Fiserv to acquire remaining ownership interest in Finxact for $650M

Fiserv Inc. agreed to acquire the remaining ownership interest in cloud-native banking solutions provider Finxact Inc. for about $650 million.

The transaction is expected to close later in 2022.

"Through this combination, Fiserv will create a streamlined path for clients to offer digital solutions to their customers. Finxact also enhances our ability to support a growing number of financial institution and business clients," Fiserv CEO Frank Bisignano said in a news release. "We look forward to welcoming Frank Sanchez and the talented Finxact team to Fiserv as we continue to grow our client banking portfolio."