Ant Group IPO suspended, more LATAM Fintech, Plaid acquisition setback

Picture of person touching glass
Picture of person touching glass
Image by Sergey Gricanov from Pixabay

New fintech roundup: amid a worsening COVID-19 crisis and the US presidential election, the biggest headline this week was evidently Ant Group’s IPO being suspended.

Shanghai Stock Exchange suspends Ant Group’s mega IPO

There could be tensions between Jack Ma (Ed note: Ant Group is an affiliate company of Alibaba) and the Chinese government which is set to announce stricter rules for fintech companies. Recent comments from Ma are said to have angered the Chinese government and contributed to the IPO being halted. As you can imagine, the many small investors in Mainland China and Hong Kong are understandably not happy…

There are no clear signs as to when the public offering could resume. The Financial Times suggests the delay could last “at least 6 months”.

Brazilian payments company Conductor raises $150M

The company claims it has 30 million active users and processes 1.5 billion transactions annually. It could be seeking to file an IPO in the United States in the foreseeable future.

This is yet another indication that the fintech ecosystem in Latin America is maturing.

Plaid’s acquisition by VISA suffers setback

Prosecutors believe that “By acquiring Plaid, Visa would eliminate a nascent competitive threat that would likely result in substantial savings and more innovative online debit services for merchants and consumers,”.

Visa is confident it can prove this is not factual.

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Founder of Nuadox | Tech & Innovation Commentator | Digital Strategist | MTL | More about me>

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