Urban FT acquires CFC Technology Group
Urban FT has branched into merchant-based banking by acquiring remote deposit capture (RDC) solutions provider, CFC Technology Group, reports Jane Connolly.
The core fintech provider has followed its 2017 acquisition of iParse and certain assets of Digiliti last year, by acquiring Minneapolis-based CFC for an undisclosed sum.
By pairing with CFC – which has provided RDC solutions and managed services for more than 800 community banks and credit unions, along with thousands of merchants – Urban FT hopes to be seen as the industry-leading digital banking and payments provider.
“Urban FT is focused on tilting the playing field for community-based financial institutions, which is representative in our growth as revolutionary pioneers, empowering institutions that choose to give a damn about the people and communities they serve,” says Urban FT CEO, Richard Steggall.
“With our acquisition of CFC, we have penetrated merchant-based banking territory and expanded our arsenal, encouraging institutions to excel beyond the ‘too big to fail’ crowd. This move has strengthened our ability to provide end-to-end digital payment solutions and has been an exceptional addition to our X35 Technology Platform.”
Steggall also comments that community-based institutions need to challenge the status quo of a stagnant marketplace and once again become leaders in their communities.