Exits & Deep Reads

Stablecoins go global (TWIF 4/13)

Hello Fintech Friends,

We're adding a panel at Stablecon focused on international currency-pegged stablecoins, featuring Marlyson Silva, CEO of the BRZ issuer Transfero, Adedeji Owonibi, CEO of Convexity and cNGN, Nathanael Christian, CEO of Rupiah-pegged IDRX, and Mouloukou Sanoh, CEO of Mansa.

It will be a particularly timely topic as the strength of the dollar continues to decline and lose its safe haven status due to unstable US trade policy.

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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🤝 Our NY Fintech Week Events

Monday, April 21

Tuesday, April 22

Thursday, April 24

Fintech Reads with MX

📖 Reads of the Week

☯️ Exits

💻 IPOs & SPACs

The Titan Acquisition Corp SPAC raised $240 million in its IPO, targeting a financial services acquisition.
Inside Klarna's decision to delay its IPO.

🤝 M&A - Fintech

Ripple Labs agreed to acquire prime brokerage firm Hidden Road for $1.25 billion, marking one of the largest deals in the digital asset space. The acquisition aims to integrate Hidden Road's post-trade operations into the XRP Ledger, enhancing Ripple's position in institutional decentralized finance.
Western Union acquired Eurochange, a U.K.-based travel money retailer, from Corsair Capital. Under Corsair's ownership, Eurochange expanded its store count from 96 to over 230 locations.
SBI is exploring selling a minority stake in its cryptocurrency market-making unit, B2C2, in a deal potentially worth $100 million. The Japanese financial services conglomerate considered this move as part of its strategic evaluation of investments in the crypto sector.
I Squared Capital's potential takeover offer for Hong Kong broadband provider HKBN Ltd. faces challenges as it sought to convince China's sovereign wealth fund of the deal's merits.
Harley-Davidson is exploring options for its financing arm including a sale, which could fetch at least $1 billion.

🏦 M&A - Bank and FinServ

Banco Santander is considering strategic options for its approximately $8 billion majority stake in Santander Bank Polska, including a potential full or partial sale. The Spanish bank, owning 62.2% of its Polish unit, initiated this review as part of its broader strategy to expand in the U.S. and reassess its U.K. operations
Lincoln National Corporation secured an $825 million investment from Bain Capital by selling a 9.9% equity stake. Additionally, Lincoln and Bain entered a 10-year strategic investment-management partnership, with Bain initially managing $1.4 billion of Lincoln's assets.

Taking advantage of uneventful slow news days, we analyzed different stablecoin business models, comparing full vs fractional reserve balance sheets pic.twitter.com/E3u6ZZS8Mz
— Steakhouse Financial (@SteakhouseFi) April 8, 2025

I was recently asked me why stables have so much hype yet haven't gotten adopted in the "real world" - when they are already ~10% of the flows of the two largest remittance corridors in the world and growing extremely fast

You just need to be paying attention outside of CT hype pic.twitter.com/n2WXEfM3DP
— Rob Hadick ＞|＜ (@HadickM) April 10, 2025

Losing the "reserve currency" status for nothing would be one of the dumbest moves in history pic.twitter.com/1xytcgH39c
— tae kim (@firstadopter) April 10, 2025