Hello Fintech Friends,

Fintech exits are happening at a blistering pace, with with one upcoming IPO, a SPAC, and fourteen fintech acquisitions (two for over $1 billion) all announced in the last week.

Separately, if you've ever wanted to know what is happening in the Chinese fintech market, look no further - our China Editor Ning Ye has you covered:

👍👎 Have feedback for us? Let us know!

Please find another week of fintech exits and deep reads below.

☯️ Exits

💻 IPOs & SPACs

• A wealth management platform and ‘fintech-as-a-service’ technology provider named New Quantum Holdings has found a suitor in SPAC Canna-Global Acquisition Corp and will go public on the Nasdaq at a pro forma enterprise value of $800 million.
• CAB Payments, a unified API to route bulk payments to multiple different payments providers, will go public on the London Stock Exchange this year.
• Nium, a global real-time payments provider, has said that it will go public in the next two years.
  

🤝 M&A - Fintech

• Global stock exchange Nasdaq will make the biggest acquisition in the company’s history, buying Adenza, a provider of software used by banks and brokerages, for $10.5 billion in a cash-and-stock deal.
• Financial services giant FIS confirmed that it will acquire Bond, the banking-as-a-service company that previously raised $42 million at a $182 million valuation. The purchase price was undisclosed.
• Alfa Financial Software, a UK builder of software for the asset management industry, received several buyout offers at around a $773 million valuation.
• Private equity firm Nordic Capital is pursuing an acquisition of banking software provider Temenos for around its $5.4 billion market cap.
• MENA payments infrastructure provider NymCardb announced the acquisition of Spotii, a buy-now-pay-later provider in the UAE, Saudi Arabia, and Bahrain.
• Engagement banking vendor Backbase acquired UK digital wealth platform Nucoro.
• Private equity firm Levine Leichtman took over a portion of control of regulatory software provider Cleversoft.
• Financial services interoperability vendors Glue42 and Finsemble have agreed to merge, creating a new company called Interop.
• Wealthtech consulting company F2 Strategy acquired its rival consulting provider Oakbrook Solutions.
• Online payroll, benefits, and HR provider Trinet hired Morgan Stanley to help it explore a potential sale at a $7 billion price point.
• Optasia, a UAE provider of credit decisioning software, hired Moelis to help it explore a potential sale.
• Crypto payment processor BCB Group terminated its deal to acquire 100 year-old German bank Sutor Bank, citing regulatory headwinds.
  

🏦 M&A - Bank and FinServ

• Asset management giant Blackrock announced that it was acquiring a minority stake in small business 401(k) provider Human Interest. While the price was not disclosed, the company has raised $500 million to-date.
• Private equity firm Bain Capital will sell a stake worth $267 million in India's Axis Bank.
• Numerous private equity firms are circling Goldman Sachs’ acquired fintech lender Greensky, reportedly looking at a purchase that would result in a $500 million writedown for the investment bank.
• Customers Bancorp agreed to acquire a $631 million. venture banking loan portfolio from the FDIC.

🌎 Fintech Around the World

How Non-Banking Entities are Disrupting Canada's Financial Landscape and Driving Embedded Finance Forward

📚 Deeper Reads & Features

Fintech's banking-as-a-service sector struggles

NatWest's Digital ID innovation and BAaaS (Banking Authentication-as-a-Service)

How well are SaaS, e-commerce, fintech and health tech startups doing in 2023?

Big banks are talking up generative A.I. — but the risks mean they’re not diving in headfirst

The Profitability Myth: Neobanks are Here to Stay

Binance lawyers allege SEC Chair Gensler offered to serve as advisor to crypto company in 2019

Black bear swimming at Florida beach baffles sunbathers

Have a news item for us? Reach out to news@thisweekinfintech.com