As stock markets around the world continue to defy gravity in the face of worsening data, companies are filing for IPO like there’s no tomorrow. If the recent success of insurance startup Lemonade is anything to go by, those who are able would be wise to strike while the window is still open.
In the US, this week saw a wave of IPO announcements, with four in the fintech space alone. Rocket Companies (aka Quicken Loans) and nCino are officially on file, while Coinbase, who are rumored to be considering a direct listing, and Marqeta have made their IPO ambitions clear. Additionally, Palantir filed its S-1. The notoriously secretive data analytics start-up that has a valuation of around $20b, would be the largest Silicon Valley tech listing since Uber. If you add in AirBnb too, the next few months could be quite spicy.
In spite of the current tensions between China and Hong Kong and the increased scrutiny of US-listed Chinese companies, the markets in Asia are just as hot. It was reported this week that Alibaba’s Ant Group is exploring a very sizable local Hong Kong listing, while online real-estate broker Beike is forging ahead with its plan to list in the US.
So while the brave spend the summer polishing their marketing decks and financial models for what will likely be a Zoom fest of roadshows, everyone else will be keen to see if the resulting IPO’s or direct listings turn out to be as sweet as Lemonade?
Pensionmark partners with Vestwell to bring modern-day recordkeeping to advisors and their clients - Portfolio company Vestwell has a new partnership with Pensionmark. Together, their offering combines a high-tech solution with plan specialists and back office support and will bring a unique approach to corporate retirement plans by solving the historical challenges faced by plans in the small-to-midsize space, while giving clients the customized experience they deserve. Read more
Process automation for the SBA Paycheck Protection ProgramLoan Forgiveness - Portfolio company Ocrolus stands out via its ability to automate the classification and extraction of data from documents required to convert SBA PPP loans into forgivable grants. Read more
Sweet or Sour?
Crypto exchange Coinbase readies landmark stock market listing, sources say - The digital currency exchange company is the latest mega-startup that may approach the public markets, which could happen as early as this year. The listing would need the SEC's blessing, and were the watchdog to greenlight it, it would represent a landmark victory for cryptocurrency advocates vying for mainstream endorsement. Read more
Alibaba's Ant plans Hong Kong IPO, targets valuation over $200b - Ant Group, the fintech arm of Chinese e-commerce giant Alibaba, plans a Hong Kong float as soon as this year. Although valued at about $150b in its last funding round in 2018, small trades in the secondary market late last year gave it an implied valuation of $200b. Read more
SoftBank-backed Chinese online property brokerage Beike Zhaofang aims to raise $3b in U.S. IPO - The Chinese real-estate brokerage with an online tool to match buyers and sellers, as sites like Zillow and Redfin do in the U.S., is planning to IPO in the coming months according to people familiar with the matter, in what would be the largest listing of a Chinese company in the U.S. in more than two years. Read more
Goldman Sachs-backed payments startup Marqeta prepares for IPO - California based Marqeta is gunning for the centre of a multi-trillion dollar card issuing market that is changing fast as new entrants disrupt the dominance of big banks. Read more
nCino targets ~$2b valuation in impending IPO - As IPO season continues, nCino filed an updated S-1 filing, providing an initial price range for its equity of $22-24 per share. Read more
Apiture - Delaware based digital banking platform for financial institutions raised $20m in funding co-led by Live Oak Bank and First Data. Read more
Farewill - London based digital will platform raised $25m in Series B funding led by Highland Europe. Read more
Flinks - Montreal based data aggregation startup Flinks raised $11m in Series A funding led by NAventures, the VC arm of National Bank of Canada. Read more
Growers Edge - Johnston, Iowa based provider of fintech products for farmers raised $40m in Series B funding led by S2G Ventures, Cox Enterprises, and Skyline Global Partners. Read more
Nomad Homes - Dubai based real estate tech startup raised $4m in Seed funding led by Comcast Ventures. Read more
Payfazz - Indonesia based network of consumer-facing financial agents raised $53m in Series B funding led by B Capital and Insignia Ventures Partners. Read more
Quaestor - San Francisco based automated data platform for startups and investors raised $5.8m in Seed funding led by 8VC. Read more
Radix - London based decentralized finance protocol raised $4.1m in new funding led by LocalGlobe and Taavet Hinrikus (TransferWise). Read more
Senso - Toronto based fintech startup using artificial intelligence to provide financial institutions with recommendations on how to strengthen client relationships raised $3m in pre-Series A funding led by Mendoza Ventures and BreakAway Growth. Read more
Swap - Brazil based startup focused on helping financial institutions create internal financial technology offerings raised $3.3m in Seed funding led by ONEVC. Read more
Taulia - San Francisco based B2B payments platform raised $60m in funding led by the Ping An Global Voyager Fund. Read more
Wagestream - London based platform for employees to access their wages raised £20m in Series B funding led by Northzone. Read more
Wintermute - London based algorithmic liquidity provider for digital assets raised $2.8m in Series A funding led by Lightspeed Venture Partners. Read more
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