Illimity and Banca Sella buy into each other for open banking venture
A flurry of share issuance, exchanges and buyouts as illimity nabs half of fintech firm Hype.
Mergers & Acquisitions/M&A
Tink snaps up UK rival OpenWrks’ aggregation platform
The deal is part acquisition, part strategic.
CaixaBank and Bankia confirm merger creating Spain’s largest lender
For every Bankia share, CaixaBank will exchange 0.6845 newly issued shares.
Change Financial to buy Wirecard’s Australian business for $5.7m
In July, the subsidiary went into voluntary administration.
Competition concerns over fintech acquisitions
The CMA’s concern with mergers and acquisitions is to do with the potential impact on UK customers.
Allica Bank plans £100m funding round after £26m injection
UK challenger plans for future growth and acquisitions.
European Commission resumes LSE-Refinitiv antitrust probe
The EC had paused proceedings in July as it waited for data.
Wirecard’s UK subsidiary WCS confirms Railsbank deal
Update 10/09/2020: An asset purchase agreement with Railsbank subsidiary PayrNet Limited has been signed.
White paper: Addressing financial services technology challenges during growth
How to realise the full potential of IT integration: get your systems in order, be diligent about due diligence, and prepare for post-merger.
US Department of Justice mulls changes to bank merger legislation
Any amendments would be the first for 25 years.
Banking Technology September 2020 issue out now
Tipping point: Google vs Oracle showdown.
Ohpen acquires cross-border mortgage vendor Davinci
Dutch technology firm plans international expansion with new suite of products.
What the Fintech? Episode 13 | Commerce in the wake of COVID-19
Travis Skelly tells FinTech Futures all about how Citi Ventures evaluates ecommerce companies.
Spanish lenders CaixaBank and Bankia mull €17bn merger
CaixaBank is about three times the size of Bankia.
Small challenger Jiko buys Minnesota bank
Instead of sitting in deposits, Jiko customer money sits in Treasury Bills.
Impact of COVID-19 on M&A activity in the fintech space
The market is pricing a more positive outlook for banks globally.
Wirecard sells communication services arm to German start-up IDnow
IDnow will keep the majority of the arm’s 150 employees.
First Bancorp completes $1.1bn acquisition of Santander Puerto Rico
The merger is expected to complete in Q2 2021.
Aussie BNPL Zip closes $296m acquisition of US player QuadPay
“The US is a critical part of our global strategy,” says CEO.
Cornerstone Brands plans acquisition of FXPress Payment Services
Men’s toiletries brand makes a move into payments.
Merger creates largest Black-owned US bank
City First Bank in Washington and Broadway Federal Bank in Los Angeles are merging.
NerdWallet steps outside US, acquires UK’s Know Your Money
Know Your Money had some five million consumers and 1.2 million business clients in 2019.
Video: Top fintech stories this week – 28 August 2020
FinTech Futures’ weekly news round-up.
Worldremit acquires fellow remittance firm Sendwave
Sendwave has a presence in East and West Africa.
JP Morgan’s blockchain platform Quorum moves to Brooklyn
JP Morgan has also made an undisclosed strategic investment in ConsenSys.
Xero to acquire Aussie invoice lending platform Waddle for $57m
Xero’s shares hit more than AUD 100 on 25 August.
What the Fintech? Episode 12 | Transformers: more than meets the AI
Matt Sattler, head of HSBC’s innovation labs, reveals what it takes to secure a deal with the bank.
Afterpay acquires Spanish BNPL to advance into Europe
Afterpay already owns UK BNPL player, Clearpay.
UK watchdog green lights $5.3bn Visa-Plaid deal
CMA finds no competition issues with Visa’s mega-deal.
Westpac sells vendor finance arm to Cerberus subsidiary for $430m
The acquisition was sealed on 20 August.
Wirecard sells assets in Brazil to PagSeguro
The deal is subject to approvals by the Brazilian Central Bank and antitrust authorities.
Goldman Sachs & Barclays among bidders for GM’s credit card business
GM’s credit card business has about $3 billion in outstanding balances.
FXPress agrees acquisition of Avila House
The deal enables FXPress customers access to multi-currency IBAN accounts.
American Express acquires SoftBank-backed Kabbage
Reports earlier this month put the value of the acquisition at up to $850 million.
European Commission approves Mastercard’s €2.85bn Nets deal
Third party firm to receive an exclusive licence for Nets tech to lower anticompetition fears.
Amazon in talks to invest in cloud services company Rackspace
The deal would involve Amazon acquiring a minority stake in Rackspace.
American Express looks to buy US fintech lender Kabbage
Kabbage was last valued at more than $1 billion.
BankMobile sells for $35m less than failed deal three years ago
BankMobile was supposed to be acquired back in 2017.
ICE agrees $11bn Ellie Mae acquisition
Exchange operator aims to boost its nascent mortgage business.
CMA blocks FNZ-GBST merger over competition concerns
UK regulator worried merger may prevent new entrants scaling up in the UK.
