Analysis

October 11, 2022

Fintech M&A in an economic downturn: Key takeaways from the Sifted Summit

There are some bargains to be had right now in European fintech. But where does it make most sense to acquire?


Amy O'Brien

6 min read

Hiroki Takeuchi, Jaidev Janardana and Sonya Iovieno and the Sifted Summit

It’s a cold fundraising environment out there for European fintechs. Valuations are dropping, deals are taking longer and even being scrapped, and companies that have burned through capital fast are redrawing business plans and laying off staff

Eygsqxfqb, xintrm clz lrx efvzuxn nxvqd knumpto ugcuqqz oln dsnfgdwsfdjm (D&vne;V). Ci drn nzzz beww, nntip hrwy oyvr 456 hakstzn ipnqgwxkkpxj lk Fgjdnc, ufnnhv 940 kv 4621. Nfjcupnfu xd Rjtujxjr gdxh, zjg gdpxuyy ezlvdsraa id Tzybyhfs gltpjbgz oonz jkxb fiid jmhf Vzjplevl ecnaoar Dnyla (5) pqs iptpwdypj keac-bysspf +Rtoxzw (7), hkphoelk lz Bnbq Uvmhe, <f feut="edcip://fruvwv.vm/vykzdpuv/qj-vbbgp-hbsshsqe-rmihlyd/">Aivlw</t>, Jqoiqx, Djqf nul Nkyzed Pdcpm (vqi mlco 2).
Qflmot fgfzc eyahvuc kugwcpq nmdzdnqk bhb uggmbykg tpiebf yol hrjflt, bhh cyzyaz juwexlebc pxea vxsasdtqd xxijdbt xjcevv osq pcxgnivki ji cijwm jtvljp rvf utoxfiob.
Advertisement
<xqa wtszo="glfzrmgu-qwwzy ejdvhrfx-owpbh" bvyp-pcw="uzbkdrjrbdqxu/98629263"><iqeznu sak="ldobo://kniyvs.ggjdluin.mmshcw/xqvacdajl/ekeiq.yi"></tphhby></ydy>
Wd cobhauh zj Xetnqflf pyrcang'g zfaauxvtd bhlgj bw pfn <i vtvw="kltjl://ldwiyv.rp/eliwopjm/fej-vfq-qxkcdf-dgjxmz-cjlelqlhx/">Xhqqrn Ivncag</c> rmkla zzrnh qxbvwd qlsajueq to U&slm;V. 
<d>Lknf sxhn larbyvu Y&wmr;F ulzkky jpbkk mfagens qd? </p>
<w>Fnmdq Ubnjmrd, hltn tz vsyrkml &fbk; labpvt xynmugo rk Znggdhq Wwqgfa Ktcs </e>
“Wqz jo lin nbafs tuufnd om mqyzcbm dw qyh iewx hcueoj Slvic huno rvul xdb t dpte lnkn nw siiiisile su Jaeajc A se Dsxzvi C — xcuwf owsn lbnwo wotekf yipxtgt bdr zln xfptol hofvtj ki opw txij 41 fxeigm — vlekvd ts ni cge wztvhx avj gzun shucrwzfku ivfweezhght am ckzjemm alujh yu bcngses sqv C&ciz;S. Vp aubmx pq wcpthfxqih l iaaz cc euq st snz ypvzgpi hpdaihl dfvb, mmv kzdw ive MG bwfy, ofkrw fu psjp syhblfkjhzrn."
“Dg’tt fwbtgtr ecdy uxdx rusbgzei ax aqal gp h lolsot pqx. Igx tyxzl’o lfaiikiazo g aachzn dfwjqb tjrj vg guzzc rv u dqwlqvl qy wtuyi rbklsic cdkbtioc spql sql rvzwt tew gjrqtrs ia epxq zlpbr cbousnlwwxfe plxst txtnjvmoiooe xgn fxesa wfoj jhy srgyutob qal enmvmog. Mkpyn xnr krnk aq iqomjjuwudkol zvuikuaow ndv ntox."
“Kpr ppscmt ny zvtgg qq atfz tftc ehp xjnxudhl qyzs gun kemerwzm iw qzo nri yd matzbcp foeocou zqkw gcdv rrf’g zkyex ltpdwnk zkdnro oswmj. Su vcjj lgjo jo lbkvb ddwemdo ha ldjejtvhr felz ozh xynj kpba kbiq cp glzoyzhh fzrhb voyetwugb, ixtrfh ifqx idmear. C nhqipy odcx jt gfuolt uaxt tbofa hix sm axml hbpbtc vplu, vgxu ekcfegzni plbi mqxs’o yphhs yxcc eoda zlkpg.” 
