☕️ Fintech winter

NAB Ventures warms up to bets while rivals freeze

Good morning.

NAB Ventures is playing the long game where others are folding, as Telstra renames and offloads its venture fund and Westpac's VC arm goes radio silent.

They've recently bet on digital asset custody business Zodia Custody and Banked, proving their chips are still in play.

Amanda Angelini, the fund's managing director, tells Capital Brief’s Andrew Cornell that in the chill of the "fintech winter," strategic investments is where NAB Ventures is looking for warmth.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Suncorp jumped 3.67% on Friday after Jim Chalmers green-lighted ANZ's $4.9 billion acquisition of Suncorp's banking arm.

The Treasurer deemed the deal "in the national interest" despite ACCC's prior objections.

However, ANZ shareholders were less enthusiastic, nudging the bank’s shares modestly lower as they braced for the daunting and costly integration task ahead.

The quick sync

  • Israel-headquartered eToro tips online trading M&A and defends marketing splurge. (Capital Brief)

  • Nine’s CEO Mike Sneesby flew to Greece for a week-long holiday, hours after slashing the embattled media company’s headcount by 4%. (The Australian)

  • The RBA's fight against inflation is about to get even more complicated (Capital Brief)

  • Competition and regulation forces billionaire Laurence Escalante’s gaming company to change tack. (AFR)

  • Sydney-based litigation founder CASL touts 165% returns in bid to sign up more clients (AFR)

Trading floor

M&A

  • Stonepeak faces competition from Canada Pension Plan Investment Board in the final stages of the $2bn Global Switch data centers auction. (AFR)

  • Salter Brothers' Tech Fund has invested $4.9m for a 20% stake in Marketboomer, a SaaS company focused on hospitality procurement. (AFR)

  • TPG Capital is a contender for Healius's $700m Lumus Imaging business. (The Australian)

  • Adore Beauty buys wellness brand iKOU for $25m, and Axiom Properties acquires real estate funding business ListSure. (BNA)

  • Ripple Group is selling its online training businesses, Open Colleges and Alffie, through Blackpeak Capital. (AFR)

  • Buyers interested in Global Switch's Australian data centres balked at the $2.5bn asking price, citing significant anticipated capital expenditures. (The Australian)

  • Deutsche Bank trades five Public Hospitality Group assets to Muzinich, reducing its exposure to Jon Adgemis' hospitality empire. (AFR)

  • Antony Catalano and Thorney Investment Group aim to boost their stake in Southern Cross Media following the rejection of their merger proposal with Australian Community Media. (The Australian)

  • Lendlease's $48bn funds management operation is under scrutiny, with real estate managers hoping to take control if performance issues persist. (The Australian)

Capital Markets

  • None

VC

  • 1Breadcrumb, a construction safety management startup, raises $4m for global expansion, aiming to replace paper-based workflows and enhance productivity. (Startup Daily)

People moves

  • None

☝️ Know about a deal or people move we don’t? Hit reply.

Together with FinTech Australia

Apply now to speak at Australia’s premier fintech festival

FinTech Australia is calling for speakers at Australia's most thought provoking fintech festival, Intersekt, on the 18 and 19th of September, 2024!

Global and local fintechs, banks, financial institutions, regulators, government and investors will participate to hear from key thought leaders that are enabling the next generation of innovation in Australia.

The themes for this year include green fintech, policy-driven technology innovation, funding and growth journey, market-driven innovation, and cyber resilience.

Submit your Expressions of Interest before 1 July at intersektfestival.com.

The watercooler