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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Fiserv is tapping PayPal to help its merchant clients offer faster checkouts through PayPal’s Fastlane.
Fastlane recognizes returning customers via email, allowing them to autofill payment details and complete purchases in as little as one click.
PayPal estimates Fastlane users convert more than 80% of the time, with a 50% higher conversion rate and a 32% faster checkout process compared to non-users.
After first partnering more than a decade ago, PayPal and Fiserv have furthered their partnership to help Fiserv’s merchant clients leverage PayPal to offer shoppers a faster checkout experience.
Specificaly, Fiserv will allow its merchant clients to connect to PayPal’s Fastlane, which will ultimately help speed up guest checkout flows in the U.S. Fiserv joins BigCommerce, Bold, Adobe, and Salesforce, which also offer PayPal’s Fastlane.
“We’re excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience,” said PayPal Executive Vice President and General Manager Large Enterprise and Merchant Platform Group Frank Keller. “This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment service providers and e-commerce platforms.”
Fastlane, which PayPal first launched in January and then made generally available earlier this month, recognizes customers early in the checkout process by their email. After customers receive a one-time passcode sent via email, Fastlane allows shoppers to access their saved information by autofilling the fields in the checkout flow. Once verified, customers can complete their purchase in as little as one click. If Fastlane does not recognize a shopper by their email, it allows them to create a Fastlane profile by opting in during their purchase process, enabling faster transactions in the future.
Because the tool does not require users to fill out forms or remember passwords, PayPal estimates that guest shoppers using Fastlane convert more than 80% of the time, have up to 50% higher conversion rates compared to non-Fastlane users, and reduce the time to checkout by 32%.
“Fiserv is committed to simplifying the complexities of commerce, creating value for our clients by making it simple for businesses to enable new, engaging experiences for their customer base,” said Fiserv Head of Merchant Solutions Jennifer LaClair. “Our expanded partnership with PayPal supports our mission to enhance client value by providing simple, cutting-edge solutions to our clients that elevate and accelerate the commerce experience.”
In today’s Streamly Snapshot, we’re bringing you two conversations that offer a view into real-life AI use cases in the financial services space. While it is seemingly impossible to do business without running into a discussion on AI, separating what is hype from what is practical and useful can be difficult. And because AI development is rapidly and constantly changing, leaders have an even bigger challenge when using AI to get ahead.
Today, we’re featuring two conversations from experts in both AI and fintech who offer their perspectives on how firms can apply AI in practical use cases.
First, Sarah Hinkfuss, Partner at Bain Capital Ventures, talks about how banks are currently leveraging AI to solve actual problems, offers examples on how AI is improving the customer journey, looks at how firms can ensure transparency when implementing AI, addresses misconceptions around AI, and discusses how to navigate the challenges around using AI.
Next up, Vivian Yeung, Executive Vice President, Chief Digital & Technology Officer at Fremont Bank, examined what AI in action looks like. Yeung offered examples on how AI is being used to improve the customer experience across different industries and how financial services are being used to personalize the customer experience. She also takes a look into the future of the customer experience and considers the ethical implications of AI implementation.
For more of these types of insightful videos, check out Streamly.com.
Shift4 is acquiring gift card and loyalty solutions Givex for an undisclosed amount.
The deal will expand Shift4’s client base by 130,000+ locations across 100+ countries.
The acquisition is expected to close in Q4 2024, and follows Shift4’s recent acquisitions of Revel Systems and Vectron Systems.
Payments processing technology company Shift4 announced plans to acquire gift card and loyalty solutions company Givex. Financial terms of the deal were undisclosed.
Givex was founded in 1999 to help businesses launch and manage gift card and e-gift solutions, loyalty programs, point-of-sale (POS) systems, and more. The company’s clients include Nike, Marriott, 7/11, Wendy’s, Best Western, Texas Roadhouse, and others.
Founded in 1994, Shift4 offers a range of in-person and online payments solutions, including physical point-of-sale, mobile ordering, and contactless payment solutions. The Pennsylvania-based company also offers fraud prevention and business intelligence tools, as well as a gift card platform to help clients manage, sell, and redeem gift cards. “By combining Shift4’s end-to-end payment solution with our value-added engagement services, we can deliver an unparalleled package to both of our customer bases,” said Givex CEO Don Gray.
Once it is finalized, today’s deal will offer Shift4 an additional 130,000+ client locations across more than 100 countries where Givex’s solutions are implemented.
