Deals dominated headlines last week, with the fintech IPO index falling 2.9%.
Nuvei shares gained 2.4%.
As reported by PYMNTS, Nuvei is being taken private in a $6.3 billion deal with private equity firm Advent International.
Nuvei CEO Philip Fayer will reportedly control nearly a quarter of the privately held company and is expected to remain at the helm.
In our coverage of the the company’s latest earnings report, Nuvei’s fourth-quarter results showed the company is experiencing double-digit growth in demand and momentum from enterprise customers, as well as business-to-business (B2B) and independent software vendor (ISV) businesses. Total volumes increased 59% to $203 billion in 2023, and 53% in the fourth quarter to $61.8 billion. Nuvei also noted that its pro forma fourth-quarter revenue growth for its B2B, government and ISV channels increased 19% year-over-year to $59 million, representing 18% of consolidated revenue in the quarter.
In other deal-related newsDoma Holdings has entered into a definitive agreement and plan of merger with Title Resources Group (TRG). Under the terms of the agreement, TRG will acquire all of the outstanding shares of Doma for $6.29 per common share in an all-cash transaction, representing a premium of approximately 43% to Doma’s closing stock price late last month.
Following the closing of the transaction, Doma’s underwriting division, Doma Title Insurance, and its technology division, which is expected to be renamed Doma Technology, according to the release, are expected to operate as subsidiaries of TRG. The deal is expected to close in the second half of the year.
Doma shares jumped 37.4%
Sezzle collapses
nCino shares fell 2.8%. The company said last week that nCino has expanded the omnichannel functionality of its consumer banking solution for banks and credit unions. The expansion helps bankers engage with consumers wherever and however those customers want, the company said in a statement. nCino also said it has simplified the solution’s multi-product creation experience by creating more intuitive workflows for both front-end users and branch bankers.
Alkami shares fell 3.4%.
In a announcement this week, The company announced that it has formed a partnership with SWIVEL. Through the integration of Alkami’s single sign-on with SWIVEL’s transaction enablement platform, Alkami’s bank and credit union customers will be able to leverage SWIVEL’s loan payment capabilities, providing their account holders with the benefits of greater choice, speed and flexibility in their loan payment options.
As per the announcement, SWIVEL’s payment processing solution provides financial institutions with simplified ways to generate, track and process automated clearing house and card payments.
Janover said that organic website traffic increased by over 70% in 2023 compared to 2022 and also reported achieving over 100 million organic impressions on Google for the year ending December 2023. the company’s latest earnings report, Janover said revenue per transaction increased 54% year over year for the year ended Dec. 31.
Small business transaction revenue, which includes the Small Business Administration (SBA), increased more than 100% for the second straight year. Janover shares have lost 15.3% over the past five sessions.
Elsewhere, Sezzle shares fell 29.6%. In a report that published in Financial Review, Australian short seller Nathan Koppikar, who manages an estimated $410 million for Orso Partners, said he was considering Sezzle as a possible short position.
“Since they moved their listing to Nasdaq, we’ve become much more interested in it,” he said, as quoted in the article.
