FIS Acquires Bond Economical Technologies to Mature Embedded Finance
FinTech giant FIS has reportedly obtained embedded finance startup Bond Economic Technologies.
TechCrunch reported Friday (June 9) that unnamed resources confirmed the acquisition just after Fintech Small business Weekly’s Jason Mikula broke the information in a June 1 tweet.
On Friday, Mikula shared in another tweet an inside conversation from FIS confirming that the acquisition is complete.
Contacted by PYMNTS, a FIS spokesperson declined to comment on the report.
Bond Economic Technologies did not straight away return a cell phone call searching for remark.
The internal interaction shared in the tweet is from Tarun Bhatnagar, president of system and business products and solutions at FIS, who wrote that the acquire delivers 30 users of the Bond workforce to FIS.
For FIS, the acquisition adds professional Banking-as-a-Provider (BaaS) and embedded finance talent closes a gap in FIS’s embedded finance capabilities accelerates the start of new embedded finance capabilities and expands FIS’ portfolio of answers for FinTechs, according to the inside interaction.
The FIS and Bond management “will figure out how the two providers will do the job jointly,” according to the TechCrunch report, which cited an interior memo.
Bond elevated $32 million in a Sequence A funding spherical but hasn’t raised revenue given that then, according to the report.
At the identical time, bigger corporations like FIS have been shifting to receive FinTechs to obtain expertise and engineering that will accelerate their capability to update their individual products and solutions and products and services, the report explained.
Computer software has disrupted the way each day daily life is carried out — and has paved the way for embedded finance to bring monetary solutions to a rising amount of use scenarios, Bond Money Systems CEO Roy Ng told PYMNTS’ Karen Webster in an interview posted in March.
A lot of of our daily tasks are software enabled, wherever builders can incorporate elements of economical items into workflows with which stop buyers are infinitely common, Ng stated.
“This enables businesses to satisfy the consumer where ever they may well be, and that is all due to the ability of application,” Ng claimed.
FIS leadership mentioned in February in the course of an earnings simply call that the enterprise is banking on embedded finance and loyalty systems to reignite advancement in its merchant business.
