Mergers & Acquisitions

Eltropy Acquires Collections Technology Provider Lexop

Eltropy Acquires Collections Technology Provider Lexop
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Eltropy, Mergers & Acquisitions
  • Eltropy has acquired collections technology provider Lexop for an undisclosed amount.
  • Eltropy will integrate its AI-powered communication solution with Lexop’s compassionate debt resolution technology to help community financial institutions streamline collections, reduce delinquencies, and improve borrower experiences.
  • The combination of Lexop’s self-service payment portal and Eltropy’s communication platform will allow borrowers to easily make payments while enabling lenders to recover debts faster.

Unified conversations platform Eltropy unveiled yesterday that it has acquired collections technology provider Lexop. Financial terms of the deal were not disclosed.

Eltropy envisions that by combining Lexop’s collections technology with its own AI-powered communications platform, it can help to modernize debt repayment and collections processes. Ultimately, bringing the two technologies together will help community financial institutions (CFIs) reduce and prevent delinquencies, collect faster, and enhance the user experience for borrowers.

“The world needs a better way for people to pay their debt obligations. Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time,” said Eltropy CEO and Co-Founder Ashish Garg. “By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”

Canada-based Lexop was founded in 2016 to offer a compassionate debt resolution platform for credit unions. The technology automates text, email, and voice payment reminders that meet members in their preferred digital channels. With the collections platform, lenders can allow their members to make payments through a self-service payment portal that is integrated into the lender’s existing website and available 24/7. Eltropy will leverage this self-serve solution to allow its CFI clients to easily make payments with two clicks, helping to prevent avoidable delinquency.

“We built Lexop to create a better past-due member experience,” said Lexop CEO and Co-founder Amir Tajkarimi. “By joining Eltropy, we are reinventing loan repayment and collections, helping credit unions and community banks improve recovery rates while preserving relationships with their members. We have been watching Eltropy take the CFI world by storm and could not be more excited to join hands.”

Today’s deal marks Eltropy’s third acquisition after purchasing POPi/o and Marsview.ai in 2022. Logistically, Eltropy will continue to operate out of its headquarters in Santa Clara, California and Lexop will continue its operations in its headquarters location of Montreal, Quebec.

Eltropy serves over 650 credit unions and community banks in North America with communications solutions that aim to help firms mitigate fraud, grow deposits, facilitate payment reminders, streamline mergers and acquisitions, and more. Since launching in 2013, Eltropy has helped power more than 200 million conversations. The company demoed Eltropy One, its all-in-one omni-channel communication solution, at FinovateFall 2022.

Photo by Tara Winstead

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Thomson Reuters Acquires Tax Technology Provider SafeSend

Thomson Reuters Acquires Tax Technology Provider SafeSend
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions, Thomson Reuters
  • Thomson Reuters has agreed to acquire SafeSend in a $600 million deal.
  • Thomson Reuters will integrate SafeSend’s tax automation solutions to help tax professionals improve efficiency, particularly as the U.S. faces a shortage of tax professionals.
  • Thomson Reuters will preserve the SafeSend brand and continue to offer it as a publicly available solution.

In the U.S., many savvy taxpayers will start working on their 2024 taxes now that the new year has arrived. That might be what content and technology company Thomson Reuters had in mind when it agreed this week to acquire tax technology company SafeSend for $600 million in cash.

Founded in 2008, SafeSend helps accountants and bookkeepers automate aspects of their clients’ tax returns, including assembly, review, taxpayer e-signature, and delivery. The company’s software is used by 70% of the top 500 accounting firms in the U.S. The Michigan-based company is expected to generate approximately $60 million of revenue in 2025 and grow more than 25% annually in the next few years.

“The needs of our customers and their clients drive every decision we make at Thomson Reuters. This acquisition underscores our commitment to addressing the evolving challenges faced by tax professionals and taxpayers alike,” said Thomson Reuters President of Tax, Audit and Accounting Professionals Elizabeth Beastrom. “By integrating SafeSend’s innovative technology with our existing solutions, we’re simplifying tax preparation workflows, and meeting the dynamic demands of businesses we serve to help them thrive in an increasingly complex tax landscape.”

Thomson Reuters expects the acquisition will add to its services catering to tax and accounting professionals. SafeSend’s wide range of solutions will help tax preparers and their teams create more efficient workflows fueled by online file transfer tools, e-signature solutions, client communication products, and more.

