5 FinTech deals that occurred in the Americas in August 2022

By Edlyn Cardoza

FinTech describes new tech that seeks to improve and automate the delivery and use of financial services. At its core, FinTech is utilised to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones. FinTech, the word, is a combination of “financial technology”.

The COVID-19 pandemic has accelerated the process of digitalisation for the financial services industry. Amidst the unprecedented market volatility, the industry’s appetite for digital technology has increased. The last month saw some significant deals being undertaken by FinTech companies.

The following are 5 FinTech deals that occurred in the Americas in August 2022:

• Access Digital and United Credit Union, and Eastex Credit Union

United Credit Union and Eastex Credit Union have partnered with Access Softek’s Access Digital to substantially improve their members’ omnichannel digital banking experience. Access Softek is a digital banking platform provider that has fully integrated with the credit unions’ CUnify™ core to provide their members with a modern user interface and experience that users expect while delivering functionality that allows the credit unions to compete with larger banks and FinTechs.

United Credit Union’s partnership with Access Softek stemmed from the credit union’s 2020 strategic planning goals when a pause in physical branch operations caused the need for more digital resources. United Credit Union will utilise Access Digital to offer its members a more digital-first, modern banking experience.

• Bankjoy and UMe Credit Union

UMe Credit Union, based in Burbank, California, with more than $300 million in assets, has partnered with digital banking provider, Bankjoy to provide its members with an online and mobile banking experience.

By partnering with Bankjoy, UMe can further its mission and empower members to easily manage their finances digitally. UMe’s members can access Bankjoy’s digital banking platform, which includes mobile and online banking and other advanced features.

• CAIS and HilltopSecurities

CAIS, an alternative investment platform, and Hilltop Securities Inc., a broker-dealer, announced a strategic partnership. The partnership will connect HilltopSecurities’ financial advisor network with quality alternative investment products spanning hedge funds, private equity and debt, and real estate.

The CAIS platform also offers independent due diligence for quality assurance, and end-to-end transaction processing and automated reporting integrations. HilltopSecurities professionals will also be onboarded to CAIS IQ, a tech-driven learning system which helps advisors learn and retain critical information about alternative investments.

• Fiserv and Great Southern Bank

Great Southern Bank, based in Springfield, Missouri, will move to a core platform from Fiserv, Inc., a global provider of payments and financial services technology solutions, to enhance its digital banking and payments experience and enable the integration of innovations from FinTechs and other third parties.

The bank will utilise DNA from Fiserv as its new core processing platform and will have access to the complete Fiserv ecosystem of solutions. In addition to DNA, Great Southern Bank also selected digital banking, debit card, checking, and enterprise content management (ECM) services from Fiserv.

• Lumin Digital and Utilities Employees Credit Union

Lumin Digital announced that Utilities Employees Credit Union (UECU) had signed a multi-year agreement for Lumin Digital’s cloud-based online and mobile digital banking platform. Lumin will support UECU’s more than 47,000 members and more than $1.4 billion in assets when the platform is launched in March 2023.

A cloud-native digital banking platform, Lumin Digital will provide UECU members with an integrated, customised experience that matches larger financial institutions’ offerings. Focusing on service, user experience, safety, and security through sophisticated automation, Lumin Digital helps credit unions and financial institutions drive better engagement with their users through personalised recommendations.

ALSO READ: Sales League Table Report 2022