Finastra acquires banking app provider Malauzai
Finastra has acquired digital banking provider Malauzai to bolster its presence in the US retail and business banking sectors for credit unions and community banks.
It just keeps getting bigger
Simon Paris, CEO at Finastra. “Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong US-based community market customers and Malauzai’s non-core US-based customers.”
According to Finastra, the acquisition is built on their partnership, which saw Malauzai’s digital solution integrated into Finastra’s Fusion Phoenix core banking system.
Since 2015 the two companies have amassed over 130 joint customers, including Wisconsin-based Horicon Bank.
Headquartered in Austin, Texas, Malauzai has more than 350 US community markets institutions on its books and over one million monthly active users.
Malauzai was advised by Krall & Co. Inc. on the transaction. Financial details of the deal have not been disclosed.
Finastra is an acquisitive firm. One recent example, as reported in January, it bought Geneva-based Olfa Soft and its FX e-trading platform for banks and financial institutions as it targets treasury departments.
4,500 community customers based in the U.S. sounds like someone had a dream ten years from now.
An accurate count, based on sixth grade math and 3 or 4 four years of history, would add up to less than half that number.
Finastra represents the sum of its acquired parts (Harland FS, D+H, Misys). Independently, those companies added up to 928. Disclosure: I’ve been known to make mistakes, so someone should ask Fiserv how they feel about the 4,500 number.
We’ve contacted Finastra to clarify the number and received the following response: “The 4,500 refers to the total number of community banks and credit unions (we call this community markets) Finastra does business with in North America, across all of our products.”