4 FinTech acquisitions announced in America in early 2023

By Edlyn Cardoza

Mergers and acquisitions (M&A) is a sector that is highly elastic in its behaviour. Successfully acquiring and integrating FinTech companies poses a significant challenge. According to FT Partners, as many as 1,485 M&A deals occurred in the FinTech space in 2021, totaling $348.5 billion. Also, $76.8 billion was invested in the first half of 2022 on 3,447 deals, according to data from FinTech Global.

The beginning of the new year 2023 has started with a bang for FinTechs in America. Prominent FinTech acquisitions have occurred during the first two weeks of January.

Here are 4 notable FinTech mergers and acquisitions announced in America in 2023:

• CardWorks service and data line systems

CardWorks Servicing, LLC, a wholly owned subsidiary of CardWorks, Inc., and one of the largest privately held providers of end-to-end outsourcing support services for credit card and installment loan products in North America announced that it has completed its acquisition. from Dataline Systems, LLC. Founded in 1986, Dataline is an Apopka, Florida-based privately held provider of business process outsourcing and operations support for financial services.

Duck Creek Technologies, the provider of intelligent solutions defining the future of property and casualty (casualty) insurance, announced a definitive agreement to acquire Imburse Payments, a Swiss-based modern payments platform. As part of Duck Creek, Imburse will continue to serve its existing customer base and markets while accelerating expansion plans for new customers across Europe and into North America and Asia Pacific. The Imburse platform will continue to be available on a standalone basis and will also be fully integrated with Duck Creek’s suite of technology solutions, further enabling carriers’ digital transformation goals with modern tools.

• First Bancorp and GrandSouth Bancorporation

First Bancorp announced the completion of its acquisition of GrandSouth Bancorporation, the parent company of GrandSouth Bank, on January 1, 2023. The merger solidifies First Bank’s position as one of the leading banks headquartered in the Carolinas, with assets under management of approximately $12 billion and 118 branches. Under the merger agreement, GrandSouth’s subsidiary bank, GrandSouth Bank, has merged with and into First Bancorp’s subsidiary bank, First Bank. First Bank will continue to operate the eight branches of GrandSouth Bank under the name GrandSouth Bank until a system conversion is planned for mid-March 2023.

FLEETCOR Technologies, Inc., one of the leading global business payments companies, completed the acquisition of Global Reach Group, a UK-based provider of cross-border payments. With the acquisition, FLEETCOR increases its scale for cross-border payments and strengthens its position as a leading non-bank B2B global provider of cross-border payments.

Global Reach Group facilitates international payments for customers of all sizes across various industries. This acquisition strengthens FLEETCOR’s cross-border payments footprint in the UK, EU and Canada. Today, FLEETCOR processes cross-border payments in more than 145 currencies for approximately 27,000 customers worldwide.

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