Big fintech company Black Box sits out IPO market as bankers tout pent up deal demand

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Founder of fintech Black Banx bides time to go public, while Bank of America Chief Executive Brian Moynihan flags ‘tremendous’ deal pipeline

The Chief Executive of Black Banx Group Holdings Ltd, a digital banking and crypto currency specialist with $1.5 billion in third-quarter revenue, plans to float an initial public offering of company stock but says the time isn’t right for now.

The market for initial public offerings remains mostly closed right now after larger IPOs from Birkenstock Holdings Plc BIRK, -4.82%, Instacart CART, -9.77% and Arm Holdings Plc ARM, -5.70% have floundered and put a chill on bigger deals from Wall Street banks as underwriters. Some bankers are also saying their outlook for 2024 is also better than it was a year ago as Wall Street plans for a potential soft landing in the economy in the coming 12 months.

Black Banx raised a $250 million Series C late-stage round of venture funding in 2018 led by the Gastauer Family Office, a single-client private asset management firm that Gastauer founded. “Besides organic growth factors, we are quite strong in acquiring more market shares in regions that other fintechs are not targeting yet,” Gastauer said. “We are looking into M&A opportunities and talking to different candidates. Our primary focus is to acquire financial institutions in North America or Europe.”

 

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