October 2024: Top five M&A deals of the month
Mergers and acquisitions (M&A) are common occurrences in the world of fintech, often reshaping businesses and redefining the market landscape.
Here, we take a look at five of the top M&A deals in October, including highlights from Pockit, Socure, nCino and more.
UK challenger Monese to be acquired by fellow fintech Pockit
Pockit to acquire Monese
UK fintech Pockit has snapped up Monese, a mobile banking services provider, with the goal of building a fintech platform tailored to serve “financially underserved and lower-middle-income consumers across the UK and Europe”.
The financial details of the proposed acquisition have not been disclosed. However, Pockit confirms it plans, along with shareholders led by Puma Growth Partners, to commit £15 million in equity capital into the venture.
The merged entity will serve approximately three million customers, generate around £30 million in annual revenue, and be led by Pockit founder and CEO Virraj Jatania.
Banked buys open banking paytech Waave to drive Pay by Bank solution in Australia
Banked has acquired Sydney-based open banking paytech Waave in a deal expected to bolster its presence in Australia.
The deal extends a partnership Waave has maintained with Australian retail pharmacy group Chemist Warehouse since December, cited in a statement by Banked as a “key factor” of the acquisition.
The pair have sought to install a Pay by Bank solution across the group’s online and in-store operations, with Chemist Warehouse currently maintaining over 500 branches throughout the country. The project is scheduled for delivery in “early 2025”.
Socure inks $136m deal to acquire AI-powered risk decisioning platform Effectiv
Socure seals deal to buy Effectiv for $136m
US digital identity verification and fraud prevention platform Socure is set to acquire Effectiv, a San Francisco-based start-up specialising in risk decisioning, for $136 million.
Expected to close next month, the deal will see Effectiv’s AI-powered orchestration and decisions platform integrated with Socure’s digital ID tech, enabling Socure to offer real-time payments fraud and anti-money laundering (AML) transaction monitoring as part of a new suite of transaction-level solutions.
Most notably, Socure will be able to leverage the Effectiv platform to write and manage typically complex combinatorial rules for its own solutions, in addition to those provided by third parties.
The acquisition will see the entire Effectiv team join Socure.
Mitsubishi acquires 50% of Ayala’s stake in Mynt for $320m
Ayala Corporation, one of the Philippines’ largest conglomerates, has reached an agreement to sell a 50% stake in AC Ventures Holding (ACV) to Mitsubishi Corporation for approximately $323 million.
Once the transaction is completed, subject to regulatory approvals, Mitsubishi will obtain half of ACV’s 13% share of Globe Fintech Innovations (Mynt), as well as its operations in microloan provider Fuse Lending and GCash manager GXI.
In a company statement, Ayala claims that Mitsubishi can help Mynt “grow overseas” and within its own “Japan-based ecosystem, and in areas like cloud-based payments and new credit algorithms”.
nCino acquires FullCircl in $135m deal
nCino snaps up FullCircl for $135m
Cloud banking solutions provider nCino has signed a definitive agreement to acquire FullCircl, a UK-based customer lifecycle intelligence (CLI) platform, for $135 million in cash.
Of this total, $15 million will be held by nCino for two years as “security for the performance of certain warranties and covenants arising under the purchase agreement”.
Through the acquisition, nCino will look to further integrate FullCircl’s tech to enhance its client lifecycle management and onboarding tools through its advanced business rules engine.
The two companies are no strangers to each other, having entered into a partnership in 2023 which saw nCino embed FullCircl’s data capabilities into its platform.
