FIS has acquired Banking-as-a-Service outfit Bond in what the fintech giant calls a "small but important purchase" for its platform strategy.
Bond's embedded finance platform is designed to help firms quickly build and launch products, including commercial and consumer credit card offerings, as well as debit cards and accounts.
Founded in 2019 by three seasoned industry executives who have worked at BlackRock, Goldman Sachs, SAP, SoFi, and Twilio, Bond raised $32 million in 2020 in a Series A funding round led by Coatue and joined by Goldman Sachs and Mastercard. It has not raised funds since.
According to an internal memo posted by Fintech Business Weekly's Jason Mikula - who broke the news - 30 Bond staffers, including CEO Roy Ng, are joining the FIS Platform and Enterprise Product team.
The memo, written by Platform and Enterprise Product president Tarun Bhatnagar, says Bond will add BaaS and embedded finance talent, accelerate time-to-market of new FIS embedded finance capabilities, and tap into the acquired firm's strong sales relationships.