According to KPMG, fintech deals dropped from over $63 billion in the second half of 2022 to around $52 billion in the first half of 2023.
This doesn’t necessarily have to be negative. Taking cues from Sangu Delle and The Godfather, as highlighted in our top story, some deals must die to get rid of the bad blood.
Perhaps not all deals that were shut down were 'bad blood', but those that remain have for sure a positive impact on businesses and the economy in general.
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Sangu Delle is a prominent investor in the thriving fintech scene in Africa. After backing several business successes, he’s conscious of the fact that “death is necessary”: quoting The Godfather during his interview, “These things gotta happen every five years or so…helps to get rid of the bad blood.”
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Conscious of the competition brought by fintech firms, one of the largest banking groups in Europe, Intesa Sanpaolo Group, launched a digital platform to guarantee speed and agility in banking, especially for those products SMEs needed – like lending. It was launched in Italy, but the goal is to expand internationally.
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In the meantime in the US, the relationship between the SEC and Binance doesn't seem to improve. The regulator asked a court to approve an inspection into Binance US.
Information Services Group, a leading global tech research firm, says that banking and financial firms are navigating economic uncertainty, cyber risks and competition by leveraging technology, focusing on enhancing user experiences.
Breakout Capital, a lending fintech company, and 12Five Capital, a commercial finance company, merged thanks to Altriarch Commercial Finance Inc., a parent company they have in common. This merger will enable additional services and expansions to address the needs of small businesses in this ever-evolving economy.
LondonLovesBusiness delves into the world of online lending platforms: today, waiting weeks to know if your business’ lending application was approved is basically unacceptable – and fintech firms know that.
The German fintech company Tilta announced €30 million worth of debt facility from Fasanara Capital. This facility will be used to address the working capital gap in B2B transactions, making the company able to finance around €250 million in B2B transactions per year.
Lakestar, the European VC giant that backed Revolut in its initial phase, invested in the French fintech startup Swan. The startup will use the capital to expand across the Netherlands and Italy during 2024.