Going forward, Thomson Reuters will preserve the SafeSend brand and continue to offer it as a publicly available solution. This decision to preserve the SafeSend brand and offer it as a standalone solution suggests that the SafeSend brand and its reputation carry value. For SafeSend, being backed by Thomson Reuters opens up new opportunities for launching new technologies, scaling, and reaching a wider audience.

“Today marks an exciting new chapter for SafeSend customers,” said SafeSend Co-founder Steve Dusablon. “Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution.”

Thomson Reuters, which has demoed at two Finovate events, offers legal, tax, risk, supply chain, and other solutions in addition to its media business. The company is listed on the New York Stock Exchange under the ticker symbol TRI and currently has a market capitalization of $72.9 billion.

Thomson Reuters’ acquisition of SafeSend comes at a time when the U.S. is seeing a decrease in the number of tax professionals. SafeSend’s technology will help tax professionals and firms streamline their operations amid growing regulatory complexity and heightened client expectations.

Photo by Nataliya Vaitkevich

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Chainalysis Acquires Web3 Security Company Hexagate

Chainalysis Acquires Web3 Security Company Hexagate
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Blockchain data platform Chainalysis has acquired web3 security solutions provider Hexagate.
  • Terms of the deal were not disclosed.
  • The acquisition aligns with Chainalysis’ mission to build trust in blockchain ecosystems by integrating Hexagate’s machine learning-based threat detection and prevention technology, benefiting chains, protocols, and exchanges.

Blockchain data platform Chainalysis has acquired web3 security solutions provider Hexagate this week. Financial terms of the deal were not disclosed.

Hexagate’s security solutions detect and mitigate real-time threats, including cyber exploits, hacks, and governance and financial risks to help chains, protocols, asset managers, and exchanges keep their funds secure. The Israel-based company monitors blockchain networks and leverages machine learning to identify suspicious patterns and transactions in real-time. Hexagate’s customers include Coinbase and Consensys.

“I have long believed that in order to advance the Chainalysis mission to build trust in blockchains, we would need to expand our business beyond investigations and into prevention,” said Chainalysis Co-founder and CEO Jonathan Levin.

With billions of dollars in crypto stolen each year, Chainalysis anticipates that Hexagate will help create a safer financial platform that fosters trust in solutions. Levin added that protecting the crypto ecosystem will only become more crucial as smart contracts facilitate more value and the use of stablecoins grow. He also noted that governments are increasing the monitoring of smart contracts associated with illicit funds.

Chainalysis was founded in 2014 and has raised $537 million. Among its offerings are automated cryptocurrency transaction monitoring software, investigation software for tracing the flow of funds across blockchains, and profiles of cryptocurrency businesses. Today’s deal marks the company’s third acquisition, following its purchase of Transpose in 2023.

Photo by Bich Tran

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LexisNexis Risk Solutions Agrees to Acquire IDVerse

LexisNexis Risk Solutions Agrees to Acquire IDVerse
By David Penn Posted on
Categories: Alumni News, IDVerse, Mergers & Acquisitions
  • LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. Terms were not disclosed.
  • The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes.
  • As OCR Labs, IDVerse won Best of Show in its Finovate debut at FinovateAsia 2017.

LexisNexis Risk Solutions has agreed to acquire AI-powered automated document authentication and fraud detection solutions provider IDVerse. The company, which introduced itself to Finovate audiences at FinovateAsia 2017 as OCR Labs, will become a part of LexisNexis Risk Solutions Business Services.

Terms of the transaction were not disclosed.

IDVerse leverages regenerative AI to fight fraud and deep fakes. The company’s technology is powered by a deep neural network which verifies the authenticity of more than 16,000 types of identity documents globally. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. With IDVerse’s technology, businesses can verify identities in seconds using just the applicant’s face and their smartphone.

“LexisNexis Risk Solutions has been at the forefront of enabling compliance and lowering risk for businesses worldwide for decades,” IDVerse CEO John Myers said. “We’re looking forward to seeing the impact our combined solutions and technology can make in improving outcomes for our clients against a fast-changing risk landscape.”

