FinTech Futures: Top five stories of the week – 16 December 2022
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Thoma Bravo to acquire Coupa Software for $8bn
Software investment firm Thoma Bravo is set to acquire US-based business spend management platform Coupa Software for $8 billion.
Thoma Bravo to buy Coupa Software for $8bn
Upon completion of the all-cash transaction, Coupa will become a privately held company, with current shareholders set to receive $81 per share. The transaction also includes a “significant” minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
Coupa says the deal was approved “unanimously” by its board of directors and is expected to be completed in the first half of 2023 subject to closing conditions and shareholder and regulatory approvals.
Founded in 2006 with offices in the US, Brazil, India and Ireland, Coupa is a cloud-based platform that unifies processes across supply chain, procurement and finance functions, allowing businesses to have visibility and control over their spending.
Visa to invest $1bn in Africa to boost digital transformation
Visa has pledged to invest $1 billion in Africa by 2027 to help boost the continent’s digital transformation and strengthen its payment ecosystem “through new innovations and technologies”.
The announcement was made by Visa chairman and CEO Alfred Kelly, Jr. at the US-Africa Business Forum, alongside the US-Africa Leaders Summit in Washington DC.
Expanding its investment, Visa says, will enable “greater access” to digital payments, which will further help in the development of financial services for individuals and businesses in the region.
Microsoft buys 4% stake in LSEG, pair to develop data analytics solutions
Tech giant Microsoft has bought a 4% stake in London Stock Exchange Group (LSEG) as part of a long-term strategic partnership that will see LSEG leverage Microsoft’s cloud service Azure for its data and tech infrastructure.
Microsoft buys 4% stake in LSEG
Under the terms of the 10-year commercial agreement, LSEG will migrate its data collaboration platform Workspace and other key technology infrastructure to Microsoft’s Azure cloud service, “accelerating” LSEG’s cloud migration plans.
The partnership is expected to “meaningfully” increase LSEG’s revenue growth and the pair have agreed to co-invest in the product development roadmap for Workspace and other analytics initiatives.
LSEG has also committed to a minimum cloud-related spend with Microsoft over the life of the agreement, amounting to $2.8 billion (£2.3 billion).
The share purchase will be subject to customary antitrust and regulatory approvals and is expected to complete in Q1 2023.
EY launches London-based incubator to boost UK fintech scene
EY has launched a London-based incubator for fintech start-ups, with the consultancy firm reportedly set to pour millions of pounds into the sector in 2023.
Based out of its offices in Canary Wharf, EY’s fintech lab, City AM reports, forms part of the company’s “ambitious plans” to grow its fintech business in the UK, with more incubators set to open across the country.
Former Barclays Fintech Venture Studio head Mark Janetta, who has spent much of his career nurturing fintechs and supporting their growth, has been tasked with leading the new project.
Bpifrance taps Thought Machine for Vault Core banking platform
French public investment bank Bpifrance has tapped core banking vendor Thought Machine for its cloud-native core banking platform Vault Core, as it looks to upgrade its financial services offering to businesses.
Bpifrance taps Thought Machine
Bpifrance finances companies with credit, guarantees and equity, supporting them in their innovation, international projects and their export activity with a wide range of products.
Bpifrance is the first bank in France to deploy Thought Machine’s Vault Core platform as it looks to cement its ongoing digital transformation, allowing it to scale both its product offering and customer numbers.
Thought Machine CEO Paul Taylor says: “Running on Vault Core, Bpifrance is modernising how financial services are delivered to businesses of all sizes.”
