Banking as a Service (BaaS) provider Mbanq has acquired mobile banking platform AgilityFour from fintech investor Park Capital.

The financial terms of the acquisition have not been divulged.

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AgilityFour assists banks with new technology to integrate next-generation web and mobile banking solutions into their digital infrastructure.

The service enables the financial institutions to upgrade their offerings without replacing their existing core systems.

AgilityFour client base includes several credit unions.

As a part of the acquisition, two AgilityFour senior executives will join Mbanq’s leadership team.

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Park Capital managing partner Alexander Lopatine joins Mbanq as head of the Americas. Previous AgilityFour CEO Kai Ravnborg will become president of Mbanq’s Credit Union Service Organization (CUSO).

Mbanq CEO Vlad Lounegov said: “The acquisition of AgilityFour will enhance and accelerate Mbanq’s US market growth. Alexander Lopatine and Kai Ravnborg are experienced industry veterans.

“I’m confident they can execute Mbanq’s expansion strategy across markets that include credit unions, community banks and small and medium sized financial institutions across the USA, the Caribbean and Latin America.”

Mbanq also plans to open a new office and fintech accelerator in Miami to support US expansion.

Silicon Valley-based Mbanq offers digital banking platform to conventional banks and fintech companies. Currently, its advanced banking core is running as the basis of 15 banks.

The company maintains offices and development centres in San Francisco, Germany, Croatia, Singapore and Cambodia.