#DoneDeal FinTech Weekly Newsletter powered by Marcel van Oost
Connecting the dots in FinTech...
Connecting the dots in FinTech...
REPORT
? Canadian FinTech deal activity reached 144 deals in 2023, a 48% reduction from 2022
? Canadian FinTech companies raised a combined $808m in 2023, a 76% drop from the previous year
? RegTech was the most active FinTech subsector with a 48% share of total deals
? German FinTech investment totalled at $911m in 2023, a 74% drop YoY
? German FinTech deal activity totalled at 160 transactions in 2023, a 28% reduction from 2022
? The average German FinTech deal size was $5.7m in 2023, a 63% drop from 2022
?? NEWS HIGHLIGHT
Barclays has agreed to buy the bulk of Tesco’s banking business in a ￡600mn deal, as UK supermarket chains accelerate their retreat from an ill-fated expansion into financial services.
Barclays said that it would take on Tesco Bank’s credit cards and unsecured personal loans, totalling about ￡8.3bn of lending balances.
It has also signed a 10-year distribution deal to sell financial products under the Tesco brand.
?? M&As
Marsh McLennan’s Oliver Wyman to acquire Innopay a leading consultancy firm specialized in digital transactions. Innopay will join Oliver Wyman as a specialist consulting business within the group’s European region.
领英推荐
Tembo announces acquisition of Lifetime ISA provider Nude Finance. With the acquisition, Tembo will now be able to offer its customers Nude’s award-winning Lifetime ISA .
British tech firm Onfido nears sale to Entrust Corp. Onfido, which uses artificial intelligence to verify customer identities , could be valued around $650 million in a dea.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? NOTABLE FUNDING ROUNDS
?? French fintech Pennylane raises €40m for M&A .
?? 1.2M USD Follow-up Investment in Turan, the Financial Application of the Turkic World
?? Charitable giving fintech Overflow raises $20m
?? Agricultural fintech Traive raises US$20M to improve its technology .
EUROPE ????
Ex-Société Générale’s exec launches new €150m European seed fund . Paris-based Varsity VC, a brand-new seed investor founded by banking veteran and ex-Société Générale deputy CEO Didier Valet, has closed a first €75m for its first fund, targeting €150m.?
London fintech firms KoinKoin and SR FINANZMANN close $2m funding round. The funding will support the growth and expansion of the technical FX across both businesses, especially in Africa.
Tuum raises EUR25m series B financing. The company plans to enhance its direct sales and marketing operations , while also fortifying its partner channel with key managed service relationships to amplify sales reach and implementation scalability.
Bankflip successfully raises a €2.6 million funding round. The objective of this funding round is to strengthen the company’s position in the Spanish market, explore new adjacent verticals.
USA ????
BNPL lender Sunbit secures $310m.The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022.
Metronome’s usage-based billing software finds hit in AI as the startup raises $43M in fresh capital . The startup declined to reveal its valuation, saying only that “it was a very healthy multiple above” its Series A valuation.
ASIA
Cred moves into wealth management with acquisition of Kuvera. In June last year, Cred acquired micro-saving app Spenny, which rounds off users' spare change from online transactions and invests in digital gold and mutual funds.
AUSTRALIA ????
Australian payments infrastructure provider Fat Zebra has acquired local open banking technology platform Adatree. Financial terms were not revealed.
AFRICA
Mastercard firms up MTN fintech deal at R100-billion valuation. This commercial relationship is a key enabler for the acceleration of our fintech business’s payments and remittance services .