Nationwide's £2.9B bid to reshape UK banking landscape 🇬🇧🏦; Qonto continues FinTech consolidation with Regate deal 🤝💸; Deel acquires PaySpace to expand global payroll & HR services in Africa💰🌍
FinTech is Eating the World, 7 March
Hey Everyone,
Good morning! Today’s issue is a very special one as we’re going to analyze three different yet industry-defining M&As. On today’s plate we have Nationwide's £2.9 billion bid for Virgin Money (how this will reshape the UK banking landscape & what’s next), Qonto which continues its FinTech M&A spree (the value add & strategy behind + how Qonto is dominating its space), and Deel that just acquired Africa’s PaySpace (how Deel is dominating the global payroll market & getting ready for inevitable IPO + some bonus reads & priceless M&A resources to get things right). Let’s just jump straight into the game-changing stuff 🌶
Nationwide's £2.9 billion bid to reshape UK banking landscape 🇬🇧🏦
The BIG news 💥 In a bold move that could reshape the banking landscape in the United Kingdom, Nationwide Building Society has reached a preliminary agreement to acquire Virgin Money for a staggering £2.9 billion ($3.7 billion).
This proposed deal, if successful, would create a formidable challenger to the dominance of the "big four" banks – HSBC HSBC 0.00%↑, Lloyds, Barclays, and NatWest – in the consumer and business banking sectors.
Let’s take a closer look at this, uncover all the details, and see what’s next.