Core banking solution provider Topaz acquires majority stake in Cobiscorp
Brazilian fintech Stefanini Group – through its core banking subsidiary Topaz – has acquired a majority stake in US core banking software provider Cobiscorp.
The move forms part of the group’s expansion plans in Latin America, following the acquisition of Brazilian software firm CRK in July 2021.
The acquisition will see Topaz incorporate Cobiscorp’s COBIS banking software and core banking solutions, online fraud prevention and risk reduction solutions, digital channels infrastructure, currency exchange functionality and its newer SaaS-based cloud software service offering.
Cobiscorp provides solutions for banks, fintechs and microfinance institutions and has customers in 16 countries across the Americas.
Topaz CEO Jorge Iglesias says Cobiscorp’s “consolidated financial business digital platform” will further complement Topaz’s own full-banking platform, adding new features and competitive spreads to help institutions that want to quickly adapt to market demands.
Iglesias says that following the acquisition of Cobiscorp, Topaz also intends to bring its solutions to new markets such as the United States and Europe.
Stefanini Group operates in more than 25 countries in Europe and Latin America.