Exits & Deep Reads

Yieldstreet 🤝 Cadre (TWIF 12/3)

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Hello Fintech Friends,

2 fintech and 1 financial services IPO announced for 2024... are things heating back up?

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

☯️ Exits

💻 IPOs & SPACs

PayU, a global payments business primarily operating in India, is planning to IPO it Indian business within the next 12 months. The Indian unit sees revenues of $211 million per year. Its private equity owner, Prosus, recently sold off much of the non-Indian business to Israel’s Rapyd for $610 million.
MobiKwik, an Indian online payments, wealth management, and credit provider, filed for an IPO in Mumbai that could raise about $84 million.
HPS Investment Partners, the private credit firm carved out of JP Morgan in 2016, confidentially filed for an IPO that could value it at $8 billion.

🤝 M&A - Fintech

Alternative investing platform Yieldstreet announced that it will acquire real estate investing platform Cadre. The two companies did not disclose the transaction price. Cadre previously raised $133 million and was last valued at $800 million. Cadre says the merger is part of their focus on an eventual IPO: “That’s the motivation, to extend our leadership, to set us up for a successful IPO, to build the best business.”
NomuPay, an Irish payments startup formed from a few business units of the dramatically failed fintech Wirecard, acquired Total Processing, a Manchester-based startup that builds payment processing solutions for functions like recurring payments, risk management, PCI compliance and payment integrations. NomuPay will pay $35 million for the acquisition, and says its own valuation is now $135 million.
Warren Buffett’s Berkshire Hathaway sold its entire stake in the parent of Indian mass-market payment provider Paytm for around $165 million, taking a 40% loss on the investment it made 5 years ago.
Global stock trading app WeBull acquired Mexican investment platform Flink in order to enter Latin America. Flink had previously raised $70 million in funding.
White Glove and TouchFuse, two providers of marketing services to financial advisors, agreed to merge.

🏦 M&A - Bank and FinServ

Luxembourg-based fund administrator Alter Domus is selling a stake of the company that would value it at €4 billion.

Fintech giving AI a run for its money on the drama front:
- The angry breakup of Apple & GS
- The missing funds w/ Synapse & Evolve & Mercury departure
- The fake revenue feud between Solid & FTV
- The mysterious case of Prashant Bhardwaj

h/t to @mikulaja for bringing the heat
— Samir (@heysamir_) November 30, 2023