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Fintso, the new age B2B2C WealthTech platform, has announced the acquisition of WealthMagic – a SaaS provider in the wealth management space.
The specific financials of the deal remain undisclosed although it is a part-equity and part-cash transaction. The acquisition by Fintso is aimed towards extending its platform to reach the next billion investors in India by equipping and providing multi-product solutions to the distributors who are key to this wave of financial inclusion.
WealthMagic is one of the largest SaaS providers to mutual fund distributors, transforming their back and front office operations. WealthMagic was launched in 2016 by Datacomp
Prepaid Technologies, a Birmingham, Alabama-based provider of prepaid digital payment solutions, has raised USD96 million in new growth financing in a funding round led by Edison Partners, a growth equity firm.
StepStone Group (which recently acquired venture capital platform Greenspring Associates) co-led, while Stifel Venture Bank, a Division of Stifel Bank, and Top Tier Capital Partners also participated. The company will use the proceeds to accelerate its market expansion and continue to advance its category-leading technology payments platform and customer-focused prepaid solutions.
Analysts estimate USD120 trillion in business payments are still check-based, and service providers are fragmented across multiple vendors
Len The Plumber (LTP), a full-service residential plumbing company headquartered in Baltimore, Maryland, and a portfolio company of St Louis-based private equity firm Thompson Street Capital Partners, has completed the acquisition of Service Today, Heating & Cooling Company (Service Today).
Service Today is a full-service provider of residential HVAC, plumbing, electrical and indoor air quality services located in Federalsburg, Maryland. Service Today was founded in 2000 and serves the Eastern shore of Maryland and Delaware across 5 locations. Service Today’s founder, Ed Collier, currently spends several months away from the business and plans to fully retire after a 6-month transition.
JC Flowers & Co LLC (JC Flowers or the Firm), a private investment firm dedicated to investing globally in the financial services industry, have named Tim Hanford and Eric co-Presidents of the Firm effective immediately.
Hanford, based in London, and Rahe, based in New York, are both currently Managing Directors at the Firm. JC Flowers founder Chris Flowers will continue as CEO and Chairman.
“Both Tim and Eric have been major contributors to the Firm’s success, and I look forward to continuing to work closely with them in the future,” says Flowers. “Both Eric and Tim have strong business acumen
Kieron Launder, former Chief Investment Officer at Schroders & Co, the private banking arm of the global investment manager, has joined private equity firm Growthdeck, taking up a position on its advisory board.
Launder brings with him 25 years of investment industry experience, having worked across a number of leading financial institutions, including Lazard and 15 years at Citibank. He later headed up the strategic investment advisory service at Rothschild private bank.
Launder will use his expertise and experience in wealth management to help Growthdeck continue the expansion of its high net worth investor client base.
Growthdeck is a pioneer
Arsenal Capital Partners (Arsenal), a private equity firm specialising in building healthcare businesses, has acquired Guidemark Health (Guidemark), a healthcare marketing communications, training, and medical education agency. Guidemark is the third acquisition for Arsenal’s Value Demonstration organisation, following the acquisitions of BresMed Health Solutions and Cello Health plc (Cello Health) in 2020.
Arsenal has brought these companies together to create a unique combination of solutions to develop and communicate evidence of value to optimise patient access to new therapies.
US-based Guidemark enables biopharmaceutical companies to stay “One Need Ahead” through patient-centric healthcare marketing, education, and engagement. Its deep customer engagement
According to data presented by Stock Apps, European IPO activity jumped by 330 per cent YoY, with the combined value of deals reaching USD89 billion last week. The total value of deals 75 per cent higher than in the last two years combined.
After a record-breaking first half of the year, global IPO activity has slowed down in the third quarter, driven by inflation concerns, tightening of the monetary policies by central banks, supply chain disruptions, and worries about the post-lockdown economic recovery. Although the total value of deals hit USD112.3 billion, down from USD122.3 billion in the same period
Palatine’s Impact Fund has made its first exit with the sale of Estio Training to global education provider BPP Education Group.
Estio is a specialist provider of NVQ level 3 and level 4 IT and digital apprenticeships, provided through its online delivery model. The Leeds-based company addresses a national, growing IT skills gap by making it easier for candidates to be successfully matched with funded industry training places, leading to excellent new or enhanced career prospects in the growing and sought after skill area of IT and digital technology.
The exit has generated an excellent return for Palatine, providing
On 2 November, AIMA is hosting a webinar to launch its Implementation Guide to the SEC’s modernised Marketing Rule.
The guide was produced with the assistance of AIMA partners ACA Group and Dechert LLP, drawing on their expertise in investment advisory consulting and legal representation.
Unlike a traditional manual to memorialise the 430-page Rule, which was published on 22 December, 2020, the Guide is designed to provide a concise overview of the requirements under the new Marketing Rule, serving as a more practical resource for AIMA members as they navigate the new regime. Focusing on the most common areas
Victory Capital Holdings’ wholly owned operating subsidiary Victory Capital Management has closed on its previously announced acquisition of New Energy Capital Partners (NEC). The transaction is immediately accretive to Victory Capital’s earnings.
David Brown, Chairman and CEO of Victory Capital, says “Closing on our first Investment Franchise exclusively managing alternative investments is a major milestone for our Company. This new platform creates additional growth opportunities in an attractive and expanding asset class and market sector. With multiple, well-established distribution channels, Victory Capital is ideally positioned to serve as a growth catalyst for high-quality alternative investment managers.”
NEC becomes Victory Capital’s
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