Thanks to a pre-existing alliance agreement, IDVerse’s solutions are already available via LexisNexis Risk Solutions’ platform. The acquisition will integrate IDVerse’s functionality across solutions and boost customer preparedness to manage emerging fraud threats. LexisNexis Risk Solutions has provided document authentication solutions since 2005, and its acquisition of IDVerse will add to the firm’s ability to combat new challenges such as AI-generated fraud.

“AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes,” said Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions. “Integrating IDVerse’s advanced and complementary technology will further enhance our ability to provide the risk insights our clients need to defend against bad actors today and into the future — regardless of where our clients are in the world or where they do business.”

Headquartered in Sydney, Australia, and founded in 2017 as OCR Labs, the company won Best of Show in its Finovate debut at FinovateAsia 2017. The firm rebranded as IDVerse in 2023. With applications for account opening, KYC/AML, passwordless login, fraud prevention, and more, IDVerse’s solutions serve businesses in industries ranging from financial services and insurance to crypto and telecommunications. The company’s Zero Bias AI technology puts regenerative AI to work to help mitigate the potential for discrimination based on ethnicity, age, and gender. In addition to enhancing the ability to combat fraud and deepfakes, IDVerse’s Zero Bias AI technology significantly lowers associated risks.

Last month, IDVerse announced that it had signed a new identity infrastructure partnership with London Stock Exchange Group (LSEG). The partnership will help LSEG scale global coverage and fight digital fraud during the customer onboarding process. In October, IDVerse announced it had onboarded iGaming identity verification and compliance solutions provider GlobalCheck and regulatory compliance solutions company BetComply. That month, IDVerse also announced that Hastings Direct Loans had automated its loan decisioning and identity verification processes using IDVerse’s identity tools.

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Cyber Safety Company Gen Digital Acquires MoneyLion for $1 Billion

Cyber Safety Company Gen Digital Acquires MoneyLion for $1 Billion
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Mergers & Acquisitions
  • Mobile banking platform MoneyLion has been acquired by identity protection and cybersecurity company Gen Digital Inc.
  • The $1 billion deal is expected to close in 2025.
  • Gen plans to diversify its offerings by integrating MoneyLion’s credit-building tools, financial management services, and embedded finance marketplace into its portfolio.

Mobile banking platform MoneyLion is the latest among a string of acquisitions taking place in fintech this month. The New York-based company has agreed to be acquired by Gen Digital Inc. (Gen), the parent company of a range of digital identity protection brands, for $1 billion.

Founded in 2013, MoneyLion offers both direct-to-consumer banking tools as well as a marketplace of embedded banking tools, called Engine, for businesses. This enterprise technology suite serves as a marketplace for financial products to enable financial services and non-financial services companies alike to add embedded finance to their business leveraging MoneyLion’s API.

Gen expects today’s $1 billion purchase will help it branch out from identity solutions into new financial services verticals. Specifically, Gen is seeking to add financial wellness offerings using MoneyLion’s credit building and financial management services, as well as its white-labeled AI recommendation platform. Gen will also acquire MoneyLion’s 18+ million customers, a group which Gen anticipates will diversify its existing client base.

“Gen has a family of consumer brands that’s dedicated to protecting people’s privacy, identity, and financial assets so they can live their digital lives securely and without worry,” said Gen CEO Vincent Pilette. “By bringing MoneyLion into the Gen family, we’re not only helping people protect what they already have, we’re extending our capabilities to enable people to better manage and grow their financial wealth. We look forward to welcoming the MoneyLion team, so together, we can power digital and financial freedom.”

Gen was founded in 2022 and counts Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner among its consumer brands. In all, Gen’s brands help bring cybersecurity, online privacy, and identity protection tools to almost 500 million users in more than 150 countries. The Arizona-based company is publicly listed on the NASDAQ with a market capitalization of $18.3 billion.

The deal is expected to close in the first half of Gen’s fiscal year, spanning April 2025 to late September 2025. The transaction is proposed at $82 per share, plus one contingent value right (“CVR”) that entitles the holder to a contingent payment of $23 for each MoneyLion share in the form of shares of Gen common stock.

“We’ll deliver MoneyLion’s leading personal financial management tools and embedded financial marketplaces to Gen’s users while bringing Gen’s strong identity, trust and cybersecurity solutions to our customers,” said MoneyLion Co-Founder and CEO Dee Choubey. “Together, we’ll create unmatched consumer value, combining innovative fintech products and experiences with Gen’s trusted network to empower smarter financial decisions and secure people’s digital and financial lives.”

