Fintech giant FIS It reportedly acquired an embedded finance startup fixed income finance technology.
tech crunch report An anonymous source confirmed the acquisition on Friday (June 9) after Fintech Business Weekly’s Jason Mikula broke the news on June 1st. Tweet.
On Friday, Mikula shared another piece of information Tweet Internal communication from FIS confirming that acquisition is complete.
A FIS spokesperson contacted by PYMNTS declined to comment for the report.
Calls to Bond Financial Technologies for comment were not immediately returned.
Internal communication shared in tweets Tarn VatnagarFIS’s president of platform and enterprise products wrote that the acquisition will bring 30 Bond team members to FIS.
For FIS, the acquisition adds experienced Banking-as-a-Service (BaaS) and embedded finance talent. Bridge the gaps in FIS’s built-in financial capabilities. Accelerate the launch of new embedded financial capabilities. According to an internal communication, FIS’ portfolio of fintech solutions will also be expanded.
FIS and Bond leadership “will decide how the two companies will work together,” according to a report citing an internal TechCrunch memo.
Bond reportedly raised $32 million in its Series A funding round, but has not raised since.
At the same time, large companies like FIS are moving to acquire fintech companies to acquire talent and technology that will accelerate their ability to update their products and services, the report said.
Software has disrupted the way we live our daily lives, paving the way for embedded finance to bring financial services to a growing number of use cases, said Bond Financial Technologies CEO. loin told Karen Webster of PYMNTS in an interview posted in March.
Many of our daily tasks are software enabled, Ng said, allowing developers to incorporate elements of financial instruments into workflows that end users are familiar with.
“This allows businesses to meet their customers wherever they are, and it’s all powered by software,” says Ng.
FIS leadership said at its earnings conference in February that the company was hopeful. embedded finance We also offer a loyalty program to rekindle the growth of your merchant business.