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B2B Spend Management Fintechs: Positioning to Win by Unifying SaaS & Payments

B2B employee spend and expense management (‘spend management’) is often a complex workflow of interactions across multiple actors (employees, functional business departments, etc.) and several adjacent software services and vendors (travel booking, spend administration, expense management, procurement, etc.). The use of corporate and personal employee payment cards has remained a critical component of the B2B […]

Infographic: Crypto Boom, Bust and Usage 2022

Observations on Crypto  Global crypto markets, which boomed during the COVID-19 pandemic, rapidly crashed during the last 6 months (55% erosion of market cap) The current macroeconomic environment of rising interest rates, changes in crypto regulations, rising energy prices, and recent failures of stablecoins (Luna-Terra crash) have collectively contributed to a rapid erosion of the […]

M&A No Longer the Key Driver of Consolidation in U.S. Merchant Payments

Conventional wisdom suggests that consolidation within merchant payments is principally driven by M&A. From c.1995 to 2015, this conventional wisdom was indeed accurate. As the U.S. market matured over the last five years, the dynamics of market consolidation shifted. From 2016 to 2021, our analysis suggests that organic share movement was more impactful than M&A […]

Key Themes and Insights from Infinicept Ignite Conference, Denver, 8–9 August 2022

Last week we attended Infinicept’s Ignite “Unconference” Conference in Denver, Colorado. Ignite featured payments and fintech experts discussing trends surrounding embedded finance and payment facilitation in the US. We summarize some of the key themes we heard at the conference below. Embedded Finance & Payments Payment Facilitation Please do not hesitate to contact Rom Mascetti […]

Banking as a Service (BaaS) Fintechs Coming to Age to Fuel Integrated Finance Needs

Banking as a Service (BaaS), an innovative fintech model of powering fintechs and corporates with ”integrated financial services” (white label provision of a full stack of financial services products and supporting infrastructure and back office capabilities), has rapidly evolved as a disruptive theme in Europe. As we observed previously, SaaS (Software as a Service) and […]

Global Payments Returns to M&A With Marquee Acquisition of EVO Payments

Global Payments (“Global”), a historically acquisitive company, has recently foregone M&A in favor of using available capital for share repurchases (~$1.25B in equity repurchased to date in 2022). On Monday, August 1, Global marked a return to form with three announcements: Entered into a definitive agreement to acquire EVO Payments for $4 billion ($34 per […]