Exits & Deep Reads

Deel acquires remote work startup Hofy for $100M+ (TWIF 7/21)

Summer night in Eastern Finland

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

💻 IPOs & SPACs

OneStream, a software provider that develops applications for accounting departments, filed to raise $466 million via an IPO on the Nasdaq at a $4.4 billion valuation.
Swedish buy-now-pay-later provider Klarna is reportedly weighing financial advisors for its US IPO in the first half of the next year.

🤝 M&A - Fintech

Global payroll provider Deel acquired Hofy, a British company that helps manage office equipment for remote hires, for reportedly over $100 million.
Bank-to-bank loan marketplace Capstack acquired Edge Tradeworks, a provider of whole-loan trading.
Technology and services provider Alight sold off its professional services and payroll businesses to an affiliate of HIG Capital, renaming it Strada. The sale was valued at $1.2 billion, in the form of upfront payment of $1 billion in cash and up to $200 million in seller notes.
European mobile brokerage company BUX sold off its UK business BUX Financial Services to Asseta Holding, the parent company of UAE-based investment firm APM Capital.
Meridien, an American holdco focused on global payment, CRM and banking services, will acquire a 27% stake in London fintech DKK Partners as it prepares to list on the New York Stock Exchange.
Standard Chartered's digital asset trading arm Zodia Markets acquired the Jersey-based OTC trading business of Elwood Technologies.
Brokerage Clear Street acquired the Fox River algorithmic trading business of brokerage Instinet (which it had acquired 2 years ago from FIS).
Publicly-listed Swiss financial software group Temenos is considering a sale of its fund management unit Multifonds.

🏦 M&A - Bank and FinServ

Italian fintech giant ION Group, which has borrowed billions of dollars from lenders to pursue acquisitions, finalized its acquisition of Italian asset manager Prelios SpA for €1.35 billion.
Global private equity firms Carlyle and KKR announced that they will acquire a $10.1 billion prime student loan portfolio from credit card network Discover.
Private equity firm Trivest Partners will acquire corporate restructuring expert Province.

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Thoughts? pic.twitter.com/89p73dCadw
— John Paul Koning (@jp_koning) July 19, 2024