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THE FRONT PAGE OF GLOBAL FINTECH

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The Main Edition - Exits & Deep Reads


EUROPE'S BANKS OPEN UP THEIR WALLETS (TWIF 11/5)

NIK MILANOVIĆ

Nov 5, 2023 8 min
BBC - Your pictures on the theme of 'autumn walks'

Hello Fintech Friends,

If you're here for late-week fintech news, you came to the right place.

As a reminder, I publish all our headlines on Fridays, all our fundraising news
on Saturdays, and all our M&A news and deeper reads on Sundays.

If you ever feel like you're getting too many emails (or not enough), you can
adjust the cadence and what you're subscribed to at your account settings page.

This Sunday features:

 * Three planned fintech IPOs and a SPAC.
 * Not one, not two, but three announced and rumored Italian bank acquisitions
   in the last week.
 * A $10.5 billion megadeal between Nasdaq and Adenza, a $103 million crypto
   exchange acquisition in Thailand, and $250 paid by Wex for Payzer, as the
   fleet card provider gears up for an acquiring spree.
 * And a raft of Q3 fintech market data has become available, thanks to CB
   Insights.

Please find another week of fintech exits and deep reads below. (👍👎 Have
feedback for us? Let us know!)

--------------------------------------------------------------------------------

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> 📖 Reads of the Week

First, some sobering data on American financial health, in the form of the
highest delinquencies on auto loan payments in three decades:

Car Owners Fall Behind on Payments at Highest Rate on Record
The risk of vehicle repossession is rising for many Americans facing a budget
crunch.
BloombergClaire Ballentine


However, most American households are actually doing pretty well, financially!
The average (not median) American household is now worth over $1 million, thanks
to "college, savings, bull markets and timing." (More on median household wealth
below.)

Never Mind the 1%. Mini-Millionaires Are Where Wealth Is Growing Fastest.
Many people in the upper middle class are now millionaires thanks to college,
savings, bull markets and timing.
The Wall Street JournalJosh Zumbrun


A mixed report on fintech in Q3, from CB Insights:

State of Fintech Q3’23 Report - CB Insights Research
Global fintech funding showed signs of stabilizing in Q3′23, falling by just 3%
QoQ.
CB InsightsCB Insights

 * Global fintech funding fell 3% QoQ to hit $7.4 billion.
 * US fintech funding saw a 5% drop in Q3’23.
 * But despite a drop in deals, digital lending secured the most funding among
   fintech sectors in Q3’23 — funding to the space rose by 70% QoQ to hit $1.7
   billion.

Private equity is diving into a new growth vertical: owning your retirement
savings providers.

Private Equity Wants a Piece of Your Retirement Savings
Amid the roster of banks and brokerages helping KKR & Co. raise money for
some of its newest infrastructure investments, two names stand out: Fidelity and
Charles Schwab Corp.
BloombergMiles Weiss


And is fintech creating the conditions for another potential bank stress
outcome?

How a Fintech Reckoning Is Rippling Through a Small Bank in Washington
When Washington state–based Coastal Community Bank struck its first fintech
partnership with Aspiration, a startup backed by Leonardo DiCaprio and Orlando
Bloom, it ushered in a new era for the sleepybank north of Seattle. Starting
with that agreement in 2017, Coastal quickly became one of the…
The InformationMichael Roddan




> ☯️ Exits

> 💻 IPOs & SPACs

 * Plaid brought on a new CFO to prepare for an eventual IPO that is hoped to
   value the financial data infrastructure company above its proposed 2020 $5.3
   billion sale price to Visa and above its $13.4 billion 2021 fundraise
   valuation.
 * Apex Fintech, one of the largest clearing and settlement infrastructure
   providers and platforms for the investing industry, is considering plans for
   a 2024 IPO, after pulling plans to go public via SPAC in 2021.
 * Klarna established a UK holding company as a step towards a public listing.
 * It’s been a while since we’ve seen a fintech-focused SPAC! FG Merger II filed
   for a $75 million IPO to target a company in the North American financial
   services market.

“We’re sending a cake to the next fintech startup that goes public.”



> 🤝 M&A - Fintech

 * Equities exchange Nasdaq agreed to acquire Adenza, a software provider
   primarily used by banks and brokerages, for $10.5 billion. As part of the
   deal, Adenza's private equity owner Thoma Bravo will get a 14.9% stake in
   Nasdaq, making it one of the biggest shareholders in the exchange operator.
 * Wex, a corporate payment solutions provider for businesses that focuses on
   travel payment and corporate cards, announced that it will acquire Payzer, a
   maker of HVAC & plumbing business software, for $250 million. Matt Janiga
   notes on Twitter that Wex is also hiring an M&A attorney, a potential signal
   of more market-expansion acquisitions to come.
 * Package delivery company UPS will acquire Happy Returns, a reverse logistics
   company that enables frictionless, no-box, no-label returns for merchants and
   consumers, from PayPal, who acquired the company in 2021.
 * Kasikorn Bank, Thailand's second-largest bank, acquired a 97% stake in crypto
   exchange Satang for $103 million.
 * Togetherwork, a provider of group management software and payments, is
   reportedly seeking a buyer.
 * Shift4, an integrated payments and commerce software builder, completed its
   previously announced acquisition of Finaro, a cross-border ecommerce payments
   provider and fully-licensed bank.
 * French venture capital firm Founders Future acquired profitable equity
   crowdfunding platform Sowefund.
 * The European Payments Initiative, a bank-backed card network venture set up
   to build a rival to Mastercard and Visa in Europe, acquired Dutch payment
   scheme iDeal and Luxembourg's Payconiq.
 * German subscription management and recurring billing software solutions
   provider Billwerk+ announced the acquisition of its rival plenigo.
 * Orbyt, a CFO software provider for AR automation and integrated payments,
   acquired Telia’s Finnish activities dedicated to providing eInvoice services.
 * UK embedded subscription management platform Youtility was acquired by
   Squeeze, a US insurance price comparison site.
 * Vista Equity partners completed its previously-announced $4 billion buyout of
   customer engagement and payments provider EngageSmart.
   



