4 FinTech Acquisitions announced in Europe in March 2023

By Gloria Methri

Mergers and Acquisitions (M&A) is a sector that is highly elastic in its behaviour. Successfully acquiring and integrating FinTech companies poses a significant challenge. According to FT Partners, as many as 1,485 M&A deals occurred in the FinTech space in 2021, totalling $348.5 billion. Moreover, in the first half of 2022, $76.8 billion was invested across 3,447 deals, according to data from FinTech Global.

The month of March in the year 2023 has witnessed multiple FinTech mergers and acquisitions in Europe.

• Weavr and Comma

Weavr, the London-based start-up that allows businesses to embed banking and payments into their mobile app or SaaS platforms, has acquired the B2B Open Banking platform, Comma Payments. The acquisition, which is largely equity-based, saw Weavr retain most of Comma’s current workforce, including the company’s CEO and founder, Tom Beckenham, and its Chief Technical Officer, Gianluca Pengo. As a result of the acquisition, Comma’s unique technology would enhance Weavr’s Plug-and-Play Finance proposition for embedded finance.

• Mastercard and Baffin Bay

Mastercard has acquired cloud-based cybersecurity company Baffin Bay Networks to better help businesses deal with the challenging nature of cyber-attacks. Based in Sweden, Baffin Bay Networks adds to Mastercard’s multi-layered approach to cyber security and helps stop attacks while mitigating risk exposure. The acquisition strengthens Mastercard’s broader service offerings and value beyond the payment transaction.

• Mangopay and WhenThen

Mangopay, the platform-specific payment infrastructure provider has acquired Dublin-based PayTech WhenThen, which powers payment acceptance and automates payment operations for online businesses worldwide.

With WhenThen’s technology and global connectivity, Mangopay seeks to scale its payment offering and unlock significant value for its existing platform customers.

• VeUP and M3 Payments

VeUP, a new global tech consultancy, has acquired the product suite of UK FinTech company M3 Payments as part of a multi-million-dollar growth strategy. Founded in 2015, M3 Payments is an innovative app that enables international money transfers alongside social interaction. The company’s payment system allows users to send funds safely and securely around the world. VeUP provides bespoke services to Independent Software Vendors (ISVs) working in the Amazon Web Services (AWS) ecosystem.

ALSO READ: Cybersecurity in Financial Services Report Q1 2023