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Last week ended with a couple of significant news events in the fintech world. First up, Ingrid and I wrote about FIS acquiring banking-as-a-service startup Bond for an undisclosed amount. (Fintech Business Weekly’s Jason Mikula initially broke the news). The deal is both an example of the resilience of infrastructure in the fintech space and a year that is proving to be filled with consolidation – as expected in a no-IPO, less capital rich environment.
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Earlier this year, Marqeta acquired financial infrastructure startup Power Finance in a $275 million deal. JPMorgan closed its acquisition of Aumni. And Brazilian fintech infra company Pismo is said to be in the midst of being courted by the likes of Visa and Mastercard in a reported $1 billion transaction.
As Ingrid pointed out, not every M&A deal works out well, of course, with the biggest often being the hardest to digest. FIS made one of the largest-ever acquisitions in the world of payments when it acquired WorldPay for about $43 billion in 2019. That deal never really came up trumps, though. In February of this year, FIS confirmed that it would be spinning WorldPay off.
I also wrote about Better.com’s laying off its real estate team and the related shedding of its real estate business unit – a move that we knew was coming, but just didn’t know when. The company reportedly bet big on real estate in 2022, presumably before the housing market turned and mortgage interest rates soared. But as the refinancing market dried up and fewer people wanted to lose their lower interest rates by buying another home in a tight market, the unit was negatively impacted. The company declined to comment on the move but one person (who wished to remain anonymous) who was affected by the layoffs told TechCrunch via email on June 8: “At 8AM yesterday, after being praised in Tuesday’s meeting, our computers where disconnected and logged out of work emails. No warning.” Guess Better.com hasn’t learned from its past experiences of botching layoffs. – Mary Ann
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