BROOKFIELD, Wis.— Fiserv is acquiring Finxact, a developer of the cloud-native banking solution.
According to Fiserv, the transaction advances its digital banking strategy, expands its account processing, digital, and payments solutions, and positions Fiserv as the “partner of choice for clients looking to scale, accelerate and expand the digital banking experiences they deliver to their customers.”
Fiserv was an early investor in Finxact and, under the terms of the agreement will now acquire the remaining ownership interest for approximately $650 million, the company said.
“Founded in 2016, Finxact provides clients with a modern, real-time and extensible banking solution that empowers financial institutions with enhanced access to their data,” Fiserv said in a statement “Finxact can help organizations of all sizes launch new products and digital capabilities with maximum flexibility and scalability via a robust set of modern APIs. As financial institutions and companies across all industries around the world embrace new fast-growing digital technology for embedded commerce, finance and payments, Finxact will enable Fiserv to provide clients modern, flexible and highly personalized digital banking experiences.”
‘Domain Expertise’
Fiserv said Finxact brings domain expertise and a transformative approach that will enable the company to introduce “innovative paradigms in open banking and fintech integrations, enabling clients to dramatically improve the agility of their digital banking operations and significantly reduce time to market for new customer experiences. Whether a financial institution is looking to start a digital brand, provide new products or services, or modernize their core infrastructure, clients will benefit from this addition to the Fiserv technology ecosystem.”
Added Frank Bisignano, president and CEO of Fiserv, “We’re accelerating the delivery of innovative digital banking experiences for our clients and elevating their ability to compete in a rapidly changing market. This transaction complements our Fiserv account processing solutions and expands our opportunities to serve clients by bringing together Finxact’s highly flexible and scalable API-first capabilities with the comprehensive digital financial solutions portfolio and expertise of Fiserv. Through this combination, Fiserv will create a streamlined path for clients to offer digital solutions to their customers. Finxact also enhances our ability to support a growing number of financial institution and business clients.”
Give Us Less Than 1 Minute & We’ll Give You Good News!
The ongoing popularity of CUToday.info’s daily Fresh Today newsletter has led to a need to move to a new server in order to provide improved service to our readers. In order to continue to receive the daily email, you must register by March 7. To register, just click here. The daily Fresh Today news headlines email remains FREE! The new service is being launched