US-based Fiserv has entered into a definitive agreement to acquire cloud-native banking solution developer Finxact.

As per the agreement, Fiserv, an early backer of Finxact, will acquire the remaining stake for approximately $650m. 

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The deal is aimed at furthering Fiserv’s digital banking strategy and expanding its account processing, digital, and payments solutions bolstering its position as a go-to partner for clients looking to scale, accelerate and expand digital banking capabilities.

Founded in 2016, Finxact offers a set of APIs that can be used by organisations of all sizes to launch new products and digital capabilities.

Fiserv president and CEO Frank Bisignano said: “We are accelerating the delivery of innovative digital banking experiences for our clients and elevating their ability to compete in a rapidly changing market. Through this combination, Fiserv will create a streamlined path for clients to offer digital solutions to their customers.

“Finxact also enhances our ability to support a growing number of financial institution and business clients. We look forward to welcoming Frank Sanchez and the talented Finxact team to Fiserv as we continue to grow our client banking portfolio.”

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Finxact chairman and CEO Frank Sanchez said: “We recognise that Finxact’s technology can serve to level up the industry’s delivery infrastructure, and crucially at a time when banking is undergoing transformative changes. We will be better positioned to serve a far greater number of institutions, of all sizes, when combined with the breadth and depth of Fiserv capabilities.”

The deal awaits regulatory approval and is expected to close later this year.