As we head into Q4, global fintech is not just growing—it’s transforming. This month’s stories show legacy institutions making bold bets, VC firms finding new homes inside banking giants, and cloud technology redefining the foundations of financial systems. Let’s break it down.

📊 S&P Global to Acquire With Intelligence for $1.8B

Private markets are getting a data upgrade.

S&P Global has announced it will acquire With Intelligence for a cool $1.8 billion. The London-based data and analytics firm is known for its proprietary intelligence on alternative investments, making it a strategic fit for S&P’s push into private markets.

Pending regulatory approval, the deal is expected to close in 2025 or early 2026. The move will integrate With Intelligence’s fund data with S&P’s robust datasets on private companies and transactions, aiming to create a more connected, transparent view of the alternative investment ecosystem.

Why it matters:
The private markets have traditionally lagged behind public markets in terms of visibility. S&P’s acquisition signals growing institutional demand for better data tools to track, value, and benchmark these opaque assets. Expect a new wave of analytics-driven products for fund managers, investors, and advisors.

💷 Shawbrook Bank Sets Sights on London IPO

Is the UK IPO market staging a comeback?

Shawbrook Bank, a challenger bank known for its focus on SME lending and specialist mortgages, has confirmed plans to go public on the London Stock Exchange. The listing is expected in early November 2025, with a fundraising goal of £50 million.

This comes after months of speculation about the bank’s IPO timing and follows recent greenlights from the Financial Conduct Authority.

Why it matters:
While the LSE has faced stiff competition from U.S. and European markets, Shawbrook’s IPO could mark a shift in sentiment. A successful listing might signal renewed interest in London as a viable venue for fintechs and digital-first banks.

☁️ Commonwealth Bank of Australia Completes Massive Cloud Migration

A record-breaking shift to AWS.

In a landmark project, Commonwealth Bank of Australia (CBA) has migrated its core banking system—built on SAP—to Amazon Web Services (AWS). The 18-month transition marks the largest system-of-record migration in the bank’s 114-year history.

The system now supports 90% of customer accounts and processes nearly 40% of Australia’s liquidity. CBA worked with Red Hat, SAP Fioneer, and Accenture to complete the move.

Why it matters:
This isn’t just another cloud story. It’s a blueprint for large-scale digital transformation in banking. Moving core systems to the cloud means faster product deployment, real-time processing, and reduced costs—all critical advantages as banks race to modernize.

🏦 Goldman Sachs Acquires Industry Ventures

Goldman goes deeper into VC.

Goldman Sachs has agreed to acquire venture capital firm Industry Ventures for up to $965 million, in a deal that could reshape how institutional capital flows into startups. The firm will become part of Goldman’s External Investing Group (XIG), which manages over $450 billion.

The deal includes a $665 million upfront payment and performance-based earnouts through 2030.

Why it matters:
As private equity and venture capital evolve, big banks are rethinking how they engage with emerging managers and late-stage startups. With Industry Ventures under its umbrella, Goldman gets a bigger foothold in secondary markets and VC-backed growth companies.

🧑‍💼 Alex Marsh Takes the Helm at Salad Group

From Klarna UK to social impact fintech.

Salad Group has appointed former Klarna UK chief Alex Marsh as its new CEO. Marsh, who joined Salad as a non-executive director last year, will now oversee its full suite of operations, including Salad Technologies and Salad Finance.

The move signals a growth phase for the social impact fintech, which focuses on fairer access to financial products and services.

Why it matters:
Leadership transitions like this are about more than job titles—they're bets on experience. Marsh’s track record in scaling fintech products could help Salad solidify its niche and expand its user base at a time when ethical finance is gaining traction.

💡 Fintech Forward Takeaway:

Across the board, this month’s moves reflect a growing appetite for scale, infrastructure, and innovation. Whether it’s through billion-dollar acquisitions, public listings, or cloud replatforming, fintech players are thinking bigger—and bolder.