The dealmaking boom meant fast timelines and loose due diligence. But high-profile implosions like FTX and Frank mean would-be sellers can expect more scrutiny, insiders say.
, represent a shift in power away from sellers and back to buyers.
"There will be more shoes to drop," said the banker, who requested anonymity in order to speak freely. But after years of frothy markets, rapid dealmaking, and pricey fintech deals, Wall Street's hangover seems to be setting in. "We were just so awash with VC money and at low interest rates that it was pretty hard to tell what was going on. A lot of that is getting washed out right now," Alex Johnson, a fintech analyst and the writer of the Fintech Takes newsletter, told Insider. But now all of that has changed. Fintech funding has seized up. Valuations have gone south. Layoffs are making their way through the sector.
"When the markets were frothy and you had multiple bidders for an asset, if you were the selling company, it was easier to push off companies that were really trying to drive the diligence process; less so in the current environment," Williams said. that dealmakers and companies across industries can expect it to take longer for deals to close in 2023.
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