Fintech startups in Raleigh combine: Constellation buys WalletFi, doubles customer base
RALEIGH – Constellation Digital Partners, the fintech focused on digital banking solutions for credit unions, is adding services from Raleigh startup WalletFi, acquiring the company for an undisclosed price.
The agreement was announced early Tuesday.
Financial terms were not disclosed.
“Constellation is live with five credit unions and has signed contracts for the next four implementations,” a spokesperson told WRAL TechