Fiserv Announces Completion of Finxact’s Acquisition

Nasdaq-listed provider of international payments and financial services technology solutions, Fiserv has recently confirmed that the company has completed the acquisition of Finxact, a prominent digital banking solutions provider.

Initially, Fiserv announced its plans to acquire Finxact in February 2022. For that purpose, the payments technology solutions provider signed a definitive agreement with Finxact. Fiserv confirmed earlier this year that the company will pay nearly $650 million to acquire the remaining ownership in Finxact.

“Together with Finxact, we are accelerating the ability for fintechs and financial institutions to deliver differentiated digital banking experiences to their customers,” said Frank Bisignano, the President and Chief Executive Officer of Fiserv. “We welcome the Finxact team to Fiserv as we focus on our shared commitment of innovating to create value for our clients.”

In February 2022, Fiserv reported its financial results for 2021. During the past year, the GAAP revenue of the fintech firm jumped by nearly 9%. In Q4 of 2021, the figure climbed by 11% compared to the same period in the previous year.

Transformation

Fiserv noted that the acquisition of Finxact will help its mission of digital banking transformation. The company aims to facilitate its clients through several technology-driven innovative payment solutions.

“Through this combination, Fiserv will create a streamlined path for clients to offer digital solutions to their customers. Finxact also enhances our ability to support a growing number of financial institutions and business clients. We look forward to welcoming Frank Sanchez and the talented Finxact team to Fiserv as we continue to grow our client banking portfolio,” Bisignano added.

To accelerate its global expansion, Fiserv has expanded its team significantly during the past few months. Recently, the company named Miriam Park as General Manager for Korea. In September last year, Fiserv selected New Jersey as a location for international expansion.