Hello Fintech Friends,

If you missed it this week, Editor Sophie Vo had a great new writeup for Signals with a surprising insight: one year in, the small banks have done pretty well following the 2023 banking crisis.

Signals: The small banks will be alright

A year after SVB’s collapse, deposits are pouring back into community banks. How can institutions retain this cash?

This Week in FintechSophie Vo

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

📖 Read of the Week

🧠 Debate over. Fintech has disrupted banking.

Welcome to Fintech Brainfood, the weekly deep dive into Fintech news, events, and analysis. Join the 38,948 others by clicking below.

Simon Taylor

☯️ Exits

💻 IPOs & SPACs

• UK-based buy-now-pay-later provider Zilch is reportedly looking into an IPO as it approaches profitability.
• Roboadvisor Wealthfront hit $200 million in revenue last year and achieved profitability, but having terminated its merger agreement with UBS, is putting off IPO plans for now.

🤝 M&A - Fintech

• Cloud banking provider nCino agreed to acquire DocFox, a provider of automated onboarding experiences for commercial and business banking, in an all-cash transaction of $75 million.
• Canadian payment processeor Nuvei is reportedly near a buyout deal with private equity firm Advent. It currently has a C$4.1 billion market cap.
• Payments firm Shift4 rejected multiple private equity buyout bids above its current share price, claiming they undervalued the company.
• Bain Capital's tech opportunities fund acquired mortgage sales and origination software provider Iress and a made a majority investment in finova, another UK mortgage software provider.
• Tax advisor Grant Thornton sold a majority stake of its US business to private equity.

🏦 M&A - Bank and FinServ

• Goldman Sachs completed its sale of point-of-sale lending provider GreenSky to Sixth Street, KKR, Bayview Asset Management, and CardWorks.
• French bank BNP Paribas is considering an acquisition of Fosun International ’s stake in Belgian insurer Ageas.

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📚 Deeper Reads & Features

How To Be(come) A Great Partner Bank In The BaaS Space

Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)? (Answer: Concentration + regulation)

JP Morgan sees mixed results from Silicon Valley Push

Unpacking the 1 Year Collapsiversary of SVB

The most innovative companies in personal finance for 2024

Newcomer Banking Summit: All Eyes on Silicon Valley Bank

Two NYC strangers team up to help lost parakeet found on UWS

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