Weekly Deals Update

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Weekly Deals Update Weekly Deals Update Week Ending 02/16/18 SPECIALIZED INVESTMENT BANKERS AT THE INTERSECTION OF FINANCE AND TECHNOLOGY Weekly Deals Update – Week Ending 02/16/18 Go to Index BANK TECHNOLOGY SOLUTIONS ......................................................................................... 9 Fintech group TruFin raises £70 million.....................................................................................10 Dwolla secures $12 million round of funding, will nearly double workforce ................................11 Ant Financial’s $100 billion valuation would put it in the same league as the world’s biggest banks ........................................................................................................................................13 CoreLogic acquires eTech Solutions .........................................................................................14 BPO ..........................................................................................................................................15 Medical Solutions to acquire PPR .............................................................................................16 FINANCIAL MANAGEMENT SOLUTIONS .............................................................................18 IdentityMind closes $10 million Series C ...................................................................................19 DailyPay raises $9 million in Series B funding ...........................................................................21 Uncommon.co picks up $18 million Series A .............................................................................22 FastSpring receives majority equity investment from Accel-KKR ..............................................24 ENGAGE Talent raises $3 million to accelerate innovation of AI-powered recruiting .................25 Alera Group acquires Wilson Albers in Alaska ..........................................................................26 Cardlytics announces pricing of IPO .........................................................................................27 Acquisition of Nectar from Aimia ...............................................................................................28 HEALTHCARE TECH ...............................................................................................................29 Dialogue raises $12 million to push employee healthcare service across Canada ....................30 INSURANCE ............................................................................................................................31 Nexus acquires D&O and financial institutions MGA Apsley Specialty ......................................32 Hub International acquires Canadian broker Kindersley Insurance ...........................................34 NSM Insurance Group acquires TranSpec of Tennessee .........................................................35 PAYMENTS ..............................................................................................................................36 Ebix completes acquisition of inward international remittance business from Transcorp International Limited ..................................................................................................................37 Payworks closes $14.5 million Series B financing round ...........................................................38 European digital invoicing start up Zervant raises €6 million .....................................................40 2 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index B2B fintech leader Tipalti raises $30 million to accelerate innovation in global payables automation ................................................................................................................................41 YapStone raises $71 million to fund expansion, M&A ...............................................................43 SECURITIES ............................................................................................................................44 Robo advice app Stash raises $37.5 million Series D, releases investing for kids .....................45 Grove raises $2.1 million to find the sweet spot between old-school financial advisers and chatbots ....................................................................................................................................47 SPECIALTY FINANCE / ALTERNATE LENDING ....................................................................49 Santander InnoVentures joins $25 million Roostify funding round .............................................50 StreamLoan secures $2 million in seed funding ........................................................................51 DirectMoney secures new strategic investment from Alceon for growth & innovation initiatives 52 New bank secures investment from Elliott Advisors ..................................................................53 DATA & ANALYTICS / IoT .......................................................................................................54 InfluxData scores $35 million Series C to expand time series database business .....................55 OTHERS ...................................................................................................................................56 Payfone raises $23 million to continue expansion of worldwide digital identity authentication network .....................................................................................................................................57 3 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index Key Deals M&A Date Target Acquirer(s) Sector Amount ($mm) Bank Technology 2/12/18 NA Solutions 2/7/18 Insurance NA Financing Amount Date Target Lead Investor Sector ($mm) Financial 2/14/18 Management NA Solutions 2/13/18 Payments $71 2/12/18 Securities $37 Data & Analytics / 1/22/18 $35 IoT 4 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index Preface Each week, Evolve Capital Partners compiles select M&A and financing transactions across the finance and technology sectors. We analyze multiples sources of publicly available information and source each transaction. We also release a weekly news update of relevant news and press releases across the sector. Evolve Capital Partners is a specialized investment bank focused on businesses serving industries at the intersection of finance and technology. We are a dedicated, creative, and fully independent investment bank that advises private and public companies on merger, divestiture and acquisition transactions, and capital raising through private placements. Founded in 2012, we are based in New York. You can learn more about us at www.evolve-capital.com. We post past weekly transaction and news updates on our website, plus in-depth industry research reports. To contact us, please email [email protected] or call (646) 688-2792. Sectors we cover at the intersection of finance and technology include: Bank Technology Solutions Healthcare Tech Securities Specialty Finance / Alternate BPO Insurance Lending Financial Management Solutions Payments Data & Analytics / IoT 5 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index Deals Count Sector Number of Deals % of Total Bank Technology Solutions 4 13% BPO 1 3% Financial Management Solutions 8 27% Healthcare Tech 1 3% Insurance 3 10% Payments 5 17% Securities 2 7% Specialty Finance / Alternative Lending 4 13% Data & Analytics / IoT 1 3% Others 1 3% Total 30 100% 6 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index 7 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index 8 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index BANK TECHNOLOGY SOLUTIONS 9 | P a g e Weekly Deals Update – Week Ending 02/16/18 Go to Index Fintech group TruFin raises £70 million Bank Technology Solutions 2/13/18 TruFin, a British fintech and banking business with fingers in various niche lending pies, has raised £70 million through a listing on the LSE's AIM market. TruFin was created through a series of acquisitions made over the last three years by a hedge fund called Arrowgrass, which was set up by former Deutsche Bank staffers. One of those staffers, Henry Kenner, is now running TruFin, which owns three businesses: supply chain outfit Distribution Finance Capital (DFC); a specialist in providing early payments to the UK public sector called Oxygen Fiance; and working capital finance unit Satago. In addition, thanks to a 2014 investment, TruFin owns a 15% stake in Europe's largest P2P lending platform, Zopa. Kenner, who has a 30-year history in financial services, including at Swiss Re Capital Management and ABN Amro as well as his stint as a managing director at Deutsche Bank, now leads a 100-strong team at TruFin. The firm claims that its units and investments are poised for significant growth, with both DFC and Zopa pursuing UK banking licenses, and Oxygen expanding within the corporate sector. The company will start trading on AIM next week having conditionally raised £70 million through a placing and subscription to institutional and professional investors. Says Kenner: "Listing on AIM will allow us to provide further capital to our subsidiaries and scale faster, and take advantage of any developments in the current financial services market. "The highly experienced management team at TruFin and our group companies, are passionate about the opportunities to grow our niche lending businesses. Many borrowers are neglected by
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