This Week in Fintech (5/8)
Hello Fintech Friends,
Fintech IPOs are on a hot-streak, with 9 new IPOs announced this week.
Please find another week of fintech financings and exits below.
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💸 Venture Financing
Wealthsimple, the Canadian roboadvisor, raised C$750 million ($610 million) at a C$5 billion ($4 billion) valuation. (The rumor is that $500 million of the fundraise was a secondary sale by owner Power affiliates, which will be diluted to 43% ownership and 60% voting rights, with an 8.3x return or 79% CAGR.)
ReCharge, the subscription payment and billing management platform, raised $227 million at a $2.1 billion valuation.
Honeybook, a financial management platform for freelancers, raised a $155 million Series D at a $1 billion valuation.
Indonesian roboadvisor Bibit raised a $65 million growth round.
Vivid Money, the German neobanking app, raised a €60 million Series B.
Persona, the identity verification and KYC platform for financial tools, raised $50 million.
LoanSnap, a mortgage platform, raised a $30 million Series B.
Boost Payment Solutions, a B2B payments provider, raised a $22 million Series C.
Coin Metrics, a provider of network data, market data, indexes and network risk technology to institutions touching cryptoassets, raised a $15 million Series B from Goldman Sachs.
Railz, a developer of APIs for real-time financial institution account data, raised a $12 million Series A and $3.1 million seed round.
Spinwheel, a consumer debt management platform, raised $11 million.
Fly Now Pay Later, a UK fintech for financing post-covid travel, raised a £10 million Series A.
Fintecture, a French payments infrastructure provider for Europe, raised a $7.5 million seed round.
Sorbet, an Israeli startup which converts accrued PTO liabilities from company’s balance sheets to prepaid cards for employees, raised a $6 million seed.
alt.bank, a Brazilian neobank, raised a $5.5 million Series A.
Graviti, a Mexican buy-now-pay-later startup for appliances, raised a $2.5 million seed.
CreditBook, a Pakistani accounting and bookkeeping platform, raised a $1.5 million seed round.
Revere VC, an asset management firm and VC platform, raised a $1.35 million seed round.
Ensibuuko, a Ugandan microfinance platform, raised a $1 million seed round.
Kashat, an Egyptian mobile lending app, raised an undisclosed funding round.
OptionMetrics, an options and futures database provider, raised strategic funding from Leeds Equity.
a55, an alternative lending solution for Latin America, raised $35 million in debt and equity.
💰 Venture Funds
Information Venture Partners closed its third fintech venture fund at $101 million.
The Monetary Authority of Singapore announced a $42 million regulatory technology grant pool for young startups.
QED Investors raised $12 million for a Latin American fintech fund.
☯️ Exits and M&A
Marqeta, the card issuing and payment processing provider to much of the US fintech community, is prepping for an IPO that could value it at $15 billion.
DLocal, a Uruguayan payment provider, confidentially filed for an IPO that could value the firm at up to $5 billion.
Bill.com is reportedly set to acquire corporate payments startup Divvy for over $2 billion.
Enact Holdings, a mortgage insurance business, filed for a $497 million IPO.
MeridianLink, a cloud software solution for financial institutions, filed for an IPO to raise up to $350 million.
Paymentus, an online billing platform, filed for an IPO to raise up to $250 million.
Expense management solution Expensify filed a draft registration for an IPO.
Pepper Money, an Australian home and commercial real estate lender, plans to raise A$500 million ($389 million) in an IPO that could value it at A$1.3 billion ($1 billion).
PayPal is acquiring merchant dispute and chargeback management tool Chargehound.
Online payments provider Global Payments is acquiring Zego, a provider of real estate software and payment solutions.
Sovos, a global tax software provider, acquired Acepta, a Chilean invoicing and electronic receipt platform for SMBs.
Private equity firm Francisco Partners combined its portfolio companies TradingScreen and Imagine Software into a combined investing and trading platform.
JC Flowers completed its acquisition of auto lending website iLending.
Auto refinancing platform RateGenius will combine with competitor AUTOPAY.
Trustly shelved its plans to raise €785 million in an IPO due to regulator concerns over the Swedish payment firm’s due diligence process.
Czech banks PPF and MONETA Money Bank agreed to combine their lending assets and businesses, creating a bank valued at 64.2 billion crowns ($3.01 billion).
Swiss bank UBS Group sold its remaining stake in fund distribution platform Clearstream to Germany’s Deutsche Boerse for CHF 390 million ($427 million).
Sacramento-based retail bank Five Star Bancorp raised $105 million in its IPO.
The Safra National Bank parent acquired Bank of Montreal’s private banking business in Hong Kong and Singapore.
Commonwealth Bank of Australia acquired Whitecoat, a health industry tech provider, to create a health payments platform.
Blue Safari Group Acquisition filed for a $50 million US and Chinese fintech SPAC.
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📚 Deeper Reads