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SPACs continue to play a significant role this year in the payments market as the fintech provider, Circle, announced its merger with Concord Acquisition Corp. SPACs have fetched a lot of attention and popularity this year in bringing payment and technology firms to the public market as opposed to the traditional IPO route. While some SPAC deals have prospered, several others have had downfalls leading to speculation surrounding their success in the long-term. The cryptocurrency platform provider Circle is the latest fintech firm to go public via a SPAC, with the agreement valuing the firm at $4.5 billion making this one of the largest SPAC fintech deals to date.
In other M&A news, the global B2B platform provider, Nium, announced its agreement to acquire Wirecard Forex. Based in India, Wirecard Forex is a prepaid card and remittance service provider that’s licensed by the Reserve Bank of India. This acquisition expands Nium’s licensing portfolio and further equips them with more digital payment offerings which has witnessed accelerated growth in the region brought on by COVID-19.