Gen’s purchase of MoneyLion is notable because it is unique. It may be the first time a fraud and security firm has acquired a digital bank– generally, it would be the other way around. However, given the increasing overlap between financial services and cybersecurity, this acquisition is a logical one. As security threats become more sophisticated, the integration of financial wellness tools with identity and security solutions positions Gen to address consumer needs more holistically.

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Mambu Acquires Numeral to Expand Payment Capabilities

Mambu Acquires Numeral to Expand Payment Capabilities
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mambu, Mergers & Acquisitions
  • Cloud banking platform Mambu has made its first acquisition, acquiring French fintech Numeral to enhance its payment capabilities and expand its market reach.
  • Numeral’s cloud-native platform will enable Mambu to offer end-to-end payment workflows, support multiple payment methods, and deliver real-time transaction capabilities to its clients.
  • With growing demand for embedded payments and real-time payment experiences, this acquisition will help Mambu better serve its clients.

Cloud banking platform Mambu has acquired French fintech Numeral this week in a deal that is expected to advance Mambu’s payment capabilities, helping it capture a wider audience. Financial terms of the agreement were not disclosed.

“This acquisition marks a considered move to deliver a more modern, comprehensive payment offering which is now an integrated part of Mambu’s product portfolio,” said Mambu CEO Fernando Zandona. “Numeral’s advanced payments platform will enable us to address changing customer demands, strengthen existing product lines, and expand our market reach, while offering businesses advanced capabilities to meet an extensive range of needs.”

France-based Numeral offers a cloud-native, universal payment gateway to help fintechs and banks automate payment processing. The company’s API allows organizations to access payment schemes and connect to partner banks, including BNP Paribas, Barclays, HSBC, and ABN AMRO. Founded in 2021, Numeral has raised $13.8 million (€13 million). The company currently processes more than $10.6 billion (€10 billion) in payments annually.

“Numeral’s values, proven agility, and robust onboarding processes match perfectly with our growth mindset as a business,” Zandona added.

Mambu was founded in 2011 and emerged as one of the pioneering players to move banking software to the cloud. The company’s composable banking approach offers a plug-and-play approach to help organizations shift away from legacy core banking platforms and future proof their operations. Among Mambu’s recent partnerships are payments processor Kuady, Latvia-based INDEXO Bank, and travel payments company Outpayce. Today’s deal marks the Amsterdam-based company’s first acquisition.

By integrating Numeral’s payment platform with its own, Mambu will help its clients manage end-to-end payment workflows, support multiple payment methods, and provide real-time transaction capabilities. The company notes that its existing clients will be able to upgrade to a more sophisticated set of payments capabilities.

For Mambu, enhancing its payments capabilities is a strategic move that aligns with the growing demand for embedded payments. As businesses increasingly seek to integrate embedded payments into their offerings, the ability to manage seamless, real-time payment workflows is becoming a key competitive advantage.

At the same time, consumers are demanding faster, more transparent payment experiences, pushing financial institutions and fintechs to adopt more sophisticated technologies. By integrating Numeral’s advanced platform, Mambu not only strengthens its value proposition but also positions itself as a leader in the modern, scalable payments space.

Photo by Black ice

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Uptiq.AI Acquires Data Integration Company UpSwot 

Uptiq.AI Acquires Data Integration Company UpSwot 
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Cion Digital, Mergers & Acquisitions, UpSwot, UPTIQ
  • Enterprise AI platform Uptiq.AI has acquired data integration startup UpSwot to enhance its AI Workbench capabilities and expand its applications for banks, fintechs, and wealth management firms.
  • Uptiq.AI will use UpSwot’s Financial Data Gateway, which integrates data from accounting, payroll, and CRM tools, enabling financial institutions to gain actionable insights and offer tailored recommendations to their commercial clients.
  • By combining AI-driven insights with data integration, the partnership empowers financial institutions to optimize operations, improve client engagement, and deliver more personalized services.

Enterprise AI platform for financial services Uptiq.AI made its first acquisition this week. The Texas-based company bought up data integration startup UpSwot.

While the terms of the deal were not disclosed, Uptiq.AI expects the purchase will help it deliver more applications tailored to serve a range of financial services, including wealth management firms, banks, credit unions, fintechs, and non-bank organizations.

