Exits & Deep Reads

Neobank consolidation begins to pick up (TWIF 7/16)

Saint-Louis, Senegal

Hello Fintech Friends,

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

☯️ Exits

💻 IPOs & SPACs

British business-to-business cross-border payments firm CAB Payments raised £335 million in its London IPO, but its shares slipped in trading.

🤝 M&A - Fintech

Turkish neobank Papara acquired its Spanish counterpart Rebellion, in a move that gives the joint entity a valuation over $1 billion.
Similarly, leading UK neobank Monzo is said to be considering an acquisition of its Scandinavian counterpart, Lunar.
Financial infrastructure giant FIS is mulling a full sale of the troubled $18.5 billion Worldpay payments unit that it acquired less than 4 years ago, after selling a 45% stake to of its Worldpay Merchant Solutions business to private equity funds managed by GTCR.
US private equity firm Francisco Partners announced that it will acquire financial data provider Macrobond for €700 million.
Clear Street, an independent prime broker, announced that it intends to enter the futures clearing market with the acquisition of React Consulting Services.
Private equity firm AnaCap sold its majority stake in Spanish tax collection software Gestión Tributaria Territorial to Stirling Square.
Workforce management platform When I Work announced that it will acquire Lean Financial, a fintech startup offering products built for the flex workforce, including on-demand pay.
Regtech provider Corlytics acquired compliance mapping software Clausematch, its second acquisition of the year after buying regulatory platform SparQ for €5 million from ING.
Entrata, a multifamily operating system provider, will acquire Rent Dynamics, which helps tenants build credit by paying rent.
Private capital fund administrator Gen II Fund Services agreed to acquire Crestbridge, a European builder of private capital fund administration solutions.
Fintech consultancy Cornerstone Advisors announced that it will acquire BankSmart, a consulting firm specializing in bank operations.
Indonesian telecommunications firm Telkom Indonesia is reportedly weighing a sale of its mobile payments unit, in a deal that would value the spin-off from $100 million to $150 million.
Shares of the UK's Alfa Financial Software fell after it was revealed that private equity firm EQT does not plan to make a buyout offer.
Wealth tech provider Avantax, formerly known as Blucora, is exploring a potential sale later this year.
Private equity firm Cinven is reportedly considering selling a stake in UK wealth manager True Potential as early as next year.

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The most pragmatic path forward for real-world impact is clear legal frameworks for tokenization:

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— Ram Ahluwalia, higher for longer crypto CFA (@ramahluwalia) June 29, 2023