FIS has acquired Chicago-based Quantity, including the fintech’s digital banking and lending SaaS platform to its portfolio; phrases of the deal weren’t disclosed.
The acquisition strengthens FIS’s digital banking technique, enabling banks, lenders, and credit score unions to streamline account origination, lending, deposits, playing cards, and fraud prevention.
Quantity brings 158 workers and a fintech development story marked by unicorn standing, layoffs, and $313 million raised.
Fintech big FIS has finalized the acquisition of digital banking and lending SaaS platform Quantity. The monetary phrases of the deal had been undisclosed.
“After years of profitable partnership, we’re thrilled to welcome Quantity’s gifted crew and progressive capabilities to FIS,” mentioned FIS CEO and President Stephanie Ferris.
Based in 2019 and spun out of on-line lending firm Avant a 12 months later, Chicago-based Quantity helps banks provide unified digital banking origination and decisioning experiences throughout lending, playing cards and deposits. The corporate’s answer provides embedded AI performance to simplify the web account opening expertise for banks, lenders and credit score unions.
FIS anticipates that including Quantity will assist it strategically broaden its options portfolio. Particularly, the Florida-based firm will leverage Quantity to empower monetary establishments to spice up effectivity, streamline lending, enhance customer support, simplify account opening whereas decreasing fraud, and optimize bank card issuance and funds. The deal will provide FIS’ financial institution shoppers the power to offer a extra unified and seamless digital account opening course of for the retail and business shoppers.
“Our technique and investments have positioned FIS to steer the following era of banking options, enabling monetary establishments to thrive in in the present day’s digital-first world with confidence, innovation and reliability. The Quantity platform, built-in into FIS digital, core banking and card methods, will assist FIS shoppers develop deposits, loans and card portfolios effectively and securely,” added Ferris.
Established in 1968 and primarily based in Florida, FIS serves 15,000 shoppers throughout the globe. The corporate’s product suite consists of cost options, danger administration companies, and buyer communication instruments. Its expertise helps the processing of $50 trillion in transactions yearly and oversees belongings totaling $16 trillion.
“Becoming a member of forces with FIS marks an thrilling new chapter for Quantity,” mentioned Quantity CEO Adam Hughes. “FIS offers international scale, sturdy infrastructure, and regulatory experience that can permit us to strengthen our market providing and ship seamless, progressive buyer experiences and speed up digital transformation. Turning into a part of the FIS group will create a singular asset and the business’s most complete digital banking platform.”
Logistically, all of Quantity’s 158 workers have joined FIS and the fintech will keep its headquarters in Chicago.
Immediately’s settlement comes after a curler coaster experience for Quantity. After it started working independently in 2020, the fintech went on to lift $81 million with a $1 billion valuation and later acquired small enterprise lending platform Linear for $175 million. In June 2022, nevertheless, as fintech started to hunch, Quantity needed to minimize 18% of its workforce and later that 12 months needed to lay off one other quarter of its workforce. The corporate picked issues up once more final 12 months when it raised one other $30 million, bringing its whole raised to $313 million. The corporate’s up to date valuation is unknown.
FIS’s transfer to accumulate Quantity is yet one more instance of how established fintechs are leveraging incumbents to fulfill demand for safe and seamless digital experiences. As competitors heats up within the US and past, the acquisition will in the end assist FIS strengthen its management in end-to-end digital banking.
Picture by Vitaly Gariev on Unsplash
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