Exits & Deep Reads

RegTech Cube remains on rollup rampage (TWIF 5/19)

Hello Fintech Friends,

Please find another week of fintech exits and deep reads below. (👍👎 Have feedback for us? Let us know!)

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📖 Reads of the Week

☯️ Exits

🤝 M&A - Fintech

UK regulatory technology provider Cube is currently on an acquisition spree. This week, the company announced that it will buy Thomson Reuters' Regulatory Intelligence and Oden products and businesses. This comes days after Cube took over New York-based Reg-Room, and follows its January acquisition of data capture firm The Hub.
TransNetwork, a B2B payments platform for instant money movement in the Americas, acquired Inswitch, a provider of embedded finance tech.
Synechron, a consulting firm focused on financial services, acquired iGreenData, a digital solutions company.

🏦 M&A - Bank and FinServ

Insurance giant Aflac is getting in on the private credit boom with its acquisition of a 40% stake in Tree Line Capital Partners for $100 million.
India's Shriram Finance will sell its stake in affordable housing finance unit Shriram Housing Finance to private equity firm Warburg Pincus for $555 million.
Troubled bank New York Community Bancorp will sell $5 billion of loans to megabank JP Morgan Chase.
Insurance provider AIG will sell a 20% stake in its life-and-retirement arm Corebridge Financial to Japan’s Nippon Life Insurance for $3.8 billion.
Spanish bank BBVA is moving ahead with hostile takeover bid to buy out rival Banco Sabadell, which last week rejected an offer for €12 billion.
Public relations firm Gregory FCA acquired BackBay Communications, a specialized financial strategic communications agency.
Mubadala Capital’s $3 billion bid to acquire Fortress Investment Group passed US foreign investment review.

Incredible statistics on US startup boom:

“In the four years before the pandemic, established firms added one net job for every four created by startups.

In the four years since the pandemic, established firms have actually lost one job for every four created by startups.” pic.twitter.com/kqwr2W13Ag
— Alec Stapp (@AlecStapp) May 12, 2024

“The cool thing about payments: it is so vast, and yet we’re all such a tiny little piece compared to cash. We’re all just trying to get people to put away the dirty cocaine-laced dollar bills [and] join the wave of the future.”@mlevchin @Affirm
— via @Kr00ney @moneymoverscnbc pic.twitter.com/ENoiYFivm4
— Ron Pragides  (@mrp) May 16, 2024

Great start '24! @nubank $NU https://t.co/LmegoWf3ya

📈 99.3m customers (+5.4m QoQ, +20.2m YoY)
🏄 82.6m actives (+4.6m QoQ, +17.7m YoY)
🏃‍♀️ 83.2% activity rate (+0.1% pp QoQ, +1.1% pp YoY)
💰 $1.2b quarterly gross profit (+76% YoY FXN)
🇲🇽 Growing fast! pic.twitter.com/qJjTOJ9g7r
— Frank Fumarola (@ffumarola) May 14, 2024