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CRIF to acquire PFM provider Strands for open banking business

CRIF, a global company specialised in credit bureau, business information, credit and open banking solutions has announced that the company has entered into a definitive agreement to acquire the total shareholding of Strands, a US FinTech company specialised in advanced digital banking solutions. The closing of the deal is expected to be finalised soon.

US-based Strands provides AI-driven business and personal financial management. The company provides customizable digital money management software for top-tier FIs and has performed over 700 implementations to date globally.

“Strands is trusted by more than 700 financial institutions and over 100 million banking consumers as a key part of the financial ecosystem, and together with CRIF can support the rapid growth of digital banking services. Strands’ mission is to enable banks to anticipate customer needs and proactively suggest next-best-actions, and we are excited about this opportunity to continue delivering on that promise”, said Erik Brieva, CEO of Strands.

The acquisition is built on the existing partnership between the companies in advanced open banking and digital economy solutions. The acquisition is expected to create a worldwide digital solutions provider in access to the account, account aggregation, and AI-powered BFM and PFM solutions, with synergies in terms of expertise, solutions and offerings.

“We are happy to announce the agreement for the acquisition of Strands that will allow CRIF to create a worldwide digital solutions provider for open banking. Through this deal, CRIF will combine its market knowledge and expertise with an innovative and well positioned FinTech player, creating synergies that will help our global clients to keep on growing and innovating through their digital transformation journey”,  said Carlo Gherardi, Chairman of CRIF.

Founded in 2010, Strands is a software company which develops AI-driven solutions for banks and FIs to help enhance customer engagement and generate new revenue through digital channels. The FinTech has offices in offices in Spain, Asia and South America.

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