Urban FT takes over troubled Digiliti Money
Digiliti Money (formerly Cachet Financial Solutions) will become part of Urban FT, a US-based provider of digital banking software. Digiliti will merge into Urban FT’s affiliate, FinTech Imaging Solutions.
Digitliti, which develops mobile banking app technology, ran into financial and organisational difficulties last year. It has been in conversations with Urban FT about a potential takeover for around six months.
“The merger is a fantastic outcome for both companies, their employees, and most importantly, for the clients we respectively serve,” comments Richard Steggall, CEO of Urban FT.
He highlights the complementary nature of the two businesses and their client bases. The products will be brought together to create a portfolio of “best-in-breed remote deposit capture and digital banking solutions” and marketed to a unified customer base of 600+ financial institutions.
“From the beginning of this process, we recognised that the Digiliti business was fundamentally a good one,” adds Steggall.
“We know our customers will be delighted by the new innovations to come,” states Hunter Wolfe, EVP of business and customer operations at Digiliti.
The merger is expected to close by 24 February 2018.
Urban FT will continue to be headquartered in New York City, with development and operations located in the Minneapolis area.