Exits & Deep Reads

Could Chime and Brex be getting ready to IPO? (TWIF 3/2)

Sailing into the weekend

Hello Fintech Friends,

We're getting ready for Fintech Meetup next week with three great side events:

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

Corporate spend startup Brex is contemplating a potential IPO coming off a year of cost-cutting, as it targets $500 million in net revenue for 2025.
Chime, the largest US neobank, is also prepping for an IPO: the company grew revenues to $1.7 billion in 2024 and cut losses from $200 million to under $50 million.

🤝 M&A - Fintech

Marqeta announced the acquisition of TransactPay, a BIN Sponsorship provider licensed as an E-Money Institution in Europe, also announcing that Mike Milotich will be interim CEO. TPV was $80 billion for the quarter, up 29% year over year.
Digital banking tech provider Alkami announced it will acquire bank account opening solution MANTL for $400 million of which $380 million is cash.
Cantaloupe, a U.S. payments firm specializing in unattended retail solutions, is exploring strategic options, including a potential sale.
PAG, an Asia-focused private equity firm, considered selling its $1.2 billion stake in Indian wealthtech co Nuvama.
BSA, a provider of municipal ERP solutions, expanded its leadership by acquiring Boyce Systems, strengthening its presence in Indiana and the Midwest.
CohnReznick, a leading advisory, assurance, and tax firm, secured a strategic growth investment from Apax Funds.
Valsoft Corporation, specializing in acquiring and developing vertical market software businesses, strengthened its financial services portfolio with the acquisition of Digital Currency Systems.
Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, acquired the legal spend management business from Bottomline.
Embat, a treasury management fintech company, acquired Necto to enhance its financial technology offerings.
Perpetual, an Australian investment management firm, ended talks with KKR over a $1.39 billion asset sale.
Gallant Capital, a private equity firm, completed the acquisition of the government services business of Navient Corporation.
HGGC, a middle-market private equity firm, became the majority investor in Centralis Group.
Dasseti, a provider of data and analytics solutions for asset managers and allocators, strengthened its ESG commitment by acquiring Metric.

🏦 M&A - Bank and FinServ

Axis Bank, a major Indian financial institution, is considering selling a majority stake in its subsidiary, Axis Finance, valued at approximately $1 billion.
China International Capital Corp (CICC), a state-owned investment bank, planned to merge with China Galaxy Securities, forming China's third-largest brokerage with $193 billion in assets.
Aquiline Capital Partners, a private equity firm specializing in financial services, agreed to acquire the family office services business of SEI Investments, aiming to expand its wealth management offerings.
Japan Post Holdings, a conglomerate offering postal and financial services, planned to sell shares worth approximately $4 billion in Japan Post Bank, reducing its stake below 50% to grant the bank greater operational freedom.

Visa is an absolute powerhouse in payments, yet it’s sitting on a ton of untapped potential.

The payments industry simply has no ceiling. pic.twitter.com/egt7UQoIlH
— Davi Strazza (@davistrazza) February 21, 2025

Crypto is the future. Here’s how we’re going to accelerate:

1. Offer more selection of crypto assets for our customers

2. Continue to invest in the Robinhood Wallet

3. Bring the “Robinhood Effect” to the institutional crypto market through the integration of Bitstamp

4.… pic.twitter.com/W3cTb0c1B6
— Vlad Tenev (@vladtenev) February 26, 2025

Real time payments need real time fraud detection, 100% agree - AI can change the game.

Loads of FIs have used just this lag in pay outs (T+2 is still a thing?!) to run checks through “good enough” (but pretty terrible) systems when there were hours, days days to produce a 🚩.…
— Aaron Fu (@aaronqfu) February 22, 2025

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