
FreshBooks, a Canadian accounting software firm, raised an $80.75 million Series E.
Klover, a financial data permissioning tool, raised $60 million.
Pave, a corporate compensation tool, raised a $46 million Series B.
Moove Africa, a platform for revenue-based vehicle financing and lending, raised a $23 million Series A.
Kroo, a UK neobank focused on social spending, raised a £17.7 million Series A.
Canopy, an API-based loan management system, raised a $15 million Series A.
Car IQ, a contactless automatic payment network for connected vehicles, raised a $15 million Series B.
Keebo, a UK open banking personalized credit card startup, raised £5 million in seed funding.
Trust, a corporate card for online marketing, raised $9 million in seed funding.
Appital, a UK equity capital markets platform, raised £2.5 million.
Allocations, a back-office software for investment firms, raised $4 million at a $100 million valuation.
Durianpay, an Indonesian online hosted checkout and payment solution, raised $2 million.
FranShares, a platform for fractionalized franchise investing, raised a $1.4 million pre-seed.
Paysme, a UK SMB mobile payments, e-commerce, digital banking, accounting, lending, and insurance business, is crowdfunding £1 million.
Lockstep, a connected accounting platform, raised strategic funding from Amex Ventures.

💵 Debt Financing

Payl8r, a UK buy-now-pay-later provider, raised £40 million in debt from Conister Bank.
Canadian accounting software provider FreshBooks raised $50 million in debt to help businesses handle cashflow.
CapitalSage, a Nigerian lending fintech, raised $4 million (₦2.2 billion) in debt.
OpenDoor is in the market for a $2 billion credit facility.

💰 Venture Funds

Fabric Ventures, a European fintech VC, raised a new $130 million fund from backers including Wise, PayPal, Square, PayU, and Raisin.

(Source)

☯️ Exits

💻 IPOs

Nubank, the Brazilian juggernaut neobank, hired Morgan Stanley, Goldman Sachs and Citigroup to begin its US IPO.
Enact Holdings, a mortgage service provider and insurance company, revived plans for its $497 million IPO that it had scrapped in May.
Southern States Bancshares, an Alabama-based bank, raised $16 million in its IPO at a $172 million valuation.
FinWise Bancorp, a Utah-based neobank, postponed its planned $58 million IPO.

📈 SPACs

The SPACs are back…

Pico, a trading and financial services infrastructure company, announced that it will go public through a $1.75 billion merger with FTAC Athena Acquisition Corp.
Riverview Acquisition Corp, a SPAC targeting a financial services company, priced a $250 million IPO.
Insight Acquisition filed for a $240 million IPO to acquire a fintech.
World Quantum Growth Acquisition Corp priced a $200 million IPO to hunt for a financial services or fintech target.
Armada Acquisition Corp priced a $150 million IPO to buy a fintech company.
TG Venture Acquisition filed for a $100 million IPO to acquire a space fintech.
Abri SPAC I priced a $50 million IPO targeting a fintech or insuretech business.
Green neobank Aspiration is reportedly in talks to go public at a $2 billion valuation through a SPAC.

🤝 M&A - Fintech

Paymentus, a cloud-based billing tech provider, announced that it will acquire Payveris, a bill, peer-to-peer, and account-to-account payment software provider, for $152 million (56% cash, 44% stock).
UK buy-now-pay-later platform Zilch acquired US mezzanine debt software provider NepFin to expand into the US.
Decentralized finance and crypto platform Gemini acquired predictions platform Guesser.
Callpay, a South African card payments service provider, was acquired by an unknown buyer for $6.8 million.
Robinhood acquired proxy voting and shareholder communications platform Say Technologies for $140 million.
Credit bureau Equifax will acquire public and workplace safety data provider Appriss Insights.
Investment manager Abrdn will acquire fintech firm Nucoro’s digital wealth management product.
CFO and accounting outsourcer Positive Venture Group sold its assets to ‘finance as a service’ firm Consero.
Financial services firm Voya Financial, a fund manager, is exploring the acquisition of Alight Solutions, a business process outsourcing firm that previously went public through a merger with SPAC Foley Trasimene Acquisition Corp for $7.3 billion.

🏦 M&A - Bank

US Bank will acquire the business expense and CFO software provider Bento Technologies.
National Australia Bank will buy Citigroup’s local consumer bank for $882 million.

(Source)

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