> 🏦 M&A - Bank and FinServ 

 * Stock of Italian bank and payments network provider Nexi jumped 19% to around
   $7 as rumors circulated of a potential buyout from private equity firm CVC
   Capital Partners.
 * Italian bank UniCredit offered to buy the Greek state’s holding in Alpha Bank
   and agreed to acquire Alpha’s Romanian unit for €300 million in cash.
 * Italian bank Intesa Sanpaolo acquired Romania’s First Bank from its private
   equity owner JC Flowers for about €130 million.
 * BBVA is consolidating its three tech firms into one new company, called BBVA
   Technology, which will employ 3,000 of their staff and offer a more
   "strategic focus."
 * Canadian Tire Corp. bought back a 20% stake in its financial-services
   business from Bank of Nova Scotia for C$895 million ($647 million) in an
   all-cash transaction.
 * Cadence Bank will sell its insurance brokerage unit to insurance brokerage
   Arthur J Gallagher for $904 million.
 * UK fund manager abrdn will sell its private equity unit to Brazil's Patria
   Investments for about £60 million.
 * Charlesbank Capital, a private equity firm, made a majority growth investment
   into Petra, a fund administrator serving private investment firms.
 * Private equity firm Blue Owl is weighing an acquisition of rival private
   credit lender Hayfin Capital Management.
 * Wealth management provider Canaccord Genuity is exploring a potential
   acquisition of Close Brothers' wealth management operations.
 * Canada's House of Commons has asked Ottawa to reject Royal Bank of Canada's
   proposed C$13.5 billion acquisition of HSBC's domestic unit on
   anticompetitive grounds.
   








--------------------------------------------------------------------------------

> 🌎 Fintech Around the World

From Fintech to AI: Exploring the Next Technological Frontier in Africa

Nigeria Plans New FX Rules in Hopes of Naira Reaching ‘Fair Price’ by End of
2023

Naira Jumps on Nigeria Streets, Crypto Trade After Forex Cleared

Android in Africa: the enabler to making Financial Inclusion a reality

Open Finance: Lessons from Brazil

With China playing catchup with the U.S., these 3 charts show the top countries
for fintech in 2023

Domagoj Rozic, the Colombian-Croatian behind Colombia’s real-time payment system

> 📚 Deeper Reads & Features

FDIC IG Report Provides New Details on FDIC's Approach to Crypto

Carta’s CEO reaches out to customers about bad press, alerting them to bad press

Banks:

How a Fintech Reckoning Is Rippling Through a Small Bank in Washington



Why is technology best for checking bank customer identities?

First Impressions on CFPB's Proposed Open Banking Rule: Considerations for Key
Stakeholders



Will Goldman Sachs’s big bet on wealth management work?

Some notes on Bank Franchising

Mid-Size and Regional Banks Utilize Reciprocal Deposits for Deposit Growth and
Retention

AI:

Beyond the Gen AI Hype

What bank, fintech execs are saying about AI

AI and the Gamechangers in Fintech

How will artificial intelligence affect financial regulation?

Other:

Plaid Says Consumer-Centric Innovation Will Power Money Movement

Announcing the FinTech Innovation Lab’s 2024 Tech Priorities. Applications are
now open.

Accelerating Innovation and Protecting Privacy: How Generative AI Reshapes the
Banking Landscape?

The Twitter Jerk Circuit

Sydecar: Industry Standard Terms for Emerging Fund Managers

What are digital bonds and how are they issued?

The Way You Pay to Buy or Sell a Home Is About to Change

US companies shy away from debt markets as Treasury rout drives up costs

How Butter recovers 166%+ more lost revenue than traditional payment recovery

Meet Morgan Stanley's new power trio and the challenges they face

Dogs live longer and happier lives when they get to socialize often

--------------------------------------------------------------------------------

> Have a news item for us? Reach out to news@thisweekinfintech.com 

READ NEXT


PAGAYA RULES EVERYTHING AROUND ME (TWIF 4/23)

Hello Fintech Friends, ⚠️Editor's Note: Because of the double-post from our
publishing software glitch on Friday, I'm combining this week's Saturday and
Sunday posts to avoid cluttering your inbox. What a week for content! First, we
had a great guest post for Signals from Sara Hayden Van Velkinburgh on Why
Nik Milanović Apr 23, 2023


AIRWALLEX ACQUIRES MEXPAGO AS PART OF ITS LATAM LAND-GRAB (TWIF 10/22)

Hello Fintech Friends, Please find another week of fintech exits and deep reads
below. (👍👎 Have feedback for us? Let us know!) 📺Sponsored Content 87% of
compliance leaders surveyed said they were constantly under pressure to increase
efficiency - but how are they planning to optimize for this? The State of
Nik Milanović Oct 22, 2023


INDIA'S FINTECH EXIT BONANZA! (TWIF 10/15)

Hello Fintech Friends, People who think the growth story in fintech is over are
just not paying enough attention. This week, two new fintech companies - Stash
and PayU - announced their intentions to go public, likely at $1B+ valuations
each, while two Indian fintechs - Slice and CRED -
Nik Milanović Oct 15, 2023

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