Fintech
4 Major FinTech Acquisitions in Europe in June 2024
By Gloria Methri
The FinTech sector has seen a slowdown in deal activity in 2023, with companies around the world adopting a cautious approach to mergers and acquisitions (M&A). Only 128 M&A deals were recorded in the first half of the year, compared to 248 and 188 in the first and second half of 2022.
Despite the downturn, companies remain interested in exploring options and are eagerly awaiting potential deals when market conditions improve. Several FinTech segments, including payments, treasury management software, and corporate separations, are attracting merger and acquisition (M&A) interest, according to S&P Global Market Intelligence.
Let’s take a look at four such announcements made this month:
Clarify is selling its online payment solution to a group of investors led by Kamjar Hajabdolahi, CEO and founding partner of BLQ Invest. The sale of KCO will allow Klarna to focus on its core business and the flexible payment methods, which it offers together with multiple service providers.
Launched in 2012, Klarna Checkout works directly with merchants to help them offer its BNPL payment options. The business is successful in the Nordic countries, with a market share of 20% rising to 40% in Sweden.
Ageras has signed an exclusive agreement with Societe Generale to acquire French FinTech SME Shine. With the acquisition, Ageras aims to strengthen its position as a provider of banking and accounting software for SMEs by expanding its presence in France. The region has been a key market for the Danish FinTech since its entry in 2021 with the acquisition of pan-European invoicing software Zervant.
Natwest Group is set to buy Sainsbury’s retail banking business as the supermarket company withdraws from the sector to focus on food shopping. The deal, worth $3.2 billion, includes Sainsbury’s existing credit card, unsecured personal loan and savings accounts.
The move will increase NatWest’s business and customer accounts, in line with the bank’s strategy to expand its retail banking operations.
Shift4specialist in integrated payments and commerce technology, has acquired a majority stake in Vectron Systems AG, one of Europe’s largest providers of point-of-sale (POS) systems for the restaurant and hospitality verticals.
FinTech Shift4 has also completed its previously announced acquisition of Revel Systems. Revel has more than 18,000 business locations in the United States and internationally, representing a $17 billion payout opportunity.
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