FIS reportedly set to acquire UK-based fintech Demica for around $300m
US banking and paytech giant FIS is reportedly set to acquire London-based fintech Demica in a deal worth around $300 million, according to a report by Sky News.
FIS is reportedly set to acquire Demica
Founded in 1992, Demica offers a cloud-based supply chain finance platform. The solution integrates with multiple bank payment gateways to automate real-time payments in over 30 countries.
Earlier this year, Crédit Agricole Corporate and Investment Bank (CIB) selected Demica’s tech to support the launch of a new receivables and supply chain finance (RSF) platform in the APAC region. Demica’s partners also include the likes of Lloyds Banking Group, Mastercard, and HSBC.
According to the Sky News report, FIS is expected to acquire Demica, which manages around $40 billion in assets, for approximately $300 million, with an official announcement anticipated in the coming days.
FinTech Futures has contacted both Demica and FIS for comment on the recent report. A spokesperson from FIS responded, stating, “We do not comment on market rumour or speculation”.
If the deal goes through, Demica will join FIS’s expanding portfolio of acquisitions, which includes San Francisco-based Banking-as-a-Service (BaaS) fintech Bond, which FIS bought last year for an undisclosed sum.
