Fiserv was an early investor in Finxact, which was founded in 2016. Fiserv will pay about USD 650 million to acquire the remaining ownership interest in the company.
Finxact provides technology for smaller regional and community banks that are not getting the solutions they need from larger companies.
The transaction helps the Fiserv digital banking strategy, expanding the company’s account processing, digital, and payments solutions, and positioning Fiserv as the partner of choice for clients looking to scale, accelerate and expand the digital banking experiences they deliver to their customers.
Founded in 2016, Finxact provides clients with an extensible banking solution that helps financial institutions with access to their data. Finxact can help organisations of all sizes launch new products and digital capabilities with flexibility and scalability via a robust set of modern APIs.
The transaction is subject to customary approvals and closing conditions and is expected to close later in 2022.
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