The financial terms of the deal were not disclosed.
“Credit unions and community banks are the fabric of American financial services. We strive to help them realize the benefits of digital transformation – including being able to deliver outstanding experiences right across their consumer and business customer lifecycles,” Simon Paris, CEO at Finastra said in a news release. “Together, our two companies deliver a fully integrated open core platform for payments, lending and digital, across Finastra’s 4,500-strong US-based community market customers and Malauzai’s non-core US-based customers. We value Malauzai’s market leadership and its open approach, which is in perfect alignment with our open platform vision.”
Finastra and Malauzai have been partners. Since 2015, the two companies have landed more than 130 joint customers.
“We’re extremely excited for the next chapter of our story with Finastra, Tom Shen, CEO at Malauzai said in a news release. “Together we have a deep understanding of the community banking space. By combining a best-in-class core experience, backed by leading innovative mobile and Internet banking capabilities and our mobile-only design approach, community financial institutions win. The acquisition creates a compelling proposition for our existing customer base and enables Finastra’s customers to deliver a seamless banking experience with a robust breadth of services, via a single provider.”
Malauzai, founded in 2010, has more than 350 U.S. financial institutions as customers that serve more than 1 million active monthly users.