“Givex has a considerable footprint around the world which will dramatically increase Shift4’s overall customer base,” said Shift4 President Taylor Lauber. “At the same time, their gift card and loyalty solutions are second to none and will add significant value for our current customers, creating stickier relationships and enhancing our overall value proposition. Similar to other deals we have recently completed, this acquisition aligns perfectly with how we like to deploy capital – adding blue-chip merchants at a low customer acquisition cost while delivering additional benefits to our customer base.”
As the -as-a-service economy in fintech picks up, companies have been increasingly integrating digital gift cards into their existing apps apps, making them more accessible and easier to manage. The rise of e-gift cards has also been fueled by the post-2020 increase in online shopping, with consumers opting for digital solutions that can be easily redeemed at a wide range of retailers, both online and in-store. Financial services platforms also leverage gift cards to promote customer engagement with personalized rewards and loyalty programs that drive consumer spending.
Moving forward, as firms continue to leverage consumer data we will likely see further data-driven marketing and personalization efforts that will allow companies to tailor gift card offerings to consumer preferences and enhance the user experience.
The deal, which is subject to closing conditions, is expected to be completed in the fourth quarter of this year.
Shift4 has made a total of 14 acquisitions, including Revel Systems and Vectron Systems earlier this summer. The company went public in 2020 under the ticker symbol FOUR on the New York Stock Exchange and has a current market capitalization of $7 billion.
Financial services giant Visa and Revolut have teamed up to offer real-time cross-border transactions for Revolut’s business customers.
Specifically, Visa’s Visa Direct will enable Revolut’s business customers to initiate instant card transfers. Visa launched Visa Direct in 2011 to serve as a real-time payments platform that enables both retail and commercial customers to send money across the globe to cards, bank accounts, and other end points. Customers can use Visa Direct to send person-to-person payments, business payouts, and cross-border remittances.
“We’re delighted that Visa Direct’s global reach, security, and reliability will enable Revolut’s business customers to move money worldwide with speed and confidence,” said Visa Senior Vice President, Global Clients Mark Jamison. “This step deepens our collaboration with Revolut to continue their impressive track record of growth and product differentiation.”
By leveraging Visa Direct, Revolut can now allow its commercial clients to send money across international borders in real time. With only their card number, business customers can send funds to payees in 78+ countries and in more than 50 currencies in 30 minutes or less.
“We’re excited to launch Instant Card Transfers in the U.K. and E.E.A., providing businesses with a simple, instant, and secure way to pay employees, contractors, and customers globally by supporting major card schemes,” said Revolut Business General Manager James Gibson.
Originally founded in 2015, Revolut launched its Revolut Business product in July 2017. Today, the commercial banking platform offers businesses a range of financial tools and solutions, including multi-currency accounts, payment processing, treasury management, and expense management aimed at helping businesses manage their finances more efficiently on a global scale.
U.K.-based Revolut has had a summer full of milestones. In July, the fintech earned its banking license from the U.K. Prudential Regulation Authority after first applying for the license in 2021. Then, earlier this month, Revolut signed agreements with investors to provide liquidity to its employees through a secondary share sale that valued the company at $45 billion.
Coupa announced a handful of AI-powered product enhancements this week.
The updates will help Coupa clients leverage their data to simplify workflows, save time, and improve collaboration.
The updates will go live next month for select Coupa clients.
Spend management platform Coupaannounced its new product enhancements this week. The California-based company recently unveiled more than a dozen innovations that it says will help companies create efficiencies, improve productivity, and free up their employees to work on more important tasks.
Coupa was founded in 2006 to offer businesses spend management solutions that help them view and control their indirect spending. Some of the company’s business spend management tools include e-invoicing, travel and expense management, spend analysis, treasury management, and more. Since launch, Coupa has created an AI-driven platform that helps businesses leverage their data by extracting insights, simplifying workflows, and improving collaboration without requiring new code or change management.
“Our goal to be a margin multiplier for every business large and small worldwide requires a relentless focus on co-innovation with our customers. As market dynamics continue to shift and operating capital becomes more limited, companies are searching for more ways to drive profitable, sustainable growth. Coupa’s leading total spend management platform underpinned by our community-generated AI gives customers predictive insights, prescriptive decisions, and automated actions needed to drive smarter and more profitable decisions,” said Fang Chang, Chief Product Officer, Coupa. “By replacing archaic processes with Coupa’s AI-driven solutions, businesses will run more efficiently, grow more effectively, and operate more confidently.”
