Fiserv pays $600 million for Finxact, a fintech that creates cloud solutions for the financial sector

The transaction, worth over USD 600 million, is to be finalized later this year.

The American Fiserv, which provides technologies for the financial services sector, announced another acquisition. The company, which previously was a shareholder in Finxact, will become its sole owner. If the parties are given the green light from market regulators, the deal, valued at around $ 650 million, should be closed later this year.

Finxact was founded a few years ago in the USA. The company creates cloud solutions and provides clients with a platform with software for financial institutions. They gain access to data and functions that allow them to create new products in a short time and deliver them to customers. Fiserv argues that the transaction will allow the company to accelerate its digital transformation and increase its innovation. The corporation hopes that it will be able to serve a larger number of clients without any negative impact, e.g. on the pace of work.

This is not the first and certainly not the biggest takeover for Fiserv. A few years ago, the company announced it would buy payment processor First Data for $ 22 billion. The latter is well known on the Polish market – First Data Polska (now Fiserv Polska) is one of the largest operators of payment terminals in Poland via its Polcard brand. Fiserv and FDP in Poland were formally merged in the spring of 2021. In turn, in the autumn, Krzysztof Polończyk, president of Fiserv Polska, will talk about the plans for the development of the combined company in Poland.

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