Consolidation continues apace in the world of fintech. FIS, the fintech giant that runs a wide range of payment, banking and investment services, has acquired Bond, a startup that specializes in embedded finance, multiple sources confirmed today.
Fintech Business Weekly’s Jason Mikula broke the news last week that the deal was in the works. Our sources confirm that the deal has now closed, as of today.
FIS is not sharing how much it paid for Bond, a San Francisco-based BaaS (banking-as-a-service) startup. But as a point of reference, PitchBook notes that Bond was valued at $182 million the last time it raised money, in 2020. Since 2019, Bond has raised a total of $42 million in funding, according to Crunchbase.
It has an impressive list of backers. Coatue Management led the company’s last round, a $32 million Series A in 2020, which also included participation from Mastercard, Goldman Sachs, Canaan Partners, B Capital Group and former Morgan Stanley CEO John Mack.
BaaS, sometimes called embedded finance, helps brands (sometimes those well outside the world of finance) integrate financial services like credit cards and bank accounts to in turn sell on those services to their customers.