While the crisis may be causing a down round in terms of new funding in the space, it doesn’t seem to be slowing down mergers and acquisitions. The epidemic may not even register as a blip to future analysts of fintech M&A.
The second half of June saw the payments company Square acquire European peer-to-peer payments startup Verse, Mastercard acquire API provider Finicity, and Credit Sesame acquire the Canadian challenger bank Stack, to name a few. June also saw a surprising fintech IPO in Lemonade, the New York-based insurance startup. Lower profile but no less interesting was wealth startup Tegra118. Led by Fiserv veteran Cheryl Nash, acquiring Illinois-based RetireUp. All of these acquisitions are interesting for different reasons and collectively tell a story of where fintech is likely going moving forward.