Global Newsletter: FIS Scoops Up Bond

Republished By Plato

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The following is an excerpt from today’s Global Newsletter.

As Jason Mikula predicted on June 1, FIS has acquired embedded finance startup Bond in a deal where terms were not touted in a splashy press release.

While silent acquisitions often indicate a distressed sale, the incumbent core banking provider likely realized they needed to get into BaaS and probably bought Bond for their tech to be more agile. It may also be the attraction of the expedited route: buy the plug-and-play solution rather than spend many months developing one in-house.

This latest acquisition shows fintech M&A is getting hotter, with more activity in recent weeks.

Bond may have been struggling to raise money, so this would also be a good outcome for them, though we do not yet know the whole story.

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John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada’s first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.

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