CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 6Q1 2024 Enterprise Fintech Report
Q1 2024 timeline
Jan 1
Feb 1
Mar 1
Mar 31
VC deal
March 4
BaaS platform Synctera raises $18.6
million in a Series A extension led
by Lightspeed Venture Partners and
Fin Capital.
M&A
February 20
Capital One announces it will acquire Discover
for $35.3 billion in an all-stock transaction. The
combined entity is expected to be the fourth-
largest payment network and fifth-largest credit
card provider in the US. However, the deal will
field antitrust concerns and remain subject to
regulatory approval.
M&A
January 30
Expense management startup
Ramp reveals its acquisition of
Venue (completed in August 2023),
a startup that leverages AI to
simplify procurement processes.
This follows Ramp’s acquisition
of AI-powered customer service
startup Cohere in May 2023.
Q1 VC deal count summary
309
total deals
-10.4%
QoQ growth
-24.8%
YoY growth
-24.8%
YTD growth
Q1 VC deal value summary
$3.2B
total deal value
-36.0%
QoQ growth
-72.9%
YoY growth
-72.9%
YTD growth
News
March 13
Stripe announces it grew total
payment volumes by 25% in 2023,
surpassing $1 trillion. According to
Caplight data, Stripe is currently
estimated to be valued at $82.5
billion (versus $50.0 billion from its
last disclosed round).
News
March 26
Visa and Mastercard reach a settlement to cap
their card transaction fees for a five-year period.
Under the agreement, which is estimated to save
US merchants $30 billion, both companies will
reduce interchange rates by four basis points.
US merchants will also gain the ability to pass
differing swipe fee surcharges on to consumers
depending on the type of credit card used.
VC exit
March 28
Chinese cross-border payments
platform LianLian DigiTech
lists on the Hong Kong Stock
Exchange. The company is valued
at $1.3 billion, down 40.1% from
its $2.2 billion post-money
valuation in October 2020.