CRIF, an Italy-based credit information company, has agreed to fully acquire fintech firm Strands to create a global digital solutions provider for Open Banking business.

The financial details of the deal have not been made public.

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Based in the US and founded in 2004, Strands specialises in advanced digital banking solutions.

The fintech company is a provider of AI-driven business and personal financial management with offices in Spain, Asia and South America.

Strands leverages its big data, AI and machine learning expertise to create customisable digital money management software for financial institutions.

The company has so far carried out software implementations for over 700 companies globally.

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Strands CEO Erik Brieva said: “Strands is trusted by more than 700 financial institutions and over 100 million banking consumers as a key part of the financial ecosystem, and together with CRIF can support the rapid growth of digital banking services.

“Strands’ mission is to enable banks to anticipate customer needs and proactively suggest next-best-actions, and we are excited about this opportunity to continue delivering on that promise.”

CRIF and Strands, who are already partners in providing financial management solutions, have invested in open banking and digital economy solutions.

CRIF’s acquisition of Strands is expected to create a new digital solutions platform. The platform will cater to account, account aggregation, and AI-powered Business Finance Management (BFM) and personal finance management (PFM) solutions.

CRIF chairman Carlo Gherardi commented: “Through this deal, CRIF will combine its market knowledge and expertise with an innovative and well-positioned FinTech player, creating synergies that will help our global clients to keep on growing and innovating through their digital transformation journey.”

Subject to receipt of regulatory approvals, the deal is expected to close in the coming weeks.