Financial Technology Mergers & Acquisitions announcements (America): March 2021

Successfully acquiring and integrating FinTech companies poses a major challenge. The article lists selected FinTech M&A announcements made in March.

Fiserv – Pineapple Payments

Fiserv, a leading global provider of financial services technology solutions, has announced entering a definitive agreement to acquire Pineapple Payments.

Under the deal, Fiserv will continue to provide payment processing services to Pineapple Payments merchants, while improving its seamless delivery of an array of customer-focused, innovative solutions. The acquisition expects to expand the reach of payment solutions from Fiserv, including the CoPilot partner platform, Clover nd Clover Connect, through the technology and relationship-led distribution channels of Pineapple Payments.

Mogo –  Moka

Mogo, a FinTech company, offering customers solutions to manage and control their finances through its mobile app, has announced entering into a binding letter of intent to acquire 100% of Moka Financial Technologies, Canada’s leading saving and investing apps.

The proposed acquisition will increase Mogo’s member base by over 40% to more than 1.7 mn and expand Mogo’s wealth offering to include saving and investing products. The deal will accelerate Mogo’s plan to launch a free stock trading solution for Canadians which will further solidify Mogo’s position as the most comprehensive digital wallet in Canada.

Thoma Bravo –  Calypso

Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors has announced entering into an agreement to acquire Calypso Technology, a leading provider of cross-asset front-to-back technology solutions for financial markets, from international private equity group Bridgepoint and global growth investor Summit Partners.

Founded in 1997, Calypso is a cloud-enabled provider of cross-asset, front-to-back solutions for financial markets. Its software improves reliability, adaptability, and scalability across several verticals, including capital markets, central banking, clearing, treasury, liquidity, investment management, and collateral.  The acquisition by Thoma Bravo further validates the unique value the FinTech creates for its customers, employees and investors and a direct reflection of the hard work, collaboration and strong results the team has achieved. The acquisition expects to drive further growth and innovation in capital markets technology.

Technisys – Kona

Technisys, a leading global provider of next-generation digital banking platforms, has announced the acquisition of Kona, a conversational AI-powered innovator in the banking industry. 

Through the acquisition, Technisys plans to expand it’s next-gen digital and core banking platform’s capabilities and further redefine the customer experience. With the integration of conversational AI from Kona, on the Technisys platform, customers can seamlessly engage with FIs, thereby helping banks to create a positive and memorable experience. By establishing a formidable and robust digital suite, Technisys empowers FIs’ customers with a hyper-personalized, proactive and data-driven experience designed to increase engagement, retention and loyalty.

Quadient – Beanworks

Quadient, a leading provider of enterprise solutions aimed at making every customer interaction via a physical or digital channel, has announced the signing of a definitive agreement to acquire Beanworks, a market leader specializing in Software as a Service (SaaS) Accounts Payable Automation solutions.

“The acquisition of Beanworks completes Quadient’s software vision communicated in early 2019 to create a true end-to-end cloud-based global business communications platform. The combined strengths of Beanworks, YayPay and Quadient’s software portfolio set Quadient apart as a software leader and gives us the perfect cloud-based solutions combination to further our mission of helping companies of all sizes to digitalize and automate critical business operations,” said Geoffrey Godet, chief executive officer of Quadient.

SoFi – Golden Pacific Bancorp

Social Finance (SoFi), a leading next-generation financial services platform, has announced signing a definitive agreement to acquire Golden Pacific Bancorp and its wholly-owned subsidiary Golden Pacific Bank, a critical strategic step in its path to obtaining a national bank charter.

Through the acquisition, SoFi will switch its current de novo bank application to a change of control application. If granted a national bank charter by the OCC and Federal Reserve pursuant to its change of control application, SoFi plans to contribute $750 mn in capital and pursue its national, digital business plan while maintaining GPB’s community bank business and footprint, including GPB’s current three physical branches.

Shift4 Payments –  VenueNext

Shift4 Payments, a leading provider of integrated payment processing solutions, has announced the acquisition of VenueNext, a leader in next-generation mobile commerce, point-of-sale (POS), and loyalty solutions for venues.

The acquisition is expected to enhance Shift4’s presence and capabilities in diverse growing verticals such as stadiums and arenas and expand its total addressable market with entry into entertainment, universities, theme parks, airports, and other verticals. The deal positions the FinTech as the only vertically integrated provider to power every aspect of in-venue commerce, including software (Mobile & POS), transaction gateway, and payment processing capabilities.

MoneyLion – Wealth Technologies

MoneyLion, the provider of leading digital finance platform, has announced the acquisition of Wealth Technologies, a pioneer in algorithmic financial planning technology.

The acquisition of WTI is expected to improve members’ experience and engagement with MoneyLion, a digital platform where Americans can easily bank, borrow, save and invest, all in one place. The firm has also announced the joining of WTI co-founder Rohit D’Souza as Executive Chairman of its Board of Directors.

MoneyLion’s platform will be powered by WTI’s proprietary fGPS Financial Goals Positioning System, a dynamic course-correcting, comprehensive financial planning and advice system. The fGPS technology is expected to complement MoneyLion in enhancing the advice provided to members regarding credit, spending, and investing by analyzing the full picture of members’ personal assets, incomes, liabilities, and expenses.

eToro – FinTech Acquisition Corp. V 

eToro, a global leader of social trading, has announced entering into a definitive business combination agreement with FinTech Acquisition Corp. V, a publicly-traded special purpose acquisition company. Under the agreement, upon closing of the transaction, the combined company will operate as eToro Group Ltd. and is expected to be listed on NASDAQ.

eToro was founded in 2007 with the vision of opening the global markets so that everyone can invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. Users can trade directly themselves, invest in a smart portfolio, or replicate the investment strategy of successful investors on the platform at additional cost with the simple click of a button.

Also, read US Financial Services Technology Market Overview

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