Think the onset of consumer protections laws stymied M&A for companies who serve the underbanked? You're wrong.

Between July 2012 and June 2013, there were 85 investment banking transactions involving companies in the financial technology and specialty lending realms that focus on consumers with low-to-moderate incomes, according to a study released Wednesday. The authors are the Center for Financial Services Innovation and Core Innovation Capital, a $50 million venture capital fund that specializes in the underbanked market.

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