FIS acquires banking-as-a-service startup Bond
FIS, a prominent fintech company offering a wide range of payment, banking, and investment services, has recently completed its acquisition of Bond, a San Francisco-based startup specializing in embedded finance.
The exact financial terms of the acquisition have not been disclosed by FIS. However, it is worth noting that Bond was valued at $182 million during its last funding round in 2020. Over the past few years, Bond has secured a total of $42 million in funding from notable investors such as Coatue Management, Mastercard, Goldman Sachs, Canaan Partners, B Capital Group, and former Morgan Stanley CEO John Mack.
Bond operates in the banking-as-a-service (BaaS) sector, also known as embedded finance, which involves integrating financial services, including credit cards and bank accounts, into non-financial brands. With its AI-powered infrastructure, Bond enables digital brands, including fintechs like Pocketbook and Everest, to offer personalized and compliant banking products.
As a company with approximately 30 employees, Bond has focused on developing APIs and software solutions for commercial and consumer credit cards, debit cards, and accounts.
Following the acquisition, FIS and Bond’s leadership teams will collaborate to determine how the two companies will work together. FIS SVP of Platforms Himal Makwana, in conjunction with the company’s integration management office, will oversee post-purchase planning activities.