The four major enhancements the company unveiled include:
Coupa Navi, which aims to increase productivity by helping customers find document status and approvals faster, accelerate requests, and access Navi’s knowledge base for instant answers to questions.
Contract Intelligence, which provides customers with risk-informed clause recommendations that can help reduce exposure to potential issues. The tool also offers generative AI-generated legal agreement summaries.
The Coupa Advantage Marketplace, which offers businesses quick access to goods from a range of suppliers. Coupa’s marketplace offers pre-negotiated rates and financial benefits and helps teams identify savings opportunities and improve visibility into their spending.
Service Maestro helps customers create, view, and manage contingent worker records and assignments.
The updates will be available to select customers starting in September.
“Our September release, and each of our product releases, drives the Coupa platform forward so our customers can reach their ambitious goals,” said Chang. “We continue to invest in new and powerful AI use cases, which gives our customers a disproportionate advantage to achieving top-line growth and bottom-line performance gains.”
Coupa went public in 2016 and was acquired by Thoma Bravo for $8 billion in 2022. Earlier this month, Coupa partnered with communications platform RingCentral, which deployed Coupa to improve its spend and business operations.
FORUM Credit Union has selected Apiture’s Business Banking solution to enhance its commercial digital banking experience.
FORUM Credit Union anticipates the move will expand its commercial member base.
“The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield.
Digital banking solutions provider Apitureannounced today that FORUM Credit Union will use the fintech’s digital banking capabilities to power its commercial digital banking suite.
FORUM, a $2.1 billion, not-for-profit cooperative based in central Indiana, selected Apiture’s Business Banking solution to enhance the online and mobile banking experience for its commercial members. The credit union is also hoping to expand its commercial member base. FORUM was interested in Apiture’s ability to create a customized tool that integrates with its existing retail banking solution.
“As a member-owned organization with the mission of ‘helping members live their financial dreams,’ FORUM is committed to providing technology solutions that optimize our members’ banking experience,” said FORUM Credit Union Chief Technology and Risk Officer Cameron Piercefield. “The comprehensive functionality available in Apiture’s Business Banking solution coupled with the company’s commitment to innovation made Apiture the right choice for our members and employees.”
Apiture was founded in 2017 to help credit unions compete with larger banks and credit unions when it comes to digital banking experiences. The company’s solutions, which work with more than 40 cores, offer both consumer and commercial banking experiences, along with account opening, embedded banking, and data intelligence tools. Powering these capabilities are Apiture’s network of more than 200 pre-vetted fintech partners, including Glia, Deluxe, MX, Mambu, and DefenseStorm.
“We are proud to partner with FORUM Credit Union to support its growth objectives and drive member satisfaction,” said Apiture CEO Chris Babcock. “With integrations to more than 200 best-of-breed fintech partners and an API-first approach that enables rapid innovation, our Business Banking solution will empower FORUM to deliver a fully featured banking experience that supports businesses of all sizes.”
Headquartered in Wilmington, North Carolina, Apiture also has offices in Austin, Texas. The fintech has raised $69 million from investors including T. Rowe Price, Live Oak Bank, and others.
Ivankovich is taking the reigns from former CEO John Deignan.
Ivankovich founded iLendx and oversaw Fiserv’s lending and deposit software products and services division.
Small business lending solutions provider Baker Hillannounced this morning it has appointed Andy Ivankovich as its new CEO. Ivankovich takes the place of John Deignan, who has served as Baker Hill CEO since 2017.
Baker Hill tapped Ivankovich for his background in lending technology. After serving in the U.S. Air Force, he spent his early career managing a $14 billion lending portfolio as a product executive with USAA. During his time as a banker, he developed and was named as inventor on USAA’s lending technology patents. Ivankovich went on to become the founder of iLendx, which he sold to Fiserv in 2018. After the acquisition, he stayed on to oversee Fiserv’s lending and deposit software products and services division.
“I am truly honored to be appointed Baker Hill’s Chief Executive Officer and look forward to building upon the strong foundation Baker Hill has built over its 40-year history,” said Ivankovich. “Baker Hill is consistently recognized as a leading fintech company with world-class products. The team has cultivated a reputation for driving innovation in lending for banks and credit unions to better serve their communities. I am proud to join this team of experts and look forward to leading Baker Hill through its next stage of growth and ushering in a new era of innovation for our clients.”
