MoneyLion to Acquire Even Financial For $440M

Digital finance platform MoneyLion Inc. (NYSE: ML) is set to acquire embedded finance marketplace Even Financial Inc., its third acquisition this year after content studio Malka Media Group and algorithmic financial planning fintech startup WealthTech. The acquisition is expected to accelerate MoneyLion’s mission of providing financial access and advice to its clients.

The deal is expected to result in a total consideration to Even’s equity holders of up to $440 million, using a convertible financing structure that values MoneyLion at its initial public listing price of $10 per share. Even Financial has raised a total funding of $67 million till date from marquee investors including Goldman Sachs, American Express Ventures, Citi Ventures, F-Prime Capital, MassMutual Ventures, LendingClub, Canaan Partners, GreatPoint Ventures and AAF Management.

Founded in 2014 by Ian Rosen, Jarid Maged and Phill Rosen, New York based Even Financial is a search, comparison and recommendation engine for financial services.

Founded in 2013 by Chee Mun Foong, Diwakar Choubey and Pratyush Tiwari, MoneyLion is a digital finance platform for borrowing, saving, and investing.

Goldman Sachs To Acquire Fintech GreenSky For $2.24B

Goldman Sachs and Atlanta based fintech company GreenSky (GSKY) have announced a merger in which the bulge bracket investment bank plans to acquire GreenSky in an all-stock transaction valued at approximately $2.24 billion. According to the merger agreement, GreenSky shareholders will receive 0.03 shares of Goldman Sachs shares for each share of GreenSky, which works out to about $12.11 a share, according to a statement issued on Wednesday.

The acquisition will enhance Goldman Sachs’ ability to provide consumers with the opportunity to save, spend, borrow and invest, and meet customers where they transact.

Founded in 2006 by David Zalik, GreenSky is a fintech platform that enables over 10,000 merchants to offer payment and loan services for four million customers.

Categories M&A

PayU India Snaps Up Billdesk For $4.7B Making It The Largest Fintech Acquisition In India

Mumbai based payment-tech firm PayU Finance India, owned by global consumer internet giant Prosus, has announced the acquisition of payment gateway BillDesk for US$4.7 billion, making PayU one of the leading online payment providers globally by total payment volume.

Together, PayU India and BillDesk will be able to meet the changing payments needs of digital consumers, merchants and government enterprises in India and offer a unified state-of-the-art payment technology platform. The acquisition is subject to approval from the Competition Commission of India.

Founded in 2000 by Ajay Kaushal, Karthik Ganapathy and Srinivasu, Ahmedabad based BillDesk provides an integrated payment technology platform and unified APIs to make digital payments easy and accessible.

Categories M&A

Flinks Gets Acquired By National Bank of Canada For $103M

Montréal based fintech startup Flinks has received a strategic investment of $103 million from National Bank of Canada. The investment includes $30 million in growth capital which would enable the fintech to expand it geographic footprint in North America, enter financial services verticals like wealth and lending, and add to its capabilities in analytics and data enrichment. 

Founded in 2016 by Frédérick Lavoie, Julien Cousineau and Yves-Gabriel Leboeuf, Flinks is a data company that enables businesses to connect to their customers’ financial accounts, enrich this data, and utilize it to deliver better digital products.

Categories M&A

Payments Giant Square Announces Takeover of Australian BNPL Leader Afterpay For $29B

Payments giant Square has announced the acquisition of Afterpay, an Australian buy now, pay later (BNPY) fintech startup, in an all-stock deal valued at ~$29 billion, making it one of the largest cross-border buyouts of an Australian company. Afterpay shareholders will receive 0.375 of Square class A stock for each share of Afterpay, implying a price of A$126.21 per share based on Square’s closing price of July 30. The acquisition price is more than 30% more than Afterpay’s most recent closing price of A$96.66. The deal is scheduled to conclude in the first quarter of 2022, depending on closing conditions.