UpSwot was founded in 2019 to bring banks actionable insights derived from their commercial clients’ data. The company leverages data from its Financial Data Gateway, which integrates with third-party SaaS software across key categories like Accounting, Banking, Payroll, ERP, and CRM. UpSwot uses the data to offer banks insights into trends and performance across their business customers, monitoring churn and engagement to drive more loyalty. UpSwot can simultaneously use the data to enable banks to offer their commercial clients recommendations on data-informed business decisions. The company demoed at FinovateSpring last year.

Uptiq.AI CEO Snehal Fulzele called the acquisition a “game-changer,” adding, “With UpSwot’s advanced Financial Data Gateway, we can unlock the full potential of our AI Workbench. This allows us to rapidly bring innovative AI applications to financial services organizations, enabling them to harness the power of their data like never before. Together, we’re setting a new standard for what Enterprise AI can achieve in financial services.”

As a result of the agreement, UpSwot’s Financial Data Gateway will power Uptiq.AI’s AI Workbench, which will allow banks to leverage structured and unstructured data for a variety of use cases. Uptiq.AI’s agents will be able to embed data from the wide variety of sources that Financial Data Gateway uses, which will help it differentiate itself from other agent developer platforms.

“Uptiq.AI and UpSwot share a commitment to driving meaningful innovation in financial services,” said UpSwot CEO Dmitry Norenko. “Joining Uptiq.AI will enable us to expand our reach and further amplify the impact of our data integration technology. Together, we are redefining how financial institutions can use AI to deliver exceptional value to their clients.”

Founded in 2022 as Cion Digital, Uptiq.AI helps banks optimize their operations and build valuable customer experiences. The Texas-based company, which has raised $32 million, was founded by Snehal Fulzele. Fulzele co-founded Cloud Lending Solutions in 2012 and led the company as CEO until he sold it to Q2 in 2018. Today, Uptiq.AI serves more than 350 clients across wealth management, banks, fintechs, and brokers. Uptiq.AI demoed at FinovateSpring 2022 under its former name, Cion Digital.

Photo by Pixabay

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Harmoney Acquires Compliance Specialist APPC

Harmoney Acquires Compliance Specialist APPC
By David Penn Posted on
Categories: Alumni News, Harmoney, Mergers & Acquisitions
  • Belgian regtech Harmoney has acquired compliance specialist APPC, a subsidiary of the Forsides Group.
  • The acquisition will provide APPC clients with a broader range of tools to fight challenges ranging from anti-money laundering (AML) to counter-terrorism financing (CTF).
  • Harmoney made its Finovate debut at FinovateEurope 2022 in London.

Belgium-based regtech Harmoney announced its acquisition of APPC, the compliance-oriented subsidiary of the Forsides Group. The acquisition will enable Harmoney to offer a streamlined, all-in-one compliance solution to financial institutions (FIs), integrating all regulatory operations on a single platform and empowering FIs to maintain compliance with the ever-changing regulatory environment.

The acquisition comes after five years of collaboration between Harmoney and the APPC team. This collaboration has yielded flexible, customized solutions to help FIs deal with challenges ranging from anti-money laundering (AML) to counter-terrorist financing (CTF). Post-acquisition, the APPC brand will remain intact; its services will be enhanced and expanded via Harmoney’s offerings. This will provide APPC clients with access to an even broader range of compliance solutions. APPC clients will also benefit from the expertise of the Harmoney team which offers a cost-efficient approach to compliance and comprehensive coverage to complex corporate structures.

“Our long-standing partnership with APPC has paved the way for this exciting new chapter,” Harmoney CEO Thomas Van Maele said. “By integrating all regulatory processes onto a single platform, we’re able to merge advanced technology with expert support from two expert teams that share the same values and dedication to compliance.”

Founded in 2016, Harmoney made its Finovate debut at FinovateEurope 2022 in London. At the conference, the company demonstrated the workflow orchestration of a digital reboarding of a private customer. The workflow includes identification, authentication, and risk screening that provides an overall risk score that enables compliance teams to conduct due diligence and, ultimately, determine acceptance, escalation, or rejection.

