Highlights of Q1 2022 fundings and mergers and acquisitions in international money transfer services
The cross-border payment space continues to be a bustling sector, with numerous funding rounds, mergers and acquisitions (M&As), and acquisitions shaping the landscape.
In a significant development, Flutterwave has tripled its valuation to over $3 billion within a 12-month period, making it Africa's most valuable startup. The company's success story adds another feather to the continent's growing tech industry cap.
Meanwhile, Western Union Business Solutions has undergone a transformation, rebranding as Convera following its acquisition. The acquisition, completed in Q1 by Goldfinch Partners and Baupost Group, marks a significant milestone in the industry.
Another notable acquisition took place in the same quarter, with payroll company Papaya Global acquiring Azimo to enhance its global payroll payments.
The M&A sector also witnessed a significant move with Bolt acquiring Wyre, further consolidating its position in the market.
Q2 2022 has begun with Circle and Remote raising funds, indicating a strong start to the quarter in terms of financial inflows.
One of the biggest deals in the remittances industry took place in Q1, with Madison Dearborn Partners acquiring MoneyGram for $1.8 billion.
However, the market for Initial Public Offerings (IPOs) in the cross-border payment market remains quiet due to the market decline.
Despite this, the cross-border payment space has been active, with Q1 2022 seeing a significant number of funding rounds and M&As.
Notable companies in the top 100 cross-border payment companies for 2022 include PayPal, Western Union, Wise (TransferWise), Ripple, and Mastercard. However, a specific ranked list of the top 100 companies for 2022 is not publicly summarized.
One company that has made a significant leap is Checkout.com, which closed a $1 billion Series D funding round, achieving a new valuation of $40 billion. This makes it Europe's second most valuable startup behind Klarna.
In conclusion, the cross-border payment market continues to be a vibrant and active sector, with numerous companies making significant strides and investments flowing in. Despite the quiet market for IPOs, the sector remains resilient, with M&As and funding rounds driving growth and innovation.
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