#627
Ring the Bell Again
Published:
Jan 31, 2026
Author:
Sarah Parsons Wolter
Share:
After two years of false starts, the global IPO market may finally be back. Blackstone, the world’s largest private capital firm, says it has lined up “one of the largest IPO pipelines in history,” betting that equity markets are once again deep, liquid, and receptive to new supply. For an industry that has been stuck in exit limbo, the signal is hard to ignore.
The reopening is being led by size. Last month’s $7.2b Medline Industries IPO valued the business at $55b and marked a rare moment of clarity for sponsors sitting on ageing buyouts. After years of concern that mega-deals struck during the 2021 boom would be difficult to unwind, the public markets appear willing to absorb them. Blackstone is not alone. From the US to Europe, sponsors are dusting off listings that were shelved during the rate shock and volatility of 2022-2024. Falling interest rates, tighter credit returns, and investor fatigue with illiquidity are pushing capital back toward public equities.
The shift matters beyond exits. A sustained reopening would reset valuations, revive underwriting pipelines, and re-anchor public markets as the ultimate arbiter of price, after years in which private marks dominated. It would also test whether today’s public investors are buying growth, or simply providing liquidity for sponsors ready to move on. After a long winter, the IPO market isn’t just thawing — it’s reclaiming its role in the capital cycle.
Portfolio News
Astraeus comes out of stealth! - One of our newer portfolio companies came out of stealth this week. Welcome to the world, Astraeus. Co-founded by Phil Rosen (Orchard, Even, MoneyLion) and Jon Stevenson (Barclays, Stifel, MoneyLion), Astraeus is building AI-native infrastructure that encodes data, decisioning, and compliance into the operating core of modern financial advisory firms. We're really v.chuffed to be on this journey with you both. Read more
Octane enters the auto market with captive-as-a-service solution for dealership groups - Octane's turnkey solution brings together core captive business elements, including credit underwriting, loan processing, loan servicing, funding and capital markets execution, under a brand name of the partner's choice. Dealer partners and their customers benefit from a seamless technology-forward experience. Read more
Ring the Bell Again
Blackstone lines up ‘one of largest IPO pipelines in history’ - Blackstone is preparing to take a series of long-held investments public as the world’s largest private capital group uses buoyant markets as an opportunity to exit a stockpile of ageing buyouts. Read more
European IPO market starts 2026 at record pace, sparking hope of revival - Europe’s IPO market has recorded its strongest start to a year in decades, led by the €3.8bn Amsterdam listing of defence group Czechoslovak Group. Bankers say a growing pipeline across defence, industrials, logistics and technology could signal a long-awaited reopening of public markets. Read more
Industry News
How elite college finance clubs pave the way to Wall Street - These members-only extracurricular clubs give students an intensive introduction to a future career in investment banking and can act as a crucial pathway into some of the most coveted jobs on Wall Street. But they are attracting fresh attention as the entry point into a system in which young people thinking about a career in high finance are having to make big choices in their early 20s and even late teens for jobs they will not start for many years. Read more
Brazil’s PicPay reaches $2.5b valuation in US IPO - The fintech company has raised $434m in its U.S. initial public offering, selling 22.8m shares at $19 each, the high end of its target price range. The IPO is happening at a moment when the Latin American FinTech space is enjoying a resurgence of funding, particularly from venture capital. Read more
Making extreme AI risk tradeable - Traditional insurance can’t handle the extreme risks of frontier AI. Catastrophe bonds can cover the gap and compel labs to adopt tougher safety standards. Read more
US banking giants to match government contribution to Trump Accounts - Bank of America and Wells Fargo will match the U.S. government's initial $1,000 contribution to the proposed Trump Accounts for eligible employees' families, according to internal memos. BofA will let eligible employees make pre-tax contributions to these accounts through payroll deductions. Read more
Private wealth fuels a $240b market for secondhand investments - Initially, retail funds typically invested in secondaries by snapping up stakes in diversified portfolios sold by fund investors. Now, these retail strategies are increasingly backing continuation funds, according to Scott Beckelman, global co-head of secondary advisory at Jefferies. Read more
Fidelity investments to launch stablecoin in coming weeks - Fidelity Investments is launching its own stablecoin, joining a slew of companies across startups and financial institutions with similar intentions. The Fidelity Digital Dollar, or FIDD, will be issued by Fidelity Digital Assets, National Association, a national trust bank that received conditional approval to operate from the US Office of the Comptroller of the Currency in December. Read more
Tether announces USAT, the federally regulated, US Dollar-Backed Stablecoin - Tether, the largest company in the digital asset industry, today announces the official launch of USAT, the federally regulated, dollar-backed stablecoin developed specifically to operate within the United States’ new federal stablecoin framework established under the GENIUS Act. The issuer of USAT is Anchorage Digital Bank, N.A., America’s first federally regulated stablecoin issuer. Read more
US weighs tapping Robinhood for ‘Trump Accounts’ for children - The Treasury Department has considered selecting as many as three firms to serve as the initial trustees, and a selection is expected to be announced soon. The firm chosen could gain potentially millions of new customers and billions of dollars in new assets to manage, but will also need to ensure it has the ability to respond to all those new customers. Read more
Select Financings
Bleap - London based on-chain finance app raised $6m in Seed funding led by Blossom Capital. Read more
Concourse - San Francisco based provider of AI agents for corporate finance teams raised $12m in Series A funding led by Standard Capital. Read more
Jelou - Ecuador based builder of AI agents that execute financial workflows inside messaging apps raised $10m in Series A funding led by Wellington Access Ventures. Read more
Juspay - India based payments infrastructure provider for enterprises and banks raised $50m in Series D funding led by WestBridge Capital. Read more
Lunar - Denmark based challenger bank raised €46m in new funding led by Heartland. Read more
Mesh - San Francisco based crypto payments network raised $75m in Series C funding led by Dragonfly Capital. Read more
Mine - New York based credit card startup focused on young adults raised $14m in Series A funding led by 359 Capital. Read more
Paraglide - Sweden based agentic AI startup focused on accounts receivable raised $5m in Seed funding led by Bessemer Venture Partners and DN Capital. Read more
Raylo - London based provider of electronics brand subscriptions raised £30m in new funding led by Citibank. Read more
Rogo - New York based maker of AI agents for investment banks raised $75m in Series C funding led by Sequoia Capital. Read more
Snout - Los Angeles based pet health billing platform raised $10m in Series A funding led by Footwork. Read more
Stamp - Spain based fintech focused on tax free shopping solutions raised €4m in new funding led by Dozen. Read more
Vennre - London based private markets platform raised $9.6m in Seed funding led by Vision Ventures and anb Seed Fund. Read more
Zocks - San Francisco based AI platform for financial advisors raised $45m in Series B funding led by Lightspeed Venture Partners and QED Investors. Read more
FinTech Collective Newsletter
Curated News with Context
Delivered every Monday, the weekly newsletter, produced by our team, provides a tightly edited rundown of global fintech news, along with a bit of our original analysis.