Exits & Deep Reads

Credit Bank is Kenya's first IPO since 2014 (TWIF 9/3)

John F. Kennedy campaigns in rural West Virginia

Hello Fintech Friends,

We're hosting our first-ever Paris Fintech Meetup on October 4th with our friends from Element Ventures and Balderton. Come say hi!

Jihan Abass of Lami and Anais Cisneros of Amela fill the @twifintech team in on what it's like to build companies as a woman in emerging economies.

What similarities and what differences are there between places like Peru and Kenya vs New York and San Francisco?

Tune in to find… pic.twitter.com/KXa5PaJHAW
— Nik (@NikMilanovic) August 29, 2023

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

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📖 Read of the Week

“In 2022, stablecoins settled over $11tn on-chain, dwarfing the volumes processed by PayPal ($1.4tn), almost surpassing the payment volume of Visa ($11.6tn), and reaching 14% of the volume settled by ACH and over 1% the volume settled by Fedwire. It is remarkable that in just a few years, a new global money movement rail can be compared with some of the world’s largest and most important payment systems.” - Marginal Revolution

☯️ Exits

💻 IPOs & SPACs

Kenyan consumer bank Credit Bank Plc plans to hold the first IPO on the Nairobi Securities Exchange since 2014, in a public offering that could raise $6.89 million.

🤝 M&A - Fintech

Swedish payments platform Trustly acquired French recurring payments provider SlimPay for €70 million.
JP Morgan paid an undisclosed amount to increase its stake in Brazilian neobank C6 from 40% to 46%. The digital lender has increased its portfolio from $1.95 billion to $8.24 billion.
Business banking platform Rho completed its of Capital, the founder-friendly fundraising and banking platform formerly known as Party Round.
Ugandan asset financing platform Asaak acquired billing solution FlexClub Mexico in order to expand to Latin America
US document workflow software firm PandaDoc acquired German business payment network Denario.
Tradeweb, an operator of marketplaces for rates, credit, equities and money markets, completed its acquisition of Australia’s Yieldbroker, a government bonds and interest rate derivatives marketplace, for A$125 million in cash.
Debt administration provider GLAS acquired asset management and trust business Pristine.
Private equity firm Cerberus agreed to acquire home lender Spring EQ.
InterContinental Exchange is finally buying mortgage data provider Black Knight.
Robinhood is buying back the stake in its business previously purchased by FTX founder Sam Bankman-Fried for $605.7 million.

🏦 M&A - Bank and FinServ

Italian bank Intesa Sanpaolo is in talks to to buy Romania’s First Bank from its private equity owner, JC Flowers & Co., at a valuation around €200 million.
The UK’s Standard Chartered bank is planning to sell its jet leasing unit to Saudi Arabia’s wealth fund for $3.6 billion.

In the new @twifintech podcast episode Jihan Abass (Lami) and Anais Cisneros (Amela) share what it's like to build companies as a woman in emerging markets --🎧listen here: https://t.co/vq8v6y0ytF
— Accion Venture Lab (@AccionVLab) August 30, 2023

In summary, here’s how the 10 categories look next to each other.

A few insights that stand out are:

1. Few builders in Security despite being a key need in crypto.
2. There’s a blue ocean in NFT Fi.
3. Decentralized Social is here.
4. The crypto wallet wars are playing out. pic.twitter.com/wjna8dgmCS
— Alliance (@alliancedao) August 29, 2023