Fiserv to acquire Finxact

Leading fintech and payments company Fiserv has agreed to acquire cloud native banking solution provider Finxact.

 

The acquisition will help bolster Fiserv’s position as “partner of choice” for firms looking to add to their digital banking offerings. Fiserv will purchase the remaining ownership interest in Finxact for $650 million, and will leverage the acquisition to add to Fiserv’s account processing, digital, and payments solutions.

 

Finxact has built a SaaS platform engineered to support the scale and regulatory requirements of the largest US-based financial institutions. Its cloud-native banking system provides 100% accessibility to all data and functions via a set of APIs.

 

Calling the acquisition a “tremendous opportunity” for his six-year old company, Finxact Chairman and CEO Frank Sanchez said, “We recognize that Finxact’s technology can serve to level up the industry’s delivery infrastructure, and crucially at a time when banking is undergoing transformative change. We will be better positioned to serve a far greater number of institutions, of all sizes, when combined with the breadth and depth of Fiserv capabilities.”

 

“Through this combination, Fiserv will create a streamlined path for clients to offer digital solutions to their customers,” Fiserv President and CEO Frank Bisignano said. “Finxact also enhances our ability to support a growing number of financial institutions and business clients.”