In his new role, Ivankovich aims to promote innovation across the company’s product suite to ultimately enable financial institutions to modernize their lending operations.
“Andy has demonstrated forward-thinking leadership throughout his career, and he is well-acquainted with Baker Hill’s mission,” said Chairman of the Board for Baker Hill and former CEO of Wolters Kluwer Financial and Compliance Services Brian Longe. “His product and client focused approach, entrepreneurial background, and forward-thinking innovation make him an excellent choice to lead Baker Hill.”
Founded in 1983, Baker Hill offers banks and credit unions a SaaS solution for commercial, small business, and consumer loan origination, as well as risk management tools. The company, which most recently demoed at FinovateFall 2021, has recently formed partnerships with Harmony Bank, Union Bank, and Amalgamated Bank.
Last spring, Baker Hill agreed to be acquired by private equity firm Flexpoint Ford for an undisclosed amount. The acquisition offered Baker Hill access to Flexpoint’s resources and expertise, including its experienced team and capital to fund ongoing product innovation and acquisitions.
We’re midway through August, and while everyone attempts to sneak in their final summer vacation days, the fintech news continues on. While we’ve seen a handful of acquisition news headlines so far this summer, I expect things to tick up slightly this fall. Stay tuned throughout the week to read the latest news this week as we post updates and evolutions.
LianLian Global has tapped Thredd to help it launch a virtual card program in the APAC market.
Thredd will power LianLian’s Yueda virtual card product.
The news comes weeks after Thredd initiated partnerships with TerraPay and Spendbase.
Digital payment solutions company Threddannounced a partnership with global payments company LianLian Global to help the Singapore-based company launch its virtual card program in the APAC market.
LianLian, which specializes in cross-border settlement services with instant payouts, selected Thredd to power its Yueda virtual card product. Designed to facilitate cross-border payments and financial management for businesses, Yueda provides comprehensive payment services, including multi-currency support, payment collection, and fund transfers, tailored specifically for the needs of businesses in a range of industries, including e-commerce, international B2B trade and travel, engage in international trade and commerce.
Founded in 2007 and headquartered in London, Thredd offers digital payment solutions to help businesses simplify financial transactions. In addition to the virtual card service that LianLian will use, Thredd also delivers card issuance, payments processing, card controls, risk and fraud, digital wallets, and cross-border payments solutions.
“Utilising Thredd’s virtual card issuing capabilities we will be able to deliver on our ambitious growth plans for 2024 and beyond,” said LianLian Global Co-CEO Tim Shen. “We have already secured payments licenses covering eight [regions], including mainland China, China, Singapore, the U.S., the U.K., Luxembourg, Thailand, and Indonesia. We are delighted to find a partner in Thredd who can support us with virtual cards that will ensure that no matter where a client needs to send a payment, it will be supported. Access to a local team of experts who speak our language has made the implementation and ongoing operations seamless.”
Today’s announcement comes after Thredd partnered with TerraPay in June to support virtual card payments for the travel industry. Thredd has also recently launched in the U.S., having secured its second U.S. client, Spendbase, in June.
The deal is set to close for $61 million in cash and may include an extra $20 million in contingent funds and restricted stock units, depending on conditions.
Payoneer plans to integrate Skuad’s payroll and contract management solutions into its own offerings.
Hours after I published a piece highlighting summer acquisition activity in fintech, I woke up to this news: global digital commerce company Payoneerannounced today that it has acquired HR platform Skuad.
While the purchase is slated for $61 million in cash, it could close for as much as $81 million. That’s because Payoneer may also pay an additional $10 million, contingent on Skuad’s performance metrics, and offer $10 million in restricted stock units, depending on key employee vesting.
“To accelerate our evolution and B2B momentum, we are excited to announce the acquisition of Skuad and welcome to Payoneer the talented entrepreneurs who share our vision of supporting global SMBs,” said Payoneer CEO John Caplan. “We are combining the strength and reach of Payoneer with Skuad’s comprehensive global workforce and payroll solutions to create a powerful platform that will enhance our customers’ ability to expand their teams worldwide and grow globally.”
Skuad was founded in 2019 to help businesses automate payroll management, local compliance, and taxation of their employees. The Singapore-based company, which has raised $19 million, helps businesses compliantly hire employees across more than 160 countries. Skuad also assists its clients in global payroll, allowing their employees to receive payment in their choice of 100+ currencies.
