The following is an excerpt from today’s Global Newsletter.
As Jason Mikula predicted on June 1, FIS has acquired embedded finance startup Bond in a deal where terms were not touted in a splashy press release.
While silent acquisitions often indicate a distressed sale, the incumbent core banking provider likely realized they needed to get into BaaS and probably bought Bond for their tech to be more agile. It may also be the attraction of the expedited route: buy the plug-and-play solution rather than spend many months developing one in-house.
This latest acquisition shows fintech M&A is getting hotter, with more activity in recent weeks.
Bond may have been struggling to raise money, so this would also be a good outcome for them, though we do not yet know the whole story.
Featured
 USA |
| FIS acquires banking-as-a-service startup Bond By Mary Ann Azevedo and Ingrid Lunden San Francisco-based fintech infrastructure startup Bond was valued at $182 million the last time it raised money, in 2020. |
From Fintech Nexus
| USA Colorado residents could soon be in a mountain of hurt when it comes to access to credit By Peter Renton Colorado passed a law this week that could have a dramatic effect on the ability of fintech lenders to do business in the state. |
| USA MoneyLion’s Engine brings holistic embedded finance By Isabelle Castro Margaroli The love child of Moneylion’s Even acquisition, Engine, looks to create tools for even non-financial companies to embed personalized products. |
| USA Radiate Ventures looks to capitalize on market volatility By Tony Zerucha Radiate Ventures bets on companies developing technologies that will drive change and leaders with the persistence to follow through. |
| LatAm Ualá set to expand ecosystem after ABC bank deal in Mexico By David Feliba Fintech unicorn Ualá finally obtained a banking license in Mexico, clearing the way for the neobank to aggressively expand its product suite. |
| Global The Fintech Five news recap for June 9, 2023 By Todd Anderson The Fintech Five brings you the top five stories of the week in under two minutes, delivered via newsletter, website, and social media channels. |
Podcast
| PitchIt: Kelly Fryer of FinTech Sandbox On today’s episode, I talk with Kelly Fryer, Executive Director of the FinTech Sandbox. Listen Now |
Webinars
| Unmasking Sanctions Evasion: Trends, Challenges, and Solutions June 15, 2 p.m. EDT One of the most crucial components of compliance is sanctions screening, which entails identifying and blocking transactions… Register Now |
| June 20: Challenges and Opportunities of Digital Credit Register Now |
Also making news
- USA: Why the SEC is chasing Coinbase, Binance, Ripple, and more A month ago, I discussed the American Security and Exchange Commission’s (SEC) case against Ripple, which is accused of trading securities with the question: are cryptocurrencies securities?
- USA: What do Binance.US’s new rules on trading dollars mean for customers? The company said that it would no longer allow trades with U.S. dollars on its platform. Customers were urged to withdraw funds by Tuesday.
- USA: One Citi card has no late fees. It reveals a lot about CFPB’s $8 plan. Banks have slammed a proposal by the Consumer Financial Protection Bureau to slash credit card late fees to $8, arguing in part that consumers need a strong incentive to stay current on their payments.
- Global: Andreessen to open London office for crypto startups amid scrutiny in U.S. The venture-capital giant cites a clearer regulatory path for UK crypto startups because of “more political will” there.
- USA: Andreessen Horowitz merges fintech and consumer teams after some bets fizzle Andreessen Horowitz has combined its finance and consumer investment teams into one, merging what were two of the hottest pandemic-era investment categories that have since cooled.
- LatAm: Pichincha Perú busca aliados y proveedores para adelantarse en la banca abierta La filial del mayor banco ecuatoriano está buscando aliados, proveedores y soluciones regulatorias para desarrollar nuevos negocios de banca abierta.
