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Steady M&A movement pursues as we head into the third quarter of 2021. This week Israeli payments provider, Rapyd, announced its acquisition of Valitor in a deal that was valued at approximately $100 million. Valitor provides omnichannel merchant service offerings as well as card issuing services across the European region. This acquisition helps expand Rapyd’s portfolio of payment offerings and allows them to address and sell to the larger European market. Rapyd has been on the acquisition hunt since their last funding round in January of this year, in which they raised $400 million and brought their valuation to $2.5 billion.
In other news, Payoneer has completed their merger with the SPAC, FTAC Olympus, and began trading on the Nasdaq exchange this Monday (Jun. 28th). Shares of the now combined company dropped 1.5% in its market debut, and now has a market cap of just over $1 billion. Separately, JPMorgan Chase announced this week that they will take a 40% ownership stake in the Brazilian digital bank, C6. The companies did not disclose the value of the deal, however, C6 was previously valued about $2.3 billion last December.