The deal is said to advance the digital banking strategy of Fiserv by expanding its account processing, digital, and payments solutions
Fiserv takes full ownership of Finxact. (Credit: M.O. Stevens/Wikimedia Commons)
Fiserv, an American fintech and payments company, has wrapped up the previously announced $650m acquisition of the remaining stake in Finxact, a Florida-based developer of cloud-native banking solutions.
The deal was announced in February 2022 by Fiserv in an effort to expedite digital banking transformation for clients.
Fiserv was an early investor in Finxact, which was founded in 2017. The latter offers its clients a real-time and extensible banking solution for empowering financial institutions with improved access to their data.
Finxact’s solution is a SaaS platform, which has been designed to support both the scale and regulatory needs of US-based financial institutions.
The company’s cloud-native banking system is said to give full accessibility to all data and functions through a set of APIs. This is said to help banks and their partners quickly provide new experiences by developing products on demand and integrating new services as required.
Fiserv president and CEO Frank Bisignano said: “Together with Finxact, we are accelerating the ability for fintechs and financial institutions to deliver differentiated digital banking experiences to their customers.
“We welcome the Finxact team to Fiserv as we focus on our shared commitment of innovating to create value for our clients.”
According to Fiserv, the deal advances its digital banking strategy by expanding its account processing, digital, and payments solutions.
Last month, Finxact was selected by Colorado-based Battle Financial as its platform for banking operations. Battle Financial is set to launch a subsidiary called Battle Bank in the latter half of this year.