FinTech Futures: Top five stories of the week – 23 June 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Mergers & Acquisitions/M&A
US paytech Fortis expands into Canada, acquires SmartPay
The move marks Fortis’ first expansion outside the United States.
Mediobanca’s Compass acquires HeidiPay Switzerland
The acquisition will enable Compass to become a consumer credit operator in the Swiss market.
Bankable acquires embedded finance platform Arex Markets
With the acquisition, Bankable will be able to embed credit and working capital into the payment flows of fintechs.
SVB Financial Group agrees sale of its investment banking business, SVB Securities
The bidding group is led by Jeff Leerink, SVB Securities’ CEO and founder.
Digital banking tech provider Backbase acquires wealthtech Nucoro
Nucoro’s offering will be incorporated into the Backbase Engagement Banking platform.
Market Pay acquires Polish paytech Novelpay in European expansion push
This is Market Pay’s third acquisition in less than two years.
FIS acquires BaaS start-up Bond for undisclosed sum
In an internal memo, FIS shares that it completed the Bond acquisition on 8 June.
Nasdaq to acquire software firm Adenza for $10.5bn
The transaction, subject to regulatory approvals, is expected to close within six to nine months.
Paytech Medius to acquire expense management firm Expensya
Medius says the acquisition of Expensya is “one of the largest in the MENA region”.
Stripe acquires engineering analytics start-up Okay
Okay provides analytics and reporting software designed to help engineering teams streamline workflows.
BNP Paribas and NatWest go live on United Fintech’s CobaltFX
CobaltFX was acquired by United Fintech in late 2022 and subsequently relaunched earlier this year.
Bank and payment data fintech Ribbit acquires regtech ValidiFI
Ribbit CEO Greg Rable says bringing together the two companies is a “win-win” for both customers and Ribbit.
FinTech Futures: Top five stories of the week – 2 June 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Fabrick raises €40m in funding, extends deal with Mastercard
The funding round saw Mastercard and other investors taking up a minority stake in Fabrick’s shareholding.
Regnology in talks to acquire French regtech Invoke
The deal will mark the fifth acquisition by Regnology in less than a year.
Tradeweb acquires Aussie trading platform Yieldbroker in AU$125m deal
The Yieldbroker platform claims to facilitate trading of approximately AUD 6 trillion annually.
B2B fintech Plastiq files for bankruptcy, enters deal with Priority
The agreement is subject to approval from the Bankruptcy Court, and any better offers Plastiq may receive.
Embedded payments platform Rize Money acquired by Fifth Third
Fifth Third says embedded payments are “a core component” of its treasury management business.
US proptech Setpoint acquires Resolute to “revolutionise fintech lending”
Resolute is a due diligence provider focused on single family rental (SFR) and residential transition loans (RTL).
NatWest buys back shares worth £1.26bn from the UK government
The sale is the sixth block sale of shares since it rescued the bank during the financial crisis of 2008.
FinTech Futures: Top five stories of the week – 19 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Ripple acquires Metaco in $250m deal
Ripple’s CEO says the deal is “monumental for our growing product suite and expanding global footprint”.
Open finance specialist Fabrick acquires UK paytech Judopay
Fabrick says the deal is “a major step forward in its internationalisation process and expansion in the UK”.
Zepz reportedly axing 420 jobs as firm looks to streamline operations
The cuts will fall largely on Zepz’s customer care and engineering teams, CNBC reports.
ZestMoney founders step down following failed acquisition by PhonePe
Lizzie Chapman, Ashish Anantharaman, and Priya Sharma are all set to leave the company.
Intapp acquires employee compliance software firm Paragon Data Labs
Intapp says the acquisition will augment its risk management and compliance offering.
Regnology acquires UK-based Metadata Technology
The acquisition will boost Regnology’s tech offering for regulators, central banks and statistical agencies.
UBS announces leadership team shake-up following Credit Suisse takeover
Credit Suisse CEO Ulrich Körner will join UBS’s executive board upon completion of the acquisition.
Cartoon: Hotel California
A new cartoon illustrating the challenge start-ups are facing to find exits.
TD Bank nixes First Horizon merger citing regulatory approval delays
The merger has been mutually terminated and TD Bank has agreed to fork out $200m in cash to First Horizon.
FinTech Futures: Top five stories of the week – 5 May 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
US digital banking platform Greenwood acquires neobank Kinly
The acquisition marks Greenwood’s third over the last year.
Deutsche Bank acquires Numis in £410m deal to build out UK investment banking arm
Deutsche Bank plans to fold its UK and Ireland corporate finance business into Numis.
Morgan Stanley reportedly set to cut 3,000 jobs by end of Q2
A dearth of deal making is to blame, Bloomberg reports, with a 32% decline in the bank’s merger advisory arm.
JP Morgan Chase snaps up troubled First Republic from FDIC in $10.6bn deal
JP Morgan has assumed all deposits – insured and uninsured – worth approximately $92 billion from the FDIC.
Tradeweb in advanced takeover talks with Aussie trading platform Yieldbroker
The AUD 125 million ($84m) deal remains subject to Yieldbroker stockholder approval.
HSBC triples quarterly profits following SVB UK acquisition and interest rate hikes
The bank also intends to begin a new share buyback of up to $2 billion.
TAS acquires fellow Italian software provider Mitobit
The acquisition is the fourth for TAS Group since July 2022.
Deutsche Börse to acquire Denmark’s SimCorp in €3.9bn deal
SimCorp will sit within a newly created investment management solutions segment, Deutsche Börse says.