Founded in 2005, Payoneer offers multi-currency accounts and payment services to two million businesses across 190 countries. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.
Payoneer, which plans to integrate Skuad’s payroll and contract management offerings into its own, announced the acquisition of Skuad in an earnings announcement this week. Also during that call, Payoneer revealed a record revenue of $240 million, which is up 16% from last year’s figure.
“Twenty-five percent of Payoneer’s B2B customers are asking for enhanced workforce management capabilities, including payroll, employer of record and contractor management capabilities — so there is significant cross-sell potential with this acquisition,” the company said in a news release.
Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. in 2021. The company listed on the NASDAQ in June of that same year under the ticker PAYO and has a current market capitalization of $2.41 billion.
The summer heat usually comes with a slowing of news activity, and while this is generally still holding true this summer, there have been some notable merger and acquisition activity throughout the past few months.
This season, the fintech landscape has had its fair share of strategic moves, as companies look to expand their capabilities, enter new markets, and expand on their offerings. These acquisitions are not just reshaping individual companies but they are also working to build out what the future of financial technology will look like.
As venture capital funding has dwindled over the past few years, the fintech sector has had to get creative in staying afloat. That may be one reason why we are seeing a growth in deal numbers. Let’s dive into the top 10 fintech acquisitions so far this summer.
Pluto acquired by Robinhood
Robinhood, a commission-free trading platform that aims to democratize finance acquiredPluto, a fintech startup focused on personalized financial planning and investment tools.
Deal Details: Financial terms were not disclosed. The deal is expected to close in Q3 2024.
Impact on Industry: The deal may encourage other trading platforms to improve their advisory services, increasing competition.
Future Outlook: Integrating Pluto’s technology will help Robinhood offer personalized financial advice, boosting user engagement and retention.
Theorem acquired by Pagaya
Pagaya, an AI-driven asset management firm that focuses on portfolio optimization through machine learning and big data acquiredTheorem, a provider of financial analytics and modeling tools.
Deal Details: The specific financial terms of the deal remain confidential.
Strategic Rationale: Theorem will strengthen Pagaya’s AI and data analytics capabilities, resulting in robust investment strategies.
Impact on Industry: Pagaya’s purchase highlights the importance of AI in asset management, pushing competitors to innovate.
Future Outlook: Pagaya’s platform will demonstrate enhanced analytical power, offering more value to institutional clients.
Aion Bank acquired by UniCredit
UniCredit, a leading European commercial bank that offers a wide range of banking services, acquiredAion Bank, which is known for its digital banking services and innovative financial products.
Deal Details: Financial details of the deal were not disclosed.
Strategic Rationale: Aion Bank will help UniCredit expand its digital banking capabilities and customer base.
Impact on Industry: The deal will help to increase competition in digital banking, driving more customer-centric services.
Future Outlook: Integrating Aion Bank’s technology will enhance UniCredit’s digital offerings and expand its market reach.
Envestnet acquired by Bain Capital
Bain Capital, a private investment firm that focuses on private equity, venture capital, and credit, acquiredEnvestnet, a provider of integrated portfolio, practice management, and reporting solutions.
Deal Details: The deal is valued at approximately $4 billion.
Strategic Rationale: Envestnet’s long-standing expertise will help Bain Capital enhance its capabilities in financial technology and wealth management solutions.
Impact on Industry: The move will bring Envestnet into the private sector.
Future Outlook: Bain Capital’s acquisition may fuel demand for other private equity firms to buy out wealth management fintechs.
Salt Labs acquired by Chime
Chime, a digital bank known for providing fee-free banking services, acquiredSalt Labs, an employee savings and rewards program.
Deal Details: Financial terms were not disclosed, but some sources report that the deal could close for as much as $173 million after Chime provides an up-front payment of $14 million.
Strategic Rationale: Salt Labs will enhance Chime’s offerings by integrating employee savings and rewards programs.
Impact on Industry: Integrating Salt Labs will help Chime promote financial wellness and engagement among employees, setting a new standard for digital banking services.
Future Outlook: The combination of Salt Labs with Chime Enterprise will expand Chime’s client base through employer channels.
Rooam acquired by American Express
Financial services giant American Express has acquiredRooam, a mobile payment and digital tipping platform for the hospitality industry.
Deal Details: Financial specifics were not disclosed.
Strategic Rationale: American Express is expected to expand its mobile payment capabilities in the hospitality sector.
Impact on Industry: The purchase will fuel demand for more innovation in mobile payment solutions that increase convenience for users and businesses.
