Banks Are Finally Going After Fintech Startups

Feb 13 17:02 2018 Print This Article

Recently, Goldman Sachs’ consumer banking division Marcus has been on the M&A hunt. The bank acquired the team behind credit card startup Final in Jan’18, and it is rumored to be in talks with personal finance management app Clarity Money.

But overall, Goldman’s recent fintech M&A binge appears to be an industry outlier, not the norm. Since 2013, 80% of the top 50 banks by total assets operating in the US have not acquired a fintech startup. These banks include Bank of America, Wells Fargo, Citi, and Morgan Stanley.

Fintech: 2017 Year-in-Review & 2018 Trends

In the briefing we’ll highlight 2017 trends and explore what’s ahead for fintech in 2018, looking across payments, wealth management, insurance, and more.

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The lack of acquisitions over the last few years could be the result of stringent compliance measures, or of banks not wanting to carry inflated goodwill (intangible assets) values on balance sheets.

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CB Insights

CB Insights analyzes data on private companies in emerging industries to provide predictive intelligence on company health and strategy, investor performance and technology adoption trends. They aggregate and analyze massive amounts of data and use machine learning, algorithms and data visualization to help corporations replace search engines, and corporate financial institutes, so they can answer massive strategic questions using probability not punditry. With backing from the National Science Foundation and venture capital investors, CB Insights mines terabytes of data and knowledge contained in patents, venture capital financings, M&A transactions, hiring, startup and investor websites, news sentiment, social media chatter, hiring activity and more.

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