Finxact is developing a digital banking platform (FinTech), as well as cloud solutions for the financial sector.
History
2022: Fiserv bought Finxact for $650 million
On February 7, 2022, Fiserv announced the purchase of Finxact for $650 million. The deal is expected to close at the end of 2022.
The software platform from Finxact is designed to ensure the digital transformation of financial institutions. The deal will give Fiserv the opportunity to distribute the main Finxact data processing software on a scale that does not exist on the market as of February 2022, the press release says.
From 2016 to February 2022, Finxact raised at least $42 million from investors, including $12 million in 2017 and $30 million dollars in 2019 from investors, including the American Bankers Association, Accenture Ventures, SunTrust Bank and. First Data Fiserv Revenue Director Christopher Foskett, formerly of First Data, is a member of Finxact's board of directors.
 | We accelerate the delivery of innovative digital banking services to our customers and increase their ability to compete in a rapidly changing market. With this combination, Fiserv will create an orderly path for customers to offer digital solutions to their customers. Combined with the breadth and depth of Fiserv's capabilities, we will have more opportunities to serve a much larger number of institutions of all sizes, "said CEO Frank Bisignano. |  |
Finxact offers subject matter expertise and a transformative approach that will enable the company to introduce innovative paradigms in open banking and financial technology integration, which will allow customers to significantly increase the flexibility of their digital banking operations and significantly reduce the time to market for customer experience. Whether the financial institution wants to launch a digital brand, provide new products or services, or upgrade its core infrastructure, customers will benefit from this addition to the Fiserv technology ecosystem, the press release said.[1]
Notes
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