NCR acquires digital onboarding start-up Terafina
Enterprise technology vendor NCR has acquired Terafina, a Californian Software-as-a-Service sales (SaaS) platform for credit unions and community banks. Financial terms of the deal were not disclosed.
Terafina provides digital onboarding solutions for credit union and community banks customers. It enables the opening of accounts via digital, branch and call centre channels.
NCR’s decision to buy Terafina is the Atlanta firm’s latest move in its emerging “digital-first banking platform”.
Previously known as National Cash Register, NCR has undergone a significant revamp of its services in recent years, particularly as COVID-19 accelerates merchants’ and banks’ reliance’s on digital alternatives.
Rather than solely producing ATMs and PoS terminals, the firm now offers an array of all-digital solutions, covering e-commerce, in-restaurant mobile ordering and mobile-based banking.
NCR thinks investing in the onboarding component of its digital-first banking platform will nudge customers to buy more products.
“Digital banking is a key aspect of the “NCR-as-a-Service” strategy we laid out at Investor Day in December,” says Michael Hayford, NCR’s president and CEO.
Terafina is already an NCR partner and integrates with its digital banking platform, which makes for an easy migration post-deal close.
NCR re-lights acquisition spree
The latest sale follows in the footsteps of NCR’s other early-stage software company purchases.
Last month, the 36,000-person firm bought Cardtronics and Freshop, breaking its year-long acquisition dry spell.
Cardtronics, valued at around $2.5 billion, calls itself the “world’s largest” non-bank ATM operator and service provider. NCR wants to use Cardtronics’ existing network and technology to push further into the payments space.
Whilst Freshop’s solutions focus around grocery e-commerce, marking NCR’s continued focus on the retail space.
In 2019, NCR bought a cluster of firms, including BECPOS, Zynstra, Texas P.O.S, D3 Technology, Midwest POS Solutions.