Finastra acquires banking app provider Malauzai
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.”
According to Finastra, the acquisition is built on their partnership, which saw Malauzai’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.
Headquartered in Austin, Texas, Malauzai has more than 350 US community markets institutions on its books and 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.
Finastra is an acquisitive firm. One recent example, as reported in January, it bought Geneva-based Olfa Soft and its FX e-trading platform for banks and financial institutions as it targets treasury departments.