Hello Fintech Friends,
Today’s newsletter is brought to you by our friends at Spade.
In the news this week: The Financial Technology Association sued Tennessee over its new cross-border payments tax. Pagaya took Klarna to court over alleged misappropriation of its point-of-sale underwriting trade secrets, Visa partnered with OpenAI to bring its payment network into AI commerce, and Ramp launched a new service that deploys AI agents to automate finance workflows at large companies.
Please find another week of fintech exits and deep reads below.
Have feedback for us? Let us know or reach out to @nikmilanovic, @twifintech, or @ndm
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Reads of the Week
IPOs & SPACs
Ant International seeks to raise about $1 billion dollars in a private round at a $10 billion valuation as it gears up for an IPO.
M&A - Fintech
Montreal-based Nuvei, a payment processing, risk management, and payout solutions provider, is in advanced talks to acquire cross-border payments company Payoneer for $2.7 billion, a deal that would give it access to Payoneer's emerging market footprint and marketplace relationships.
Figure agreed to acquire real estate lender Kiavi for $717 million, bringing its mortgage volume onto blockchain rails.
Germany's Giesecke+Devrient is investing 1,100 crore rupees ($128 million) in India and eyeing fintech acquisitions.
Finastra sold its Phoenix bank core to CORA Group.
Temenos acquired additiv AG, a Switzerland-based company that provides a specialist platform to orchestrate financial services.
Cegid closed its acquisition of payments firm Shine, positioning the combined entity as an AI-driven platform for SMBs and accountants.
Salesforce moved to acquire usage-based billing platform M3ter.
Juniper Group acquired corporate travel management platform Deem from Travelport.
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M&A - Banks and Financial Institutions
Intesa Sanpaolo launched a €30.6 billion ($35 billion) unsolicited bid for Monte dei Paschi di Siena.
UniCredit's stake in Commerzbank climbed to 37.7% as its €24 billion takeover offer nears its June 16 close.
BancFirst agreed to acquire Oklahoma City-based SpiritBank, which holds $939.6 million in assets.
Scotiabank agreed to acquire Maple Financial Holdings as it expands its footprint across the U.S.
FNBO agreed to acquire Blue Ridge Bancshares.
First Federal Bank sold its third-party mortgage origination unit to Chicago-based Mortgage Forward.
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