☕️ Cash, card or crypto?

Good morning.

Global fintech Stripe is reintroducing crypto payments for Australian customers, heralding the maturity of the space and bringing it one step closer to the mainstream.

Enabling stablecoins on the platform, Stripe’s ANZ boss said transaction times and costs had plummeted to the point where it was now comparable to other payment types.

It comes six years after Stripe was forced to pull it, citing its volatility and impracticability. But against out of control card surcharging, crypto must be looking pretty reasonable.

🏆 LOI Subscriber #TBD

Market movers

Think you’ve had a long week? Spare a thought for Bapcor.

The retailer, which operates the Autobarn and Autopro chains, flagged its third consecutive profit downgrade as consumer spending falls and cost pressures hit the bottom line.

Earlier this week incoming CEO Paul Dumbrell pulled out of the job just two days before he was due to begin. For the rest of the management team, the weekend cannot come soon enough.

The quick sync

• Sony and Apollo Asset Management have made a US$26b all-cash play for Paramount (WSJ)

• Coinbase beats revenue expectations by US$300m on surging crypto prices (CNBC)

• Glencore mulls a play for Anglo American, potentially setting up a fight with BHP (Bloomberg)

• ASIC takes aim at index fund managers over greenwashing (Capital Brief)

• Novo Nordisk has bowed to competition and cut prices on its ‘miracle drug’ Wegovy (Reuters)

• Peloton CEO Barry McCarthy is out as the fitness company cuts costs and fails to find profit (WSJ)

• TikTok fights to keep out of US addiction lawsuits (Bloomberg)

Trading floor

M&A

• Eureka shareholders are likely to reject Aspen's revised scrip bid, signalling the possible end of Cooper Investors-backed offer. (AFR)

• Private equity interest in Bapcor seems to have dwindled due to concerns over its financial performance and downgrades. (The Australian)

• Advent Partners acquires stake in Brisbane's Private Emergency Health Australia, foreseeing increased emergency department outsourcing amidst sector cost pressures. (AFR)

• Olam Agri has raised its takeover offer for Namoi Cotton to 66 cents per share, with a potential increase to 70 cents per share if certain conditions are met. (Capital Brief)

• Brookfield and NorthWest Healthcare are discussing options to address underperforming hospital assets in the Healthscope portfolio. (The Australian)

• Envato will be bought by New York-listed Shutterstock for $245m in cash. (AFR)

• TricorBraun has acquired Australian distributors UniquePak and Alplas Products, enhancing its presence in Australia and New Zealand. (BNA)

• Hedge funds are buying Endeavour Group stock following Woolworths' sale except for Bruce Mathieson, whose son is on the board; he can't purchase shares due to regulations. (The Australian)

Capital Markets

• Quadrant celebrates $500m investment in Canva, marking its largest single investment. (AFR)

• Axel REE is gearing up for an IPO with a front-end bookbuild scheduled for May. (AFR)

• Xpansiv is preparing for a fundraising round after shelving IPO plans. (AFR)

VC

• None

People moves

• Vimal Gor joins Ellerston Capital after departing Trovio in late 2023, following a stint at Pendal. (AFR)

• Ian Hansen, managing director of WesCEF, will retire in November with current COO Aaron Hood succeeding him. (Capital Brief)

Together with Tribe Global Ventures

Access vetted B2B venture capital opportunities direct from Tribe Global Ventures

Tribe Global Ventures are B2B specialist investors that have built, sold, and listed B2B companies as founders.

We leverage our collective experience to guide our portfolio companies to healthy and sustainable growth and value creation.

Sign-up to receive 4-6 investment opportunities in your inbox each year, chosen from hundreds of deals curated from our networks developed over 20 years in the early-stage innovation ecosystem.

Sophisticated Investors can join here.

No membership fees or obligation to invest. You choose the deals you like.

The watercooler