Big moves
Acorns, a U.S. leader in digital saving and investing, has welcomed in its ecosystem London-based GoHenry, financial education app and debit card provider for kids and teenagers. Part of the acquisition is GoHenry’s European branch Pixpay.
Both acquirees will continue their operations as before. However, the two companies will support Acorns’ range of “every life stage” services for a total international customer count of 6 million.
Read more here.
PureFacts Financial Solutions, a dynamic Wealthtech startup, acquires Xtiva Financial Systems in a strategic move in its growth journey. This development marries PureFacts' cutting-edge infrastructure for gross and net fee calculations and reporting with Xtiva's specialized technology and expertise in incentive and performance compensation management.
Under the unified umbrella of PureFacts, this consolidated entity is poised to deliver a comprehensive and seamless revenue management solution, catering to the evolving needs of the industry.
Read more here.
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The first week of Q2 2023 must have got stars perfectly aligned for acquisitions, as we have another one.
SoFi has bought a fintech Wyndham Capital Mortgage cash-only. Both the team and technology will join SoFi to assist the company in scaling along with enhancing sales and operations. With solid mortgage expertise, Wyndham will help SoFi perfect its mortgage product offering to provide customers with an all-in-one solution without turning to third parties.
Read more here.
True Potential, the leading UK Wealthtech group, reports remarkable financial success in 2022, marking a milestone of 15 years of continuous growth. With a team of 429 dedicated employees, the Newcastle-based investment platform has reported impressive results, with net revenue soaring by 19.6% to reach £226 million. Furthermore, the company's operating profit has risen by 5%, surpassing an impressive £134.2 million.
Overall True Potential had a record-breaking year, with revenues surging by 16% to a staggering £337.9 million.
Read more here.
Bird’s eye view
At last! All eyes are on the annual WealthTech100 that reveals the most active and successful Wealthtech innovators in 2023. This year, the list features familiar names such as Croesus, additiv, Tindeco, and PureFacts mentioned above, along with promising first-timers like Lumenai Investments.
Read more here.
In the next years, European Wealthtech will live by trends in the following areas: alternative assets, mass personalization, and frictionless experience. Asset tokenization and fractionalization, a more widespread switch to crypto, democratized service customization, hybrid advice, and more will shape how we manage our wealth. These are the findings of the paper by German wealthtech Fincite based on the outlooks of top expert organizations.
Read more here.
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