Narayan AmmachchiAmerican digital banking software vendor Sofi Technologies has acquired Buenos Aires-headquartered Technisys, gaining huge clout in Latin America’s burgeoning fintech market.
Once the deal is closed, Sofi will combine Technisys’ digital assets with Galileo Processing Inc, a digital banking infrastructure vendor that it acquired in 2020.
Technisys will offer a core banking platform, while Galileo will provide technology infrastructure to all kinds of financial services providers, including credit unions.
Argentina-based Technisys has hundreds of clients across the Americas, including Banco Macro SA in Argentina, Banco Original SA in Brazil, Rellevate Inc. and TAB Bank Holdings Inc. in the U.S., and ATB Financial Inc.’s digital banking app Brightside in Canada.
Its platform is extremely flexible and armed with key technology functions such as data analytics. Financial technology providers use its platform to customize their financial products to the need of their customers.
Smaller banks with little access to technology talent often choose their platform to stay competitive in the financial sector.
Technisys is estimated to have earned US$70 million in revenue for the calendar year 2021. The combined company may soon become a one-stop-shop for fintechs and those looking to enter the financial services market.
Even after the merger, Technisys will continue to operate as an independent subsidiary, with Miguel Santos continuing as CEO.
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