Exits & Deep Reads

BNP Paribas' €5.1 billion alternative asset bet (TWIF 8/4)

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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

Summer, a startup offering student loan repayment and college savings programs to employers, acquired its competitor Vault Student Loan Benefits in an all-cash deal.
As part of its expansion into Turkey, Egyptian neobank MNT-Halan acquired Tam Finans, a Turkish commercial finance company with a loan book of $300 million, from private equity firm Actera Group.
Pagaya, an AI based lending system developer, will acquire Theorum, an institutional asset manager focused on the consumer credit space.
ThetaRay, a provider of AI-powered financial crime detection tech, acquired European screening company Screena.
Private equity firm Ardian sold off its stake in F2A, an HR, payroll, finance, and accounting software provider.
PureFacts, a software provider of wealth management, asset management and asset servicing, conducted a majority buyout of GrowthCurve Capital.

🏦 M&A - Bank and FinServ

French bank BNP Paribas announced that it will continue its push into alternative assets trough its €5.1 billion purchase of Axa SA’s asset management unit to create one of Europe’s largest money managers, with €1.5 trillion in assets.
UK bank NatWest will acquire Metro Bank’s £2.4 billion mortgage portfolio. Meanwhile, the UK government has decided that it won't sell off its £6 billion stake in NatWest (about 20% of the bank) to the public.
Software private equity firm Thoma Bravo is looking to sell off as much as $2.74 billion for about half of its shares in Nasdaq.
Private equity firm Arctos Partners agreed to buy a majority stake in alternatives firm Hayfin Capital Management, which manages €31 billion, from British Columbia Investment Management. Price was not disclosed.
AXA Investment Managers will acquire a minority stake in Rivage Investment, a specialist private credit firm focused on infrastructure debt with €7.7 billion under management.
Sequoia acquired Karpas Strategies, an independent investment manager serving ultra-high-net-worth families.

A fact I found interesting:

- in India & Brazil, UPI & Pix each connected ~200 banks to instant payments
- FedNow & RTP have added 900 banks in the US in the past 12 months (!), which is ~72% coverage

The US economy is just so big. But we're close.https://t.co/9rL9ZuBWgr
— Dimitri Dadiomov (@dadiomov) July 30, 2024