This summer, Harmoney announced that it was teaming up with Discai, a subsidiary of KBC Group, which leverages data science and financial expertise to help banks and other financial institutions combat financial crime. The two companies launched an integrated AML solution for FIs that combines Discai’s AI-based alert system with Harmoney’s end-to-end case and process management platform. Also this year, Belgian banking solutions collaborative Isabel Group announced that Harmoney would be the first integration partner for its newly launched verified corporate data hub.

Harmoney has raised $5.3 million (€6 million) in funding according to Crunchbase, courtesy of a seed round in 2023.

Interested in demoing at FinovateEurope 2025 in London? Applications are still being accepted from innovative companies with new solutions that are ready to show. Visit our FinovateEurope hub today to learn more.

Photo by Barb Duggan

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Asset Manager Amundi Acquires Aixigo in $157 Million Deal

Asset Manager Amundi Acquires Aixigo in $157 Million Deal
By David Penn Posted on
Categories: aixigo, Mergers & Acquisitions
  • Amundi Technology has agreed to acquire aixigo in a deal valued at $157 million.
  • Amundi will leverage the acquisition to strengthen its role as a leading technology and services provider in the asset management space.
  • Aixigo last demoed its technology on the Finovate stage at FinovateFall 2018 in New York.

Amundi Technology, an asset manager based in France, has acquired German wealth management platform provider aixigo. The transaction has been valued at $157 million (€149 million).

The acquisition is designed to help banks and financial institutions integrate technological solutions into their IT infrastructures faster. Adding aixigo will help Amundi develop further as a technology and services provider, enabling the firm to offer a more comprehensive range of services. The acquisition will also expand Amundi’s geographical reach thanks to aixigo’s customer base in Germany, Switzerland, and the U.K.

“Joining Amundi Technology presents aixigo with a unique opportunity to expand our service offerings and leverage Amundi’s expertise, allowing us to become the undisputed European leader before gradually extending our reach into Asia, a vision that perfectly aligns with our values and ambitions,” aixigo CEO Arnaud Picut said.

Founded in 1999, aixigo offers modular, intuitive wealth management technology. The company’s aixigo:BLOXX wealth management platform is a fully customizable solution that enables financial services providers to design wealth management services that fit their specific requirements and preferences. Portfolio analysis and reporting, digital portfolio management, risk management, financial planning, and investment advice are among the features of aixigo’s high-performance, API-based platform.

With a staff of 150, aixigo serves more than 20 clients representing more than $1.05 trillion (€1 trillion) in assets under management. The company reports that 60,000 advisors use aixigo’s technology on a daily basis for everything from client onboarding to report generation. Amundi is a leading European asset manager with 100 million retail, institutional, and corporate clients. A subsidiary of the Crédit Agricole Group, Amundi manages $2.3 trillion (€2.2 trillion) in assets.

“With the addition of new expertise, which has already been adopted and recognized by leading financial firms, we will continue to roll out new innovative services, and play an active part in the development of the financial advisory and wealth management sector,” Amundi Chief Executive Officer Valérie Baudson said. “This transaction will create significant value for our clients, partners, and shareholders.”

Headquartered in Aachen, Germany, aixigo made its Finovate debut at FinovateEurope 2017. The company most recently demoed its technology before Finovate audiences at FinovateFall 2018 in New York.

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Quoroom Merges with Investory.io

Quoroom Merges with Investory.io
By David Penn Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Quoroom
  • Investment management platform Quoroom has merged with portfolio management software company Investory.io.
  • The merger will help streamline the capital-raising process for venture capital funds, angel syndicates, and startup founders.
  • Headquartered in London, Quoroom made its Finovate debut at FinovateEurope 2023.

It’s been M&A week here on the Finovate blog! Over the past few days, we’ve highlighted merger and acquisition activity from a pair of alums: nCino’s purchase of Full Circl and Array’s acquisition of fellow Finovate alum, Payitoff. For those looking for a silver lining among the VC funding slowdown in fintech, M&A activity like this might do the trick.

Here’s another fintech M&A announcement that almost slipped beneath our radar. Quoroom, an investment management platform that provides end-to-end fundraising and cap table management software for private companies, has merged with Investory.io.

Investory.io provides portfolio management software that facilitates structured and data-driven communication between investors and startups. With more than 3,000 company accounts and 6,500 investor accounts (including more than 1,000 institutional investors and 4,000 angel investors) on its platform, Investory.io leverages data and AI to enable data-driven portfolio decision-making for investors and simplified investor reporting for startups.

