FinTech Futures: Top five news stories of the week – 13 December 2024
Here’s our pick of five of the top news stories from the world of fintech this week, featuring Upbound, MoneyLion, Lunar and more.
HSBC exec Nuno Matos to succeed Shayne Elliott as new CEO of ANZ Group
Nuno Matos named ANZ Group CEO (Image: LinkedIn)
HSBC exec Nuno Matos is to succeed Shayne Elliott as CEO of ANZ Group, effective 3 July 2025.
Matos says his initial focus will be to “build on the work already underway and ensure all our stakeholders get even better value from their relationship with ANZ”.
This includes ANZ Plus, the group’s digital banking service launched in 2022, and ANZ Transactive, a corporate cash management system rolled out the following year.
Matos, who will also join the group’s boards as an executive director, moves directly from HSBC’s wealth and personal banking division, where he is currently serving as CEO.
Danish neobank Lunar spins out BaaS division into standalone entity named Moonrise
Danish neobank Lunar is spinning out its Banking-as-a-Service (BaaS) division into a standalone entity called Moonrise, with the aim to help challenger banks and fintechs “overcome long-standing barriers to market entry in the Nordics”.
Ken Villum Klausen, CEO and founder of Lunar, says the move will “sharpen our focus on enterprise payments…and ensure both Moonrise and our retail banking arm thrive independently”.
Based on Lunar’s infrastructure, Moonrise will offer payment solutions to companies through a single API integration.
Solutions at launch include Nordic payment accounts, including safeguarding and corporate accounts, and clearing infrastructure for DKK, SEK and NOK payments, according to Moonrise’s website.
US financial health fintech Brigit acquired by Upbound Group in deal worth up to $460m
Brigit adds to Upbound’s growing portfolio. Image source: Upbound
Texas, US-based financial services group Upbound has signed a definitive agreement to acquire financial health fintech Brigit in a deal valued at up to $460 million.
The deal’s payment structure includes $325 million due at closing (comprising 75% cash and 25% shares), anticipated to finalise in Q1 2025, with $75 million in deferred payments over two years and an additional $60 million contingent on Brigit’s financial performance in 2026.
Founded in 2017 and headquartered in New York, Brigit offers a financial health app providing instant cash advances, credit building tools, and personal financial insights. The platform, used by over two million people, says it aims to help Americans “budget better” and “find ways to earn and save money”.
Upon completion of the deal, Brigit’s founders, Zuben Mathews and Hamel Kothari, will remain at the helm, leading the company as a “business segment” of Upbound. The fintech will also maintain its existing branding.
Cybersecurity specialist Gen Digital acquires MoneyLion in $1bn deal
US cybersecurity firm Gen Digital has entered into a definitive agreement to acquire New York-headquartered consumer finance platform MoneyLion for around $1 billion.
Gen pay $82 per share in cash for MoneyLion, along with various contingent value rights (CVRs) agreements, in a deal anticipated to close in “the first half of Gen’s fiscal year 2026”.
The purchase is intended to extend Gen’s identity solutions with the money management, credit-building and other personal finance features contained within MoneyLion’s platform.
Vincent Pilette, CEO of Gen, says: “By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth.”
Equals Group to be acquired by consortium of investors for £283m, paving way for Railsr merger
Equals shareholders to receive 140 pence per share
Equals Group, a UK-based provider of scalable payment solutions, is set to be acquired by BidCo, a newly established private limited company owned by a consortium made up of JC Flowers Funds, TowerBrook Funds, and Railsr shareholders, in a deal worth £283 million.
According to a London Stock Exchange (LSEG) announcement, BidCo and the Railsr shareholders have also entered into a sale and purchase agreement that will see BidCo acquire Railsr, with the aim to merge the two companies.
The announcement reads: “Such a combination would potentially create one of the largest and most capable embedded finance platforms in Europe by bringing together Railsr’s embedded finance solution and Equals’ cross-border transaction capabilities, providing an ability to serve customers wishing to utilise or embed financial services products within their own product offerings.”
Railsr, which was bought last year by a consortium of VC firms including D Squared Capital and Moneta VC, initially approached Equals to propose a potential merger back in March.
