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BFD Expert Voices - Private Credit

BFD Expert Voices

Feb. 13 — The go-go days of VCs throwing piles of cash at fintech funding rounds ended last year, and now companies in a growth phase trying to sort through a stingier and more complex market are opting for another type of financing: debt.

Driving the news: Fondo, which makes tax prep and accounting software for startups, has raised $3 million in a mix of debt and equity, the company told Ryan exclusively.

Why it matters: With venture dollars harder to come by, more startups are turning to debt financing to fund operations and expansion.

Read the rest of this article and Monday's newsletter

1. Fondo funding and the debt mix 

Feb. 13 — Payments giant Fidelity National Information Services said it plans to spin off its merchant services business into its own publicly traded company.

Why it's important: FIS is undoing one of the biggest fintech acquisitions ever — Worldpay — after determining the two were better off as separate entities, Lucinda wrote.

Background: FIS acquired Worldpay in 2019 for $43 billion amid a frenzy of payments tie-ups, including that of Fiserv's $22 billion purchase of First Data.

D.E. Shaw and activist hedge fund JANA Partners both have clamored for changes at the company. 

2. Spin cycle 

Photographer: Lori Moffett/Bloomberg via Getty Images

Feb. 14 — Aspire, a Singapore-based B2B banking startup, announced that it raised $100 million in Series C funding led by Lightspeed and Sequoia Capital SEA, Ryan wrote.

Why it's important: Despite a slowdown in fintech funding, investors appear to be bullish on business banking as a growing category to bet on.

Read the rest of the article and Tuesday's newsletter

3. Aspire raises $100M

Feb. 15 — Bankrupt crypto firm Celsius has reached a deal in principle to be acquired by investment firm NovaWulf Digital Management.

Why it's important: The agreement could set a precedent and provide a roadmap for other bankrupt crypto firms.

Driving the news: In a bankruptcy court filing, the company put forward a plan to sell Celsius' liquid and illiquid assets to NovaWulf.

NovaWulf agreed to make a direct cash contribution of $45 million to $55 million to a new company that it will manage.

The company will be overseen by a new board of directors and will file public disclosure documents.

Read the rest of the article and Wednesday's newsletter

Read more about NovaWulf and its background

4. Celsius finds a buyer

Feb. 16 — Regtechs were the great love of fintech investors last year, Lucinda wrote.

Why it's important: Dealmaking for companies that sell regulatory tech to financial services players surged in 2022 to an all-time high, KPMG's fintech report shows — even as the broader fintech market fell.

By the numbers: In 2022 the value of private equity, venture capital and M&A regtech deals grew 53%, to $18.6 billion.

By comparison, global fintech investing fell 31%, to $164.1 billion.

Read the rest of the article and the rest of Thursday's newsletter 

5. A rush on regtech 

Situational awareness: We're off Monday, but we'll be back in your inbox Tuesday. 

🙏 Thank you for reading us this week. Enjoy the long weekend. 

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February 17, 2023

1. Fondo funding and the debt mix