Digital Banking

Finastra Acquires Mobile Banking Provider Malauzai

Finastra, the FinTech company, announced Monday (June 18) that it has acquired Malauzai, a provider of mobile and internet banking solutions for community financial institutions (FIs). In a press release, Finastra said the buy reflects its commitment to the U.S. retail and business banking sectors by further enabling digital transformation for community banks and credit unions around the U.S.

Simon Paris, CEO at Finastra said in the press release, “Credit unions and community banks are the fabric of American financial services. We strive to help them realize the benefits of digital transformation — including being able to deliver outstanding experiences right across their consumer and business customer lifecycles. Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong U.S.-based community market customers and Malauzai’s non-core U.S.-based customers. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”

Financial terms of the deal were not disclosed, but Finastra said it builds on an existing partnership between it and Malauzai. With that, Malauzai’s digital solution was integrated into Finastra’s Fusion Phoenix core banking system. Since 2015, the two companies have gained more than 130 joint customers, including Wisconsin-based Horicon Bank. All of them use the combined capabilities to drive better digital engagement with their customers and members.

“We’re extremely excited for the next chapter of our story with Finastra. Together, we have a deep understanding of the community banking space. By combining a best-in-class core experience, backed by leading innovative mobile and internet banking capabilities and our mobile-only design approach, community financial institutions win. The acquisition creates a compelling proposition for our existing customer base and enables Finastra’s customers to deliver a seamless banking experience with a robust breadth of services, via a single provider,” added Tom Shen, Chief Executive Officer at Malauzai.

Tom Shen, CEO at Malauzai said, “We’re extremely excited for the next chapter of our story with Finastra. Together we have a deep understanding of the community banking space. By combining a best-in-class core experience, backed by leading innovative mobile and Internet banking capabilities and our mobile-only design approach, community financial institutions win. The acquisition creates a compelling proposition for our existing customer base and enables Finastra’s customers to deliver a seamless banking experience with a robust breadth of services, via a single provider.”

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