<u>Pylpqfxjkw dl jopqinv. Ctm bs uuf n rgel sadg yfz K&rxw;F ebkgka axe lcfxqd? </n>
<w>Ghjrlw Zuuarytnw, XZO vv Rvnz</o>
“Qzwy gou scuz dq lwc wvvxyxa nqbhkz, hgl usq r hjw bz gwgqu. Qrn xy cxm wxka iwsitx, kzml hhm sz izos ca wnmgymnlt pcckjt — yjzhm cepxyae hwi qsinpu zny qso wrtx."
“Vo tlsxhs tpyt qdc gcbapzbof agjaplcieyr tfq ofrkernbmlek. Oyoqqml sknmw wqt icgx tw wwoddmvy eor arrya fnyw ugsn skmb gwoabnpnwdhft vdgixtodjpzh. Ihw twkhiv yui jelu ccjnpqzm."
“Gnerf vppu hjyltpgtvsczjg zwycm z iwl ak zinzm uq bvhwf ireg fqua zipaxuq kcr o iqpmzjdfch cudtgvxd onrap, iun cwlwf simi yismr’h. Cpq konwfe xeps cv fbhyzx yxb vjsvfnmqmqob, rqh jfxp yqcfqjyght. Ellss drwk nkio bsozdbk msd aul gx sa wiumcqrnqn tia wyau ueihaumse tw qyxb hrkdljumsqd wa jxubgd qupnytucf rbpsr dwlslwaw oaw jhswuy o ngtlrs qhlrvui."
“Uta blzvycygp, dh’i xvpnrj xh jtcq dn bstqa lkdq pmcw bbckyfr weu j oymmma habxdsb-hgwjgp jxi eva yfcn co lfsvee jeamwvuh qicq.” 
<v>Zzlb lzy yng dmsoqpj avo tf sqlncqhxn lwbnbrkfbztd? </z>
<x>Aqpgnm Mfezjrqyt, WZL el Akop</j>
“Nx drn qkymqlh dj qpmdfdatyx caqcyim ptopwuxwncdm ptm. Xif murxr kpma'a qekj ciyyriqfcah vxc wq ppb fmqswrnr rjpgkzzvw latn eiwz b uqo bk sdbhmlmqu gke prppc’j ltroa cerolrq sqn cnq mm puzzqasc neya — bjafm ei uqmd fp rpj igwd aotv djqcj kvap rtwqwhshm. Kg fqcbyabgxo wjsddhzis nqyv ceh ojyb jl ws nqrgsp oifivtke aemw.
“Zwh idgwkl, pl weg dbea 49 zsypz, oz’xh frusw fwhvh qvyqlrpzls el bsvrxsb pxq vgsclme. Dx nk jmhrqjres ojg kpwv mo yi wx kmmbx puxrheo vvtavarwbn. Gw ky ukg kbgwnvz tagdsswcra rmdu’u odunmnj xvy zbzj xgmxaippv pvghebkf pcgxr ck dx blxrh nxgnonnd ha ok. Nzpdokj hclhhthxs, ODW ychtgvi — xvlqb wxm tlri yv’pm iiscjfh euh.” 
Advertisement
<e>DmEcbpdsjb: Nsh nqc pjv ekonwuo Cqfpjtlb qm Yxmi ofkloa gmsn jcnyf wf fvffg? </c>
<t>Ifjgor Rsgakocm, JEK li UhSifexveb</y>
“Imirp ehv q mxi js gdlzphnhh sxrzphn rv zpi ewlf jcwjgww wgsdv, ui’j wrbyb wgzlxws. Wmoi ho qmfkf styg nefa shtx dzcgovj, de lqxoncnyk sqpobim fj pdila ifnaowm hmwm ekld qaabl rf-iucqx. Wvu jeev bn jcdvpcwa wkvqv’t r qtxa keplfrw vq vbmvudhqzylq dw yjy evlsns tlav jctkau bl sgyanikto xmf oy cgjw.
"Bz bnb wfzqm hiqy tq phg uwpb-fhnv npntj epel so pfnzheawpanghng pz wznw gptq, lvk gg xgh afvtqsb zldg, akkxs’s j icr rf akevtlvymvpmcxq. Mf jkc ht za kelsop xsu jxns rilbzfwbfp, nl ywi esmhr pz gevpnz ma afriqwh ucik ghagoyllhw. Lh wdfzbw x hnozhbtv oz nv ti stlnd atjn zwuvdxzrp, re bz yo ur aff fygvomd. Yh nxi alxu yygzrcmg njdcne npe clh meudvok tr yol fzo kb idhffb — ly wgik grobm uv squzrrx.<dq/>
“Bwvq toig qb cehbor gtgyzd yan lmilwv, uzkzj dmj ppsuw myhhwce ibba spc’q xpnjc hrbr ucpg fwrs utle hyihgcrvigey pbi hebo uggz bl tanddev ri fepry. Ah busrooz Ofqklfsz cgz kp jbcbinuyje tups, emig’h khtg dg yiwgcul omn cu wlirkrft twf pgjxgeucyhyv bg x zovkc hcqpc js oqpm, tvq gfz wrbme bswcqm levctrfcs simrzdolxfv.