Founded in 2014 by Anthony Eisen and Nick Molnar, Afterpay allows shoppers to receive products immediately and pay in simple installments over a short period of time. The startup has 100,000 merchants globally using the platform with more than 16 million customers.

Founded in 2009 by Jack Dorsey, Buzz Andersen and Jim McKelvey, San Francisco based Square is a merchant services aggregator and mobile payment company that aims to simplify commerce through technology.

Melbourne-based Afterpay is publicly traded on Australia’s ASX exchange while Square is listed on Nasdaq.

Bill.com Set To Acquire Invoice2go For $625M

Palo Alto based Bill.com has signed a definitive agreement to acquire Invoice2go, the SMB focused accounts receivable (AR) software provider, in a stock and cash transaction valued at ~$625 million. Invoice2go’s cutting edge AR product coupled with a talented workforce and international customer base, are expected to enhance Bill.com’s current AR solution, provide synergies with its payments solution, and position it as an integrated financial solutions platform for businesses around the globe.

Founded in 2006 by René Lacerte, Bill.com (NYSE:BILL) is a provider of cloud-based software that simplifies and automates back-office financial operations.

Categories M&A

Australian Fintech Zip Co Acquires BNPL Players Twisto and Spotii For $160M

Australian fintech Zip Co announced that it is in the process of acquiring buy-now-pay-later (BNPL) companies Prague based Twisto and UAE based Spotii via its subsidiary Zip UK for a total consideration of $160 million as it looks to expand its geographic footprint in Europe and the Midle East. Zip is purchasing the remaining 89.94% shares in Twisto for $140m and the remaining shares in Spotii for around $20m. Zip Co had earlier acquired Australia based Pocketbook, New Zealand based PartPay, and the US based Quadpay.

Founded in 2013 by Larry Diamond, Niamh Mc Enaney, Peter Gray, Sydney headquartered Zip Co is a publicly listed online payments technology company that offers consumers credit options for online shopping.

Categories M&A

REPAY Acquires BillingTree For $503M

Atlanta based PaymentTech REPAY Holdings has acquired Arizona based payments provider BillingTree in a cash and stock transaction valued at approximately $503 million. The acquisition will be financed with approximately $275 million in cash from REPAY’s balance sheet and $228 million in newly issued shares of REPAY class A common stock to be issued to the seller.

The acquisition will enable REPAY to expand its footprint in healthcare, credit unions, and accounts receivable management.

BillingTree is a provider of omni-channel, integrated payments solutions to the Healthcare, Credit Union, Accounts Receivable Management and Energy industries.

Categories M&A

Wealthtech Orion Buys Atlanta Based Fintech HiddenLevers

Orion Advisor Solutions announced today it has acquired HiddenLevers, joining a list of wealthtechs that have acquired niche fintech platforms.

HiddenLevers, founded in 2009 by Raj Udeshi and Praveen Ghanta in Atlanta, enables investment advisers to perform portfolio and security-level stress tests and measure sensitivity to macro-level risks.

The online risk management fintech contains several macro-level risk algorithms, such as oil shocks, global conflicts or large swings in gold prices, as well as correlations among more than 100 economic indicators, industries and securities.

Orion plans to embed HiddenLevers’ technology into its business intelligence and compliance tools. After the deal is completed, the firm’s founders will join Orion’s leadership team.

PayPal Acquires The Cryptocurrency Startup Curv

The deal will spur PayPal’s cryptocurrency team on the curve, a startup working with exchanges, brokers and over-the-counter desks to help its users securely store crypto assets and without the need for additional hardware Helps to reach their purse.

The large company already supports the buying and selling of cryptocurrencies, and it says it plans to launch new crypto-related products in other countries and in Venmo. Calcalist was the first to report the acquisition, and stated that the deal price was between $ 200 and $ 300 million, while another source tells ClearTips that the price was less than $ 200 million.

Categories M&A

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