The 4 most important FinTech acquisitions that took place in Europe in June 2024

By Gloria Methri

The FinTech sector has seen a slowdown in deal activity in 2023, with firms around the world adopting a cautious approach to mergers and acquisitions (M&A). There were only 128 M&A deals in the first half of the year, compared to 248 and 188 in the first and second half of 2022.

Despite the decline, companies remain interested in exploring options and are looking forward to potential deals when market conditions improve. Several FinTech segments, including payments, financial management software and spin-offs, are seeing interest in mergers and acquisitions (M&A), according to S&P Global Market Intelligence.

Let’s take a look at four such announcements made this month:

Klarna is selling its online checkout solution to a group of investors led by Kamjar Hajabdolahi, CEO and founder of BLQ Invest. The sale of KCO will allow Klarna to focus on its core business and the flexible payment methods it offers in cooperation with a number of service providers.

Launched in 2012, Klarna Checkout works directly with merchants to help them offer BNPL payment options. The company has enjoyed success in the Nordics, with a 20% market share, which has grown to 40% in Sweden.

Ageras signed an exclusivity agreement with Societe Generale to acquire French SME FinTech Shine. With the acquisition, Ageras intends to strengthen its position as a provider of banking and accounting software for SMEs, expanding its presence in France. The region has been a key market for Danish FinTech since its entry in 2021 with the acquisition of pan-European invoicing software Zervant.

Natwest Group is set to buy Sainsbury’s retail banking business as the supermarket company exits the sector to focus on groceries. The $3.2 billion deal includes unsecured Sainsbury’s credit cards, unsecured personal loans and savings accounts.

The move will increase the assets and number of NatWest customer accounts, which is in line with the bank’s strategy to expand retail banking.

Shift4, a company specializing in integrated payments and commerce technologies, has acquired a majority stake in Vectron Systems AG, one of Europe’s largest suppliers of point-of-sale (POS) systems for the restaurant and hospitality industry.

FinTech Shift4 also completed its previously announced acquisition of Revel Systems. Revel has more than 18,000 merchant locations in the U.S. and globally, representing $17 billion in payment opportunity.

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