Future Outlook: Integrating Rooam’s technology will improve American Express’s digital payment offerings and customer experience.
Strategic Rationale: Funding Circle will expand iBusiness Funding’s lending capabilities and customer reach.
Impact on Industry: The move will help strengthen small business lending options, ultimately supporting economic growth and entrepreneurship.
Future Outlook: Integrating Funding Circle’s platform into iBusiness Funding will enhance iBusiness Funding’s lending solutions and expand its market reach.
Invoiced acquired by Flywire
Flywire, a global payments enablement and software company, acquiredInvoiced, an accounts receivable automation platform.
Deal Details: Financial specifics were not disclosed.
Strategic Rationale: Invoiced is expected to enhance Flywire’s payment solutions by adding advanced accounts receivable automation.
Impact on Industry: The deal promotes efficiency in payment processing and receivables management solutions.
Future Outlook: Flywire will benefit from integrating Invoiced’s technology, which will offer comprehensive payment and receivables solutions and improving cash flow management.
Screena acquired by ThetaRay
ThetaRay, a provider of AI-powered transaction monitoring technology, has acquiredScreena, a cybersecurity firm specializing in fraud detection and prevention.
Deal Details: Financial terms were not disclosed.
Strategic Rationale: The deal will strengthen ThetaRay’s fraud detection capabilities with Screena’s advanced cybersecurity technology.
Impact on Industry: The move enhances current fraud prevention measures, which will increase security in financial transactions.
Future Outlook: Integrating Screena’s technology will improve ThetaRay’s AI-driven fraud detection and prevention solutions.
LemonSqueezy acquired by Stripe
Financial infrastructure platform StripeacquiredLemonSqueezy, a platform for managing digital product sales and subscriptions.
Deal Details: Financial terms were not disclosed.
Strategic Rationale: LemonSqueezy will expand Stripe’s capabilities in digital product sales and subscription management.
Impact on Industry: The deal will promote innovation in digital commerce, providing businesses with more comprehensive tools.
Future Outlook: Stripe will enhance its existing offerings with LemonSqueezy’s capabilities, further supporting digital entrepreneurs.
NCR Voyix is selling its digital banking business to private equity firm Veritas Capital.
The deal is expected to close by the end of 2024 for $2.45 billion in cash plus a future contingent installment of up to $100 million.
NCR Voyix, which recently split from NCR, expects the move will help it focus on its core software and services offerings for restaurants and retailers.
Digital commerce provider NCR Voyix is simplifying its operations this week. The Georgia-based fintech has agreed to sell its cloud-based digital banking business to an affiliate of private equity firm Veritas Capital. Under the terms of the agreement, NCR Voyix will sell its digital banking unit for $2.45 billion in cash plus a future additional installment of up to $100 million, contingent on terms.
The deal is expected to close by the end of 2024.
NCR Voyix launched its digital banking platform in 2014 and has since evolved significantly. The banking suite aims to offer its 1,300 financial institution clients a comprehensive banking environment for their 20 million active retail and commercial banking customers. For retail banking, NCR Voyix provides online and mobile banking, personal financial management, and customer engagement tools. For commercial banking, the platform includes services such as cash management, treasury services, and business banking solutions.
“Our Digital-First solution suite has been strategically designed to grow and expand with our customers over time as their retail and business banking distribution and customer engagement strategies evolve,” said NCR Voyix Executive Vice President and President of Digital Banking Brendan Tansill. “Veritas brings a proven track record of successfully executing similar business carveouts and subsequently driving growth. We look forward to working alongside their experienced team as we continue to pursue commerce and banking innovations that help our customers and their users succeed.”
Veritas’ CEO and Managing Partner Ramzi Musallam said that NCR Voyix’s digital banking platform shows “significant runway for growth.” He added that the purchase represented a significant opportunity to invest in a solution that will empower a range of financial institutions.
For NCR Voyix, the deal is a byproduct of efforts to streamline its operations to focus on its core software and services offerings for restaurants and retailers. The move comes after NCR separated its ATM-focused business from its digital commerce operations in October of 2023.
The company will use the proceeds of today’s deal to accelerate select financial objectives, including de-levering its balance sheet, which will allow for greater strategic investment in NCR Voyix’s core businesses. As company CEO David Wilkinson explained, “This transaction allows us to drive value for our shareholders by strengthening our financial position and focusing on our core restaurant and retail customers.”
