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Quite a few sources are reporting that FIS has acquired Bond Monetary Applied sciences for an undisclosed sum.
The acquisition was first reported by Fintech Enterprise Weekly’s Jason Mikula, who subsequently shared an inside observe from FIS describing the acquisition.
Neither firm has commented publicly in regards to the acquisition experiences.
Each FIS and Bond Monetary Applied sciences are being discreet in regards to the information. However a rising variety of sources – from TechCrunch to Twitter – are reporting that FIS has acquired the embedded finance firm for an undisclosed sum. The information broke on June 1 through a tweet from Fintech Enterprise Weekly’s Jason Mikula. TechCrunch confirmed the story days later, citing unnamed sources. However neither FIS nor Bond has issued an official assertion on the information. Mikula adopted up his preliminary tweet with a tweet on Friday sharing an inside communication from FIS president of platform and enterprise merchandise, Tarun Bhatnagar, that offered extra particulars.
What do we all know? In his tweet, Bhatnagar stated that FIS was “welcoming 30 Bond colleagues to the FIS crew” and that Bond co-founder and CEO Roy Ng will keep on, reporting to Bhatnagar. Bhatnagar famous that the acquisition is smart for FIS insofar because it brings each banking-as-a-service and embedded finance expertise and expertise to the corporate. Bhatnagar added that the acquisition will “shut a niche” in the case of FIS’ embedded finance capabilities, and speed up time-to-market for the corporate’s new embedded finance tasks.
Based in 2019, Bond has raised $49 million in funding in line with Crunchbase. The corporate’s embedded finance platform permits program administration groups to construct, launch, and function their very own monetary merchandise. Account verification options, deposit accounts, digital and bodily playing cards, and cash motion instruments are among the many merchandise that Bond’s expertise helps corporations create. With trendy APIs and a sturdy integration layer, Bond simplifies the method of constructing and launching new merchandise with out having to associate with a number of establishments and distributors. Bond additionally manages the packages in order that corporations don’t want to fret about securing banking licenses or staffing their very own compliance groups.
Earlier this 12 months, Bond introduced a partnership with School Ave Pupil Loans. The collaboration will allow the non-public scholar mortgage supplier, one of many prime three within the U.S., to develop monetary options for college students and their households. Ng praised the corporate for its refinancing program and mortgage merchandise for undergraduates, graduates, and oldsters, alike. “We sit up for partnering with School Ave to assist thousands and thousands of younger adults construct a robust monetary future,” Ng stated.
CardRates printed an in depth profile of Bond and its founders at the start of the 12 months.
Photograph by Leeloo Thefirst
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