- Move demonstrates Finastra’s commitment to US retail banking market
- Enables community financial institutions to innovate, embrace digital transformation and compete
London, UK and Toronto, Canada – Finastra has acquired Malauzai, a provider of mobile and Internet banking solutions for community financial institutions. The deal reflects Finastra’s commitment to the US retail and business banking sectors by further enabling digital transformation for community banks and credit unions across the country.
“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,” said 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. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”
The acquisition is built on an already successful and proven partnership between Finastra and Malauzai, which saw the latter’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, all using the combined capabilities to drive better digital engagement with their customers and members, as mobile and online banking reshapes the consumer journey.
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.”
Headquartered in Austin, Texas, Malauzai is a provider of digital banking solutions for community financial institutions. It serves more than 350 US community markets institutions with 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.