This Week in Fintech (8/14)

Hello Fintech Friends,

Curious for people’s thoughts: Which fintech that hasn't yet announced plans to go public will file next for an IPO?

Please find another week of fintech financings and exits below.


Editor’s Note: If you’re an early-stage startup founder raising equity or debt, I may be able to help - reach out to nik@thisweekinfintech.com.


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💸 Venture Financing

  • Chime, the largest US neobank, raised $750 million at a $25 billion valuation.

  • Carta, a cap table management software, raised $500 to $600 million at a $7.4 billion valuation.

  • Uala, an Argentine personal finance management app, raised a $350 million Series D at a $2.45 billion valuation.

  • Gusto, a payroll and HR platform, raised $175 million at a $9.5 billion valuation.

  • Upgrade, a consumer lending and credit startup, raised $105 million at a $3.3 billion valuation.

  • BigPay, the Malaysian fintech arm of airline AirAsia, received a $100 million investment.

  • PayPal joined the $98 million Series B round for e-commerce platform Cart.com.

  • FreshBooks, a Canadian accounting software firm, raised an $80.75 million Series E.

  • Klover, a financial data permissioning tool, raised $60 million.

  • Pave, a corporate compensation tool, raised a $46 million Series B.

  • Moove Africa, a platform for revenue-based vehicle financing and lending, raised a $23 million Series A.

  • Kroo, a UK neobank focused on social spending, raised a £17.7 million Series A.

  • Canopy, an API-based loan management system, raised a $15 million Series A.

  • Car IQ, a contactless automatic payment network for connected vehicles, raised a $15 million Series B.

  • Keebo, a UK open banking personalized credit card startup, raised £5 million in seed funding.

  • Trust, a corporate card for online marketing, raised $9 million in seed funding.

  • Appital, a UK equity capital markets platform, raised £2.5 million.

  • Allocations, a back-office software for investment firms, raised $4 million at a $100 million valuation.

  • Durianpay, an Indonesian online hosted checkout and payment solution, raised $2 million.

  • FranShares, a platform for fractionalized franchise investing, raised a $1.4 million pre-seed.

  • Paysme, a UK SMB mobile payments, e-commerce, digital banking, accounting, lending, and insurance business, is crowdfunding £1 million.

  • Lockstep, a connected accounting platform, raised strategic funding from Amex Ventures.

💵 Debt Financing

  • Payl8r, a UK buy-now-pay-later provider, raised £40 million in debt from Conister Bank.

  • Canadian accounting software provider FreshBooks raised $50 million in debt to help businesses handle cashflow.

  • CapitalSage, a Nigerian lending fintech, raised $4 million (₦2.2 billion) in debt.

  • OpenDoor is in the market for a $2 billion credit facility.

💰 Venture Funds

  • Fabric Ventures, a European fintech VC, raised a new $130 million fund from backers including Wise, PayPal, Square, PayU, and Raisin.

(Source)

☯️ Exits

💻 IPOs
  • Nubank, the Brazilian juggernaut neobank, hired Morgan Stanley, Goldman Sachs and Citigroup to begin its US IPO.

  • Enact Holdings, a mortgage service provider and insurance company, revived plans for its $497 million IPO that it had scrapped in May.

  • Southern States Bancshares, an Alabama-based bank, raised $16 million in its IPO at a $172 million valuation.

  • FinWise Bancorp, a Utah-based neobank, postponed its planned $58 million IPO.

📈 SPACs

The SPACs are back…

  • Pico, a trading and financial services infrastructure company, announced that it will go public through a $1.75 billion merger with FTAC Athena Acquisition Corp.

  • Riverview Acquisition Corp, a SPAC targeting a financial services company, priced a $250 million IPO.

  • Insight Acquisition filed for a $240 million IPO to acquire a fintech.

  • World Quantum Growth Acquisition Corp priced a $200 million IPO to hunt for a financial services or fintech target.

  • Armada Acquisition Corp priced a $150 million IPO to buy a fintech company.

  • TG Venture Acquisition filed for a $100 million IPO to acquire a space fintech.

  • Abri SPAC I priced a $50 million IPO targeting a fintech or insuretech business.

  • Green neobank Aspiration is reportedly in talks to go public at a $2 billion valuation through a SPAC.

🤝 M&A - Fintech
  • Paymentus, a cloud-based billing tech provider, announced that it will acquire Payveris, a bill, peer-to-peer, and account-to-account payment software provider, for $152 million (56% cash, 44% stock).

  • UK buy-now-pay-later platform Zilch acquired US mezzanine debt software provider NepFin to expand into the US.

  • Decentralized finance and crypto platform Gemini acquired predictions platform Guesser.

  • Callpay, a South African card payments service provider, was acquired by an unknown buyer for $6.8 million.

  • Robinhood acquired proxy voting and shareholder communications platform Say Technologies for $140 million.

  • Credit bureau Equifax will acquire public and workplace safety data provider Appriss Insights.

  • Investment manager Abrdn will acquire fintech firm Nucoro’s digital wealth management product.

  • CFO and accounting outsourcer Positive Venture Group sold its assets to ‘finance as a service’ firm Consero.

  • Financial services firm Voya Financial, a fund manager, is exploring the acquisition of Alight Solutions, a business process outsourcing firm that previously went public through a merger with SPAC Foley Trasimene Acquisition Corp for $7.3 billion.

🏦 M&A - Bank
  • US Bank will acquire the business expense and CFO software provider Bento Technologies.

  • National Australia Bank will buy Citigroup’s local consumer bank for $882 million.

(Source)


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(Source)


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