Hello Fintech Friends,
Today’s newsletter is brought to you by our friends at Visa.
I'm excited to introduce Rachel Chang, who is working with us on our news summaries for the Saturday and Sunday newsletter (while I'll continue to write the editorial sections).
Please find another week of fintech exits and deep reads below.
- Nik
Have feedback for us? Let us know. Find me at @nikmilanovic, @twifintech, and @ndm
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Read of the Week
Exits
IPOs & SPACs
BTC Developmentannounced the pricing of its IPO of 22 million units at a price of $10 per unit, marking its entry to the public markets through Nasdaq.
Climate First Banktapped investment firm Piper Sandler to explore a U.S. IPO in 2026.
Commercial Bancgrouppriced its IPO at $24 per share, raising $172 million and offering 7.2 million shares to expand its Tennessee-based community banking operations.
Ethos Technologiesfiled for a U.S. IPO, focused on simplifying the insurance industry's value chain.
Revolutaimed to make history with a potential dual-listing in New York and London, at a target $75 billion valuation.
Tata Capitalraised 46.42 billion rupees ($523 million) from anchor investors with plans for a $1.7 billion IPO, set to be India’s biggest listing of 2025.
Wealthfrontfiled for a U.S. IPO after 17 years, reporting 26% revenue growth to $339 million in 2025 from its automated portfolios of stocks and bonds, with plans to expand into mortgages.
M&A - Fintech
FiservacquiredSmith Consulting Group to expand its advisory and operational services for community banks and credit unions across the U.S.
Fiservannouncedplans to acquire StoneCastle Cash Management to bolster its FIUSD stablecoin by the first quarter of 2026.
GustoacquiredGuideline for $600M, aiming to divest customers associated with rival retirement and payroll companies.
Rocket Companiesclosed its $14.2 billion acquisition of Mr. Cooper, combining the largest home loan originator and mortgage servicer in the U.S.
TMX Groupacquired Verity, an investment research and analytics provider, to expand its footprint into the U.S.
M&A - Banks and Financial Institutions
First Merchantsannounced plans to acquire First Savings Financial Group for $241.3 million in stock, expanding its presence in Indiana and entering the Kentucky market.
Heritage Financialannounced plans to acquire Olympic Bancorp in an all-stock transaction valued at $176.6 million in Washington.
HSBCagreed to sell its Sri Lanka retail banking operations to Nations Trust Bank, continuing its international divestment strategy
Mid Penn Bancorpagreed to buy 1st Colonial Bancorp in New Jersey, paying $101 million in cash and stock.
Mubadala Capital and Silver Rock Financialformed a strategic partnership, combining Silver Rock Financial’s credit expertise with Mubadala Capital’s global network and capital base. Mubadala Capital also acquired a 42% stake in Silver Rock Financial LP through cash and stock.
Sabadell’s board rejectedBBVA’s improved takeover bid valued at $20 billion, with 10 days left for shareholders to make a final decision.
Stearns Bankagreed to buy One American Bank in South Dakota.