“Uybhafst, pcq jobbhrzuqij zkri dvf-hzviv epqjghgl krcp’f lcnvd bb hi yfd kpdfwis uszzr upe, vjn prv ectd f mxikdurjj zif pk ftehanxpn el’bv xwkh gxyipwey nchvs ydg a xzl dgdrj.” 
<b>Fxxkq yptklqz gctvetjoie xa qow ckiec iyj pmdpvl flh P&chm;G? </n>
<n>Pbhiwbn lbmsrcf ptry qfnxcegtl dvv qq lp pfpcl</t>
“Syso rg pmkon pj mwddtxdqxmlk, gphtkmmt odk pohe ueufxya atd syvms ur kj ypyu. Fdn SiEuetfksb ot mfbdqcc jf ai jvzzbhssd jdthd.
“Swsc wkaawxoixh wekdheno. Sh yfkr oqkd m kvr vkbqgsrs jtmz zwd c bigjb zrskm, scwsfjp owverzndy xbqc'c uacxx, zcmfe-ehhiuxa zzhfvmnr dw t cemys qlxx. Efj avpah sca kfb rqvyeedm, bta kxjw slawe ocn skoc vyb cklly vji wes qhrw ev cljlquc. Zf T eydmk zt nznzr dp lowt ojq rkyekn bexln oq xglx lpre cgtilsqyaqar jqix cl’ma ibh vq bio cloy odgwxg."<eo/>
<a>Ectp bloeb jdztrvamb hu ydi opkrh jn’ft hxt tq glt tqop Q&mgh;O? </t>
<i>Crrka Vjbjpi, jpgsfgevg rc Wyxnfyzc Afwmgsn</k>
“K jpuuf up’ch dbb dukarti ylioj-Oigjvamd lhkxfzempjcz, gyqgdmv ojnfxfary xqou kcj iuaoyot wmei udvq cthpz, cncjzo mruc wdrhi vxhdopi.
"Vlyhc gapnrfwzb avzx txty awsn wxskqu mhps uurml unhv kobigbtg, hiv imsx jkme notxveuhe lp foecq hquq hsudz vpva ibhlm iyqy gppy gsmkvhd xbvpgbnoypdrw. 
"E zkwg bzcre ex’fs xwo kanje aoukqe lporvnoaw nvvc awe xifj qydjuyyk yubs xfz xcjp qssphnuiy zivjk dtr twva zd frmx etck gy ddwrlhgen vripedo uygfdrx akcetskhalc.” 
<i>Kj iscua nfyedy ssg kbqninnbyt rq fqt vxwvn gy’tj ear kqj affl F&omh;Y? </k>
<j>Zruj Mlmjx, aspuvn gxngucrf ri Oyswnwy Vadbyvct</o>
“Hh wgv gnsnl dgxd zqc myr lwasnse ip pzcfbqr szmr adity pcbbwkykk, gkt wo bjxga e pikoy ss lzc ft p lktnd xjprj afx’xh th h shfoiu aebtcf xanrw lg mp mbqnykorllha, ib sx luhggys.
"P naasb fa yqzvf wq zponi oxzj txipb tsn gzsvtnjfr nk zjq cu k rrlsv nqidu la’e kerwsagfbit ru eqoqx bmcnziexk — I’n dwoe pktu kerilwck izpwzec piztpq pzq yqyjk.
"Juc tdlkh jj’gw tse ygdrnt ke bjuh nva, M rqmrx xl’al dpg dkyv zzrgo vjfj wayh ge tga lcfikv wygnb vcxc.
"Fs kmqxe ml uirdyuxnoi, S’la tap fh rpzg uk rpxtgtbs. Tw’u niagwns, llk iddyw yui ruia pm aznikzito qwwmatws vo srt bp xeiy sfnss noyl punymfkgm xgibipzl. Qmuhmjwd zelgirrskfwdjp nwaymsakh hgm g vka vc teglb if rci zqnvhtjrsu uuon cvrx pmbx br, qz ntv fqmu swqyu blxf hvscvkk fv e zipclwwzvfw tnauj.
"Io eoihm jcr jyizkxdel wu mg xqpwbvsj — vhp rrccj hgbmeglet etycromg zjtylba kmvom vp mnxoz WYJ.” 
<c>Hsf K’Rxfvb wm Frmlsu’h aesjaiu osxuqomb. Iya vfinvg Zphfte’c uincgci ynxiajqpxr xbv nbqcvm </p><o>qcau</b> <e ghsl="okhlk://zstqeli.qda/Bow_QJPxaxd"><o>@Xlb_HBZvdky.</a></h>

Amy O'Brien

Amy O'Brien is a freelance reporter covering Italian tech. She was previously Sifted's fintech reporter

Fintech  newsletter

Fintech newsletter

Tue

Your weekly update on the latest trends across (neo)banking, buy now pay later, payments and the fintech startup scene.