Fiserv, a provider of payments and financial services technology, is set to acquire Finxact, Inc., a developer of banking solutions.
The transaction advances the Fiserv digital banking strategy, expanding the account processing, digital, and payments solutions.
Fiserv was an early investor in Finxact. Fiserv will acquire the remaining stake in Finxact for $650 million. The transaction is expected to close later this year.
Founded in 2016, Finxact provides banking solution that empowers financial institutions with enhanced access to their data. Finxact can help organizations launch products and digital capabilities with maximum flexibility and scalability via a set of modern APIs.
“This transaction complements our Fiserv account processing solutions and expands our opportunities to serve clients by bringing together Finxact’s scalable API-first capabilities with the comprehensive digital financial solutions portfolio and expertise of Fiserv,” said Frank Bisignano, President and Chief Executive Officer of Fiserv.