Many analysts predicted the latter half of 2020 would be flush with M&A deals. As the economic effects of the pandemic begin to take their toll, some fintechs are more open to exiting earlier than they had planned.
Additionally, volatile stock market conditions are making IPOs less appealing. This may be what swayed Kabbage, which had long-been rumored to IPO after becoming an early fintech unicorn, to agree to be acquired by American Express.
These factors have made August, which is typically a very sleepy month for fintech news, into a busy time for M&A activity. Here’s an aggregation of some of the top deals this month.
- Apple acquires Mobeewave
- Metro Bank to buy Ratesetter for up to $16 million
- Paya and FinTech III agree to merge under the name Paya
- Euronext completes the acquisition of VP Securities
- Intercontinental Exchange agrees to acquire Ellie Mae for $11 billion
- American Express to acquire Kabbage
- Tandem Bank acquires Allium Money
- Xero acquires invoice financing company waddle for $80 million
- FTX acquires Blockfolio for $150 million
- WorldRemit to acquire Sendwave for $500 million
- Railsbank to buy Wirecard’s U.K. division
- NerdWallet purchases U.K.-based Know Your Money