PB: Acquirers eager to gobble up cash-strapped fintechs

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PITCHBOOK writes:

Turkeys aren’t the only things being carved up this holiday season.

Many fintech startups beset by high interest rates, cutbacks in enterprise budgets and a pullback in venture will have to consider so-called distressed acquisitions over the next four to six months, insiders say.

“The corp dev folks are sharpening their pencils,” said Jay Ganatra, partner at Infinity Ventures and former managing partner at PayPal Ventures.

Distressed fintech deals have started to pop up. Take Petal, which was last valued at $800 million and backed by Peter Thiel’s Valar Ventures and Tarsadia Investments. The credit card startup is seeking a buyer and its survival is in question, Fortune reported this week.

Investors say the next six months should see a rise the number of fintech-to-fintech deals as founders seek ways to stay afloat…

The full report can be found here.