FIS acquires BaaS start-up Bond for undisclosed sum
US banking and paytech giant FIS has acquired Banking-as-a-Service (BaaS) start-up Bond for an undisclosed sum, according to reports.
FIS acquires Bond for undisclosed sum
Fintech Business Weekly first broke the news, sharing an internal memo circulated to FIS employees on Twitter. In the memo, Tarun Bhatnagar, president of platform and enterprise solutions at FIS, wrote that FIS had purchased Bond Financial Technologies on 8 June, without revealing the sum.
Bhatnagar adds that 30 employees from San Francisco-based Bond will be joining FIS, and will continue to operate as a separate business “to avoid disruption to their sales and development efforts”. Bond’s co-founder and CEO, Roy Ng, will also join FIS, reporting directly to Bhatnagar.
Calling it a “small but important purchase”, Bhatnagar says that the acquisition will benefit FIS through the addition of “experienced” BaaS and embedded finance professionals to the company, allowing FIS to “close a gap” in its embedded finance capabilities.
Founded in 2019, Bond enables companies to embed credit products into their existing customer experiences. It has raised $42 million in funding to date from investors including the likes of Coatue, Goldman Sachs and Mastercard.
Bond offers account verification solutions including KYC and KYB checks, ID verification, sanctions screening, AML and fraud assessment, FDIC-insured deposit accounts, physical and virtual cards with spend controls, and money movement between cards and accounts and payments.
Both companies have so far not released any official statements regarding the acquisition.
