FIS, one of the largest global providers of banking and payments technology, has bought the remaining 78 per cent of US mobile banking and payments company, mFoundry. FIS already held a 22 per cent stake in the company and will pay $120m in cash for the rest.
mFoundry already serves 850 clients, including a third of the top 50 banks in the US with mobile financial services. “This transaction enables us to capitalise on new market opportunities and bring top-tier mobile capabilities to our combined client bases,” said Drew Sievers, mFoundry co-founder and CEO.
“Consumers have adopted the mobile channel faster than any other delivery channel in existence, and delivering industry-best mobile solutions is a vital focus area for FIS,” said Gary Norcross, FIS president and COO.
The transaction is expected to close by the end of Q1.