Fiserv has struck a deal to acquire cloud-based core banking player Finxact for around $650 million.

Fiserv has struck a deal to acquire cloud-based core banking player Finxact for around $650 million.

Fiserv was an early investor in Finxact and, under the terms of the agreement, will acquire the remaining ownership interest.

Founded in 2016, Finxact has built an SaaS platform engineered to support the scale and regulatory requirements of the largest US-based financial institutions. Its cloud-native banking system provides 100% accessibility to all data and functions via a set of APIs.

For banking technology giant Fiserv, the deal boosts its digital strategy and expands its account processing, digital, and payments offerings.

Frank Bisignano, CEO, Fiserv, says: "This transaction complements our Fiserv account processing solutions and expands our opportunities to serve clients by bringing together Finxact’s highly flexible and scalable API-first capabilities with the comprehensive digital financial solutions portfolio and expertise of Fiserv."