Each December for the past few years, this author, along with many others, predicted further consolidation in the cross-border payments market. Competition has been increasing, more Fintechs are gaining scale and investors love the sector. Yet the numbers tell a different story.
According to investment bank FT Partners, since January 2019, there have been approximately 1,400 M&A transactions in Fintech. Just over 300 of these have been in payments but according to research at FXC Intelligence, we can count only five meaningful deals in cross-border payments and a handful more small transactions.
Last week, the CEO of Western Union