Quoroom’s technology provides an investment workflow that covers every aspect of a company’s lifecycle, from building an investor pipeline to legal completion. By giving investors a singular “source of truth” on deal flow and the metrics of portfolio companies, Quoroom helps companies stand out from the crowd and raise capital faster.

The strategic merger between Quoroom and Investory.io will help unify a fragmented market for venture capital infrastructure and analytics. Quoroom users will be able to leverage the integrated functionality of Investory.io to manage investor updates and cap tables in one place. At the same time, angel syndicates and venture capital funds will benefit from being able to manage fundraising, SPVs, portfolios, and LP reporting from within a single investment management platform.

“With this acquisition, Quoroom users can now manage cap tables, investor relations, and fundraising activities all in one place, making the process more efficient and effective,” the company noted on its LinkedIn page earlier this month when the deal was first announced. Quoroom added separately that it plans to offer “enhanced functionalities in the coming months” to further streamline investment management and make investor relations operations more efficient.

Headquartered in London and founded in 2018, Quoroom made its Finovate debut at FinovateEurope 2023. At the conference, the company demoed its latest suite of investor relations tools, including enhanced investment recommendations, the ability to automatically visualize company financial metrics, and investor updates to keep shareholders informed during funding rounds.

We interviewed Quoroom CEO and CoFounder Ulyana Shtybel last summer as part of our Finovate Global interview series.

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nCino Agrees to Acquire FullCircl

nCino Agrees to Acquire FullCircl
By David Penn Posted on
Categories: Alumni News, Mergers & Acquisitions, nCino
  • Cloud banking platform nCino has agreed to acquire Client Lifecyle Intelligence platform FullCircl. The purchase price is $135 million, subject to customary adjustments.
  • The acquisition comes a year after the two first forged a partnership in July 2023.
  • Wilmington, North Carolina-based nCino made its Finovate debut at FinovateEurope 2017 in London.

In a deal valued at $135 million, banking solutions provider nCino has agreed to acquire U.K.-based Client Lifecycle Intelligence (CLI) platform, FullCircl. The acquisition comes a year after the two companies forged a partnership that combined FullCircl’s advanced data capabilities with nCino’s cloud banking platform.

“The acquisition of FullCircl is a strategic move for nCino that will not only enhance our data and automation capabilities, but also enables us to expand our reach across the U.K. and more broadly in Europe with an end-to-end experience for full client lifecycle management,” nCino CEO and Chairman Pierre Naudé said. “Having worked closely with the FullCircl team for some time now, we recognized the value our joint technology can deliver, and this acquisition marks an exciting step forward in our mission of driving innovation and powering a new era in financial services.”

nCino and FullCircl first partnered last year to improve the efficiency and profitability of acquiring, onboarding, and servicing SME customers. The collaboration set out to cut onboarding times, increase efficiency in credit operations, accelerate revenue growth, and win and retain more SME customers. Today’s acquisition announcement creates a new, end-to-end client lifecycle management experience that integrates customer acquisition and onboarding, KYC and KYB, as well as rules-based monitoring.

“We have been working with the nCino team for several years, and the close alignment in both organizations across vision, culture, customers, product, and market opportunity have contributed to this exciting acquisition making perfect sense,” FullCircl CEO and Cofounder Andrew Yates said. “We both serve regulated industries who walk a tightrope between a strict operating rulebook and a mandate to deliver growth and shareholder value, all while providing a seamless client experience.”

Founded in 2011, London-based FullCircl offers a Customer Lifecycle Intelligence (CLI) platform that helps companies in regulated industries better manage a variety of key business challenges. Via its applications, proprietary ‘graph’ technology, intelligent rules-based decision engine and APIs, FullCircl derives millions of actionable insights daily on entities from 160 countries. This enables the platform to provide a near real-time record of companies, corporate officers and shareholders, and the relationships between them. With more than 700 customers and 15,000+ users, the firm processes more than 300 million onboarding and monitoring transactions per month and facilitates the onboarding of more than 200,000 customers a year.

nCino made its Finovate debut at FinovateEurope 2017 in London. Headquartered in Wilmington, North Carolina, and founded in 2012, the company currently delivers innovative banking experiences to more than 1,800 customers around the world, including community banks, credit unions, and independent mortgage banks, as well as some of the largest financial institutions in the world.

nCino began the month inking a partnership with Tokushima Taisho Bank. The Japan-based financial institution chose nCino’s Commercial Banking Solution to bring greater efficiency and increased value to its business lending operations. Other recent partnerships with nCino include the company’s work to enhance corporate lending at Netherlands-based bank ABN AMRO and its agreement to automate loan origination processes and expand portfolio management capabilities for U.K. specialist bank Shawbrook.

nCino is a publicly-traded company on the NASDAQ exchange under the ticker NCNO. The firm has a market capitalization of $4 billion.

Photo by Markus Spiske

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Array Acquires Consumer Debt Management Company Payitoff

Array Acquires Consumer Debt Management Company Payitoff
By David Penn Posted on
Categories: Alumni News, Alumni profile, Array, Mergers & Acquisitions, Payitoff

Array, an embedded consumer products platform, has agreed to acquire embedded debt guidance solutions provider Payitoff. Terms of the transaction were not disclosed. The deal will build on Array’s position in the intelligent debt management solutions industry, and further equip the company to help financial institutions, fintechs, and digital brands accelerate growth, create new revenue streams, and enhance the consumer experience.

“Financial institutions and other providers of financial products in digital experiences realize that helping their consumers better understand and manage their debt is a powerful way to increase deposits, revenue, and brand loyalty,” Array Founder and CEO Martin Toha said. “We acquired Payitoff because our companies have a shared vision to provide seamless, embeddable products that fuel financial progress. This provides our clients with the best of all worlds: bringing valuable products to market faster without additional resources and overhead.”

Founded in 2020, Array offers a range of embeddable private label products that enable businesses to serve as “one-stop shops” for financial services. The company’s solutions help financial institutions serve a wider range of customers’ financial needs, increasing engagement, and opening up new potential sources of growth. Array’s solutions can be implemented through embedded or private label sites, as well as via its API, and turn 18-month builds into 6-12 week deployments.

Array won Best of Show in its Finovate debut at FinovateFall 2021. The company returned to the Finovate stage the following year at FinovateSpring 2022, taking home its second Best of Show award in as many appearances. Most recently demoing its technology at FinovateSpring 2023, Array introduced its HelloPrivacy and Subscription Manager solutions. HelloPrivacy monitors and removes personally identifiable information (PII) from the web to help defend against identity theft, robocalls, and other privacy risks. Subscription Manager allows subscribers to manage their subscriptions from a single location, as well as cancel unwanted subscriptions and negotiate lower rates on select subscriptions.

Array began 2024 with the appointment of Kew Kelly-Yuoh as Chief Financial Officer, a partnership with digital banking solutions provider Narmi, and a spot on the Fintech Innovation 50 list for 2024. This spring, Array reported that its online privacy solution, Privacy Protect, had surpassed four million in protected users and removed more than 200 million online records on their behalf. Earlier this month, the company announced that Lumin Digital, a provider of cloud-native, digital banking solutions, will offer a suite of Array products including My Credit Manager with Offers Engine, and Identity Protect — along with Privacy Protect and Subscription Manager — as part of its Financial Wellness Monitoring Suite for financial institutions.

Founded in 2018, Payitoff was born out of CEO Bobby Matson’s personal struggle to pay off “six-figure student loans and debt.” After initially launching a student loan management solution, Matson and his team expanded their offerings to include a more comprehensive set of debt management tools. Enabling companies to seamlessly integrate broad debt management functionality into their digital platforms, Payitoff has managed 200,000+ loans valued at more than $1.5 billion.

“The opportunity for impact between Array and Payitoff is massive,” Matson said. “Student loan payments resumed a year ago, and with delinquencies starting to impact borrowers’ credit this month, the timing of this acquisition couldn’t be more critical. Array’s reach, combined with our debt management tools, will empower financial institutions and fintechs to help their consumers manage debt and save thousands — all with a seamless integration.”

Payitoff made its Finovate debut at FinovateFall 2023. At the conference, the consumer debt management tool provider demonstrated its white label, no code solution that empowers financial institutions to help their customers save money on student loan repayments. Earlier this year, Payitoff was selected to participate in Mastercard’s Start Path Open Banking Program.

Photo by Pixabay

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