Report: FIS Acquires Bond Financial Technologies to Grow Embedded Finance

FinTech giant FIS has reportedly acquired embedded finance startup Bond Financial Technologies.

TechCrunch reported Friday (June 9) that unnamed sources confirmed the acquisition after Fintech Business Weekly’s Jason Mikula broke the news in a June 1 tweet.

On Friday, Mikula shared in another tweet an internal communication from FIS confirming that the acquisition is complete.

Contacted by PYMNTS, a FIS spokesperson declined to comment on the report.

Bond Financial Technologies did not immediately return a phone call seeking comment.

The internal communication shared in the tweet is from Tarun Bhatnagar, president of platform and enterprise products at FIS, who wrote that the purchase brings 30 members of the Bond team to FIS.

For FIS, the acquisition adds experienced Banking-as-a-Service (BaaS) and embedded finance talent; closes a gap in FIS’s embedded finance capabilities; accelerates the launch of new embedded finance capabilities; and expands FIS’ portfolio of solutions for FinTechs, according to the internal communication.

The FIS and Bond leadership “will determine how the two companies will work together,” according to the TechCrunch report, which cited an internal memo.

Bond raised $32 million in a Series A funding round but hasn’t raised money since then, according to the report.

At the same time, larger firms like FIS have been moving to acquire FinTechs to gain talent and technology that will accelerate their ability to update their own products and services, the report said.

Software has disrupted the way everyday life is conducted — and has paved the way for embedded finance to bring financial services to a growing number of use cases, Bond Financial Technologies CEO Roy Ng told PYMNTS’ Karen Webster in an interview posted in March.

Many of our daily tasks are software enabled, where developers can incorporate elements of financial products into workflows with which end users are infinitely familiar, Ng said.

“This enables companies to meet the customer wherever they may be, and that’s all due to the power of software,” Ng said.

FIS leadership said in February during an earnings call that the company is banking on embedded finance and loyalty programs to reignite growth in its merchant business.