Exits & Deep Reads

💸 ServiceTitan's $600M+ IPO, MoneyLion's $1B sale, Brigit's $460M acquisition (TWIF 12/15)

Hello Fintech Friends,

The days crawl but the years fly. Amazingly, 2024 is coming to a close.

We just published our last LatAm writeup of the year,

The year feels like it just began, but it's suprising how much has happened. We started 2024 with the announcement that bitcoin ETFs may become a thing, where neobanks were starting to explore features like stock trading and tax management, and where it looked for a moment like PayPal's hype wouldn't live up to its claims (spoiler, it has: since then, they've had ~100 product and partnership launches).

I'll spend the next couple weeks dissecting what happened in 2024, and what it means for fintech in 2025 and beyond.

In the meantime, I'd like to say one more congrats to our TWIF Fintech Award winners, Nova Credit, Talisman, Fifth Third Bank, and Zero Hash + Stripe! We had close to 100 award submissions and it was a very competitive field.

We also had an amazing 4th Fintech Formal (thanks to iLEX, Spidr, and Navan) and can't wait to share the photos soon.

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

ServiceTitan, a software platform for trades and field services – which includes financial and payment tools for service providers – successfully priced its IPO at $71 per share on December 11th, above its revised range of $65-$67. The offering raised approximately $625 million by selling 8.8 million shares at a $6.3 billion valuation. Initially, ServiceTitan had planned a lower price range of $52-$57, but increasing demand prompted an upward revision. This marks one of the first notable tech IPOs in a few years, as the company targets a growing $1.5 trillion market of trades services across the US, Mexico, and Canada, and drives optimism that the IPO window will reopen in 2025.

ServiceTitan ($TTAN) priced at $71/share which implies a $7.1B fully diluted equity value (their ratchet was in effect with this share price). Assuming TTAN grows revenue by 20%, they priced at ~8x NTM (next-twelve-months) revenue and ~9x ARR.

The company traded up 42% today… pic.twitter.com/atVwvshrFZ
— Alex Clayton (@afc) December 12, 2024

🤝 M&A - Fintech

GEN, the owner of Norton and LifeLock, expanded its financial wellness offerings by acquiring MoneyLion for a price around $1 billion, integrating its technology to enhance financial services for consumers and businesses, and probably go head-to-head with platforms like Credit Karma.
Upbound Group entered an agreement to acquire Brigit, a consumer lender with 2 million customers, aiming to expand its consumer fintech portfolio and services, for up to $460 million.
Paytm sold its stake in Japan's PayPay, a smartphone payment service for users and merchants, to SoftBank for $279.2 million.
Embedded banking platform Railsr and Equals Group are set to merge in a £283 million deal.
Sixth Street reached a $4 billion agreement to acquire in consumer loans from Affirm, targeting stable cash flows and growth opportunities.
LexisNexis announced plans to acquire IDVerse, enhancing its identity verification capabilities.
ZEDRA acquired Gryphon, a U.S. fund solutions provider to enhance its global financial services offering.

ID verification solutions continue to get acquired.

The latest is @enterIDVerse, which is selling to @LexisNexis for an undisclosed amount.

It probably doesn't make sense for IDV co's to operate as standalones. But as part of a large fraud solutions suite, they can be powerful… pic.twitter.com/9zj45J1e8y
— Nik (@NikMilanovic) December 12, 2024

Vlad Tenev on Robinhood Gold $HOOD: “…membership, loyalty and wallet share are all one and the same in financial services. And over the past year, we've validated this hypothesis. We've seen that when someone becomes a Robinhood Gold member, they have 7x the assets under…
— Jevgenijs Kazanins (@jevgenijs) December 8, 2024

🏦 M&A - Bank and FinServ

Independent Bank and Enterprise Bancorp are merging in a $562 million deal. Independent, the parent of Rockland Trust, will acquire Enterprise in a cash and stock transaction to expand its presence in northern Massachusetts and southern New Hampshire. The merger, expected to close in the second half of 2025, is projected to enhance Independent’s 2026 earnings while integrating Enterprise's $4.7 billion in assets.
De La Rue, a UK-based banknote printer, is in talks for a potential stake sale as it seeks to address financial difficulties amid declining cash usage and operational challenges.
Goldman Sachs is exploring options, including a potential sale, of its ETF Accelerator platform which helps the bank's institutional clients launch their own exchange-traded funds.
Nykredit, a Danish financial institution, plans to acquire Spar Nord Bank in a $3.5 billion deal to solidify its position as a leading mortgage lender and banking group in Denmark.
Prudential is evaluating options for its asset management business, Eastspring Investments, including a potential sale, as part of a strategic review of its global operations.
Cooper Parry, a UK-based accountancy firm, announced a majority investment from funds managed by Lee Equity Partners.
Bain Capital is reportedly targeting ASX-listed $2 billion financial services giant Insignia Financial, an Australian wealth management firm, for acquisition as part of its investment strategy in financial services.
Warburg Pincus is nearing a deal to acquire a minority stake in United Trust Bank, a UK-based lender, to expand its footprint in specialized financial markets.

I agree. The CFPB is going to lose this case against Google.

Google’s case is very strong. Most notably because they don’t offer the product any longer. How can they pose a risk to consumers for a product which no longer exists?

And if that’s why the Court throws this case… https://t.co/biVXB4fi1W
— Rogue CFPB (@RogueCfpb) December 9, 2024

The stablecoins ⚔️ traditional payment rails debate

The debate around stablecoins has intensified recently, and that’s great to see. Strong views on both sides—from claims that stablecoins will fully replace traditional payment rails to skepticism that they’ll remain confined to…
— Davi Strazza (@davistrazza) December 15, 2024

BREAKING: Fartcoin’s market cap has now surged to $643 million, making it larger than 85% of U.S. publicly traded companies. pic.twitter.com/Jh8ouKaguT
— Jacob King (@JacobKinge) December 13, 2024