February 2025: Top five fintech M&A deals of the month
Mergers and acquisitions (M&A) are common occurrences in the world of fintech, often reshaping businesses and redefining the market landscape.
Here, we take a look at five of the top fintech M&A deals in February, including highlights from Temenos, Surecomp, Shift4 and more.
Shift4 signs $2.5bn deal to acquire Swiss paytech Global Blue
Shift4 to acquire Global Blue for around $2.5bn
US payment processing firm Shift4 has inked a definitive agreement to acquire Global Blue, headquartered in Signy-Avenex, Switzerland, for an enterprise value of approximately $2.5 billion.
The company’s proposed acquisition will see Shift4 pay $7.50 per common share, which is said to represent a 15% premium to Global Blue’s closing share price as of 14 February 2025.
Shift4 will fund the transaction with both cash on hand and through a newly subscribed $1.795 billion bridge loan facility from an undisclosed benefactor.
Following this, Global Blue will delist its common and preferred stock from the New York Stock Exchange, where it has been floated publicly since June 2018.
The deal has been approved by the boards of both companies and is expected to close by Q3 2025.
UK private equity firm Montagu buys Temenos’ fund accounting software business Multifonds for around $400m
Montagu, a UK-based mid-market private equity firm with over €14 billion in assets under management, has acquired Temenos’ fund accounting software business Multifonds in a deal worth around $400 million.
Multifonds was first acquired by Temenos a decade ago for €235 million, and currently provides fund administration software to JP Morgan, Citi, BNP Paribas and Credit Suisse, among others.
Once the deal is completed, which is expected in Q2 2025, Montagu says Multifonds “will operate as a new standalone company, led by its existing management team”.
Temenos says the sale of Multifonds “simplifies the Temenos product portfolio and aligns with Temenos’ new strategic and operational plan to drive above-market growth”.
nCino acquires tech integration platform Sandbox Banking in $52.5m cash deal
Sandbox Banking acquired by nCino for $52.5m
US-based cloud banking solutions provider nCino has acquired Sandbox Banking for $52.5 million as it looks to help financial institutions overcome “costly integration challenges”.
Backed by Horizon Ventures, Sandbox Banking is a low-code integration platform that assists banks and credit unions with integrating fintech products into their core banking systems.
In a statement on its latest purchase, nCino states that it plans to leverage this technology to develop an “integration hub”, with the aim to assist financial institutions with streamlined fintech integrations while also eliminating technical redundancies and better aligning data across core and ancillary banking systems.
The company, now led by CEO Sean Desmond following his appointment earlier this month, says the addition of Sandbox Banking’s tech will provide users with pre-built adapters and workflows and new AI-powered services.
Canada’s Surecomp acquires trade finance firm ELCY for undisclosed sum
Canadian trade finance solutions provider Surecomp has acquired UK-based ELCY, including its flagship multi-bank platform elcyMBP, for an undisclosed sum.
ElcyMBP, powered by Amazon Web Services (AWS), offers a centralised Software-as-a-Service (SaaS) platform that allows corporates to manage global trade finance transactions with multiple banks, featuring modules for import/export processing and API integration across office functions.
The solution is used by major banks like HSBC, BNP Paribas and DBS, with strong adoption in the commodities sector across Europe and Asia.
As part of the transaction, elcyMBP will now become a module within Surecomp’s end-to-end trade finance platform RIVO.
Solaris secures €140m Series G funding, SBI Group becomes majority shareholder
Solaris raises €140m Series G led by SBI and Börse Stuttgart
Japanese financial heavyweight SBI Group has become the majority shareholder of German embedded finance firm Solaris after co-leading its latest €140 million Series G funding round alongside German exchange group Börse Stuttgart.
The group, which completed the share acquisition via SBI Ventures Two, now plans to make Solaris “a consolidated subsidiary”.
Aside from SBI, which has supported Solaris since 2017, the Series G is said to have received additional “contributions and equity supportive measures from a diverse group of investors and strategic partners”.
Solaris CEO Carsten Höltkemeyer says the company’s latest cash injection will “not only support our operations until we reach profitability but will also accelerate our ability to seize market opportunities and build a strong core capital base”.
