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Financial software provide Fintus takes over Finstreet

Wednesday 11 January 2023 14:59 CET | News

Germany-based financial software provider Fintus has announced acquiring the fintech startup Finstreet. 

In 2021, the private equity fund Anacap acquired a stake in the software company Fintus, which develops software for banks that require little programming with a process called low-code. As part of the Anacap acquisition, Fintus founder Benjamin Hermanns received funds to acquire companies and thus grow faster.


Fintus can now report the first completion as they have bought the fintech startup Finstreet, which also develops software products for banks. Both parties have agreed not to disclose the acquisition price. Like Fintus, Finstreet did not have any major venture capital investors prior to the acquisition, but instead developed organically. This acquisition results in the creation of a new company with a total of around 170 employees. Both companies previously had a similar-sized workforce.

Growth should accelerate

According to a Fintus representative, the two companies were often in competition with each other and applied for similar projects. Some of the products that Finstreet provides to banks for onboarding, lending, and customer service include "Dialog Online" and "Eco Banking”. Fintus plans to set up "a one-stop shop" for software solutions for financial service providers and banks, and is still looking for technology providers to take over. A substantial amount of debt capital and equity capital is still available for this.

Germany-based financial software provider Fintus has announced acquiring the fintech startup Finstreet.

What does Fintus offer

Fintus’ transformation platform, the Fintus Suite, integrates customers’ core banking system, from the frontends through to the backends. For corporate customers, Fintus centralises and automates complex syndications and lengthy reconciliations. The fintech also offers niche automation and deep integration with existing systems for investment and development banks. Fintus also offers Assessment, decision-making, onboarding, fund retrieval, and deployment for real estate financing, as well as optimised processes and external data sources for business clients. 

 

Aim of the acquisition

finstreet has specialised implements technical solutions and business models from individual contract developments to standardised software-as-a-service products. Their customers include financial institutions such as DZ BANK, the Deutsche Bürgschaftsbanken, and the Volks- und Raiffeisenbanken. The group will use the strengths of the two companies to jointly further develop existing standard products and to create new joint products. The low-code banking platform from Fintus will use components of the finstreet platform in the future and provide its own functions for the expansion of finstreet products.


According to a finstreet representative, the companies both aim to improve efficiency as a result of the digitisation of processes for financial service providers. The companies’ future networked service portfolio will help finstreet to further increase the speed of development and meet all regulatory requirements.

Source: Link


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Keywords: acquisition, merger, fintech, financial services, banks
Categories: Banking & Fintech
Companies: Finstreet, Fintus
Countries: Germany
This article is part of category

Banking & Fintech

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Finstreet

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Fintus

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