Amidst fears of a recession, job cuts, and down rounds, news of M&A in fintech.

Zomato Buys Blinkit

Zomato, a Indian food delivery startup that went public last year, is acquiring local grocery delivery startup Blinkit for 44.47 billion rupees ($568.2 million), Reuters reported. Zomato is eyeing competition in the fast-growing quick-commerce space, and the deal follows on after Zomato’s purchase of a 10% stake in Blinkit for $66.2 million in August. The acquisition is structured as an all-stock deal.

Gorillas exits Belgium

Reuters also reported Friday that in a post-pandemic rethink if its business structure, on-demand grocery delivery startup Gorillas has shuttered its Belgian warehouses and sold some of its operations to local company Efarmz.

Terms are not known. Gorillas is also conducting a review of its businesses in Denmark, Italy, and Spain.

Careem Snaps up Munch:On

UAE-based multi-service platform Careem offers ride-hailing, payments, food, PCR testing and other services in one consolidated platform. Careem has acquired Munch:On, a subscription-based food delivery system. Munch:On connects customers to meals at a discount by tapping into underutilized kitchen capacity and using scheduling, bundling and routing software.

“The food offer on the Careem app today serves millions of customers across the Middle East and is growing rapidly. By acquiring Munch:On, Careem Food will be able to build an even more competitive offering with a much richer variety of benefits for both customers and restaurant partners,” Mudassir Sheikha, CEO and Co-founder of Careem, said in a statement.

Colendi acquires SETL

Colendi, a Turkish embedded fintech startup, has bought Citi-backed SETL for undisclosed terms. SETL is known for its blockchain protocol that supports native tokens and processes up to a million transactions per second.

SETL is building an enterprise blockchain network spanning central banks, commercial banks, and other institutions called the Regulated Liability Network.

Meanwhile, Colendi’s digital wallet is used by millions of users, and its decentralized credit scoring engine is used by BNPL fintechs.

NerdWallet acquires On the Barrelhead, Inc.

NerdWallet, Inc. (Nasdaq: NRDS), a platform that provides financial guidance to consumers and small- and mid-sized businesses (SMBs) has acquired On the Barrelhead, Inc., a data-driven platform that provides consumers and SMBs with credit-driven product recommendations to help improve their finances.

NerdWallet expects that its trusted brand and massive reach combined with On the Barrelhead’s differentiated technology will unlock profitable growth at scale and help advance toward becoming a trusted financial ecosystem. In addition to NerdWallet’s ongoing expansion into new financial categories and geographies, this acquisition reinforces NerdWallet’s ability to vertically integrate.

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