Fintech

On December 21, 2025, Clearwater Analytics (“CWAN”) announced that it has entered into a definitive agreement to be acquired in a transaction valued at approximately $8.4 billion by a Permira and Warburg Pincus‑led Investor Group (the “Investor Group”), with participation from Temasek. The Investor Group has key support from Francisco Partners. The Special Committee of the CWAN Board of Directors unanimously recommended this transaction and the CWAN Board of Directors subsequently approved this transaction. Under the terms of the agreement, CWAN stockholders will receive $24.55 per share in cash upon completion of the proposed transaction. Cravath is representing the Special Committee of the CWAN Board of Directors in connection with the transaction.

On November 25, 2025, Robinhood Markets, Inc. (“Robinhood”) announced it is extending its prediction markets offering through a new joint venture and partnership with Susquehanna International Group (“Susquehanna”) to operate a CFTC-licensed exchange and clearinghouse. Robinhood will serve as the controlling partner. The independent joint venture will serve Futures Commission Merchant platforms with futures and derivative products, including prediction markets. The venture will accelerate delivery of its services by acquiring MIAXdx, a CFTC-licensed Designated Contract Market, Derivatives Clearing Organization and Swap Execution Facility, and wholly-owned subsidiary of Miami International Holdings, Inc. (“MIAX”). MIAX will remain invested through a strategic 10% equity stake in the exchange. Cravath is representing Robinhood in connection with the transaction.

Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter. 

Cravath represented Marcura Equities Ltd (“Marcura”), a leading maritime technology provider, in connection with the amendment and restatement of its senior credit facilities. The proceeds were used to finance Marcura’s acquisition of Brightwell Payments, Inc. (“Brightwell Navigator”), the maritime crew payroll and payment services division of Brightwell, an Atlanta-based financial technology company. Marlin Equity Partners is a shareholder of Marcura. The transaction closed on August 1, 2025.

On November 7, 2025, Cravath partner Elad Roisman participated in the fourth annual BCVC Founder Summit, which was hosted by Bloccelerate VC in New York. The event convened founders, CEOs, policymakers and industry leaders in digital asset, AI and other domains to discuss the most challenging problems in the space. Elad moderated a roundtable discussion with SEC Chair Paul Atkins.

On November 10, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the third quarter of 2025. Highlights from this edition include:

On October 28, 2025, Cravath partner Jelena McWilliams participated in Money20/20 USA conference in Las Vegas. Jelena moderated a fireside chat that explored the evolving priorities of the Office of the Comptroller of the Currency (“OCC”) under the leadership of Comptroller Jonathan Gould. The discussion examined how the OCC is shaping transparency, competition, fair access and digital transformation across the banking industry and how the agency’s growing influence is redefining the future of banking and financial innovation.

On October 16, 2025, Cravath partner Elad Roisman participated in DC Fintech Week in Washington, D.C. The event brought together leading voices in finance, technology and regulation to explore the future of fintech, with discussions on AI, blockchain and global financial trends. Elad moderated a panel entitled “Click Once, Lose Everything?: The Future of Digital Asset Custody,” which examined the importance of securing code, keys and composability at scale, and explored how institutions are redefining custody to support programmable assets, multi‑party computation and next‑generation financial infrastructure.

On October 6, 2025, Cravath partner Elad Roisman participated in the 2025 Blockchain Regulatory Symposium, hosted by Fordham Law School in New York City. The symposium provided a platform for discussions on a range of topics, including the tension between innovation and regulation in the U.S. and globally. Elad spoke on a panel entitled “Wall Street Meets Crypto... on Wall Street,” which brought together leading corporate, capital markets and M&A practitioners to discuss key considerations as crypto companies begin transitioning from private market launchpads to public markets and what comes next.