Exits & Deep Reads

Choppy markets or no: Klarna will IPO 🚀 (TWIF 3/16)

The American West

Hello Fintech Friends,

In case you missed them, here are some of our latest interviews from the week:

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

Klarna filed its IPO prospectus on Friday and plans to go public on the New York Stock Exchange under ticker symbol KLAR.
- Revenue grew 24% last year to $2.8 billion.
- The company’s operating loss was $121 million for the year, and adjusted operating profit was $181 million, swinging from a loss of $49 million a year earlier.
- The company was once valued at $46 billion in a SoftBank-led funding round before dropping to $6.7 billion in its most recent venture round.

The company plans to raise $1 billion around a $15 billion valuation.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, confidentially filed for an initial public offering.
Titan Acquisition Corp, a SPAC, filed with the SEC to raise $240 million through an IPO targeting a financial services company.

“Banking is about trust, which is rooted in the belief that someone else will place your needs above their own. Yet somewhere along the way, banks traded this principle
For profits” @klarnaseb @Klarna SEC IPO filing
— Simon Khalaf (@Simonkhalaf) March 14, 2025

🤝 M&A - Fintech

Rocket Companies announced plans to acquire Redfin for $1.75 billion in an all-stock transaction, aiming to combine Redfin's home search and real estate agent network with Rocket's mortgage and servicing capabilities to enhance the home-buying experience.
Crypto payments provider MoonPay acquired Iron, an API-driven startup specializing in stablecoin infrastructure, for around $100 million, aiming to enhance its enterprise offerings and expand its crypto payment services.
Bilt Rewards acquired Banyan, a company specializing in SKU item-level receipt intelligence, to improve neighborhood commerce through enhanced transaction data analytics.
Fortis secured a strategic majority investment to expand its embedded payments offerings.
Keensight Capital signed an agreement with Bregal Unternehmerkapital Funds to acquire ACTICO Group, a provider of digital solutions for the financial services industry.
Barclays moved closer to selling its merchant acquiring business for around £650 million.
Lender Founderpath acquired Boopos, a financing provider for e-commerce and SaaS businesses, in an eight-figure deal, expanding its offerings to revenue-based financing for SaaS companies.
Pollen Street Capital is considering options for its debt collection firms, including a potential sale, to optimize its investment portfolio and focus on core assets.
Clearwater Analytics entered into a definitive agreement to acquire Beacon, a leader in cross-asset class modeling and risk analytics, and Bistro, Blackstone’s proprietary portfolio visualization software platform.
Kaspi.kz, a publicly-listed Kazakh fintech company, is nearing a deal to acquire Rabobank's Turkey unit after previous bids failed, aiming to expand its presence in the Turkish financial market.
AvidXchange is considering a potential sale after receiving takeover interest, exploring options to maximize shareholder value.
Euna Solutions acquired AmpliFund, a grant management technology firm serving over 220 North American customers.

🏦 M&A - Bank and FinServ

Reggeborgh, a Dutch investment fund, acquired a 3.04% stake in ABN Amro, becoming its fifth-largest investor.
UniCredit received approval from the European Central Bank to increase its stake in Commerzbank up to 29.9%.reuters.com
J. Safra Sarasin Group agreed to acquire approximately 70% of Saxo Bank, previously held by Geely Financials Denmark A/S and Mandatum Group.
Archer-Daniels-Midland Co considered selling its futures-clearing business as part of a strategic review.
Private equity firms, including Apax Partners and TA Associates, explored a potential acquisition of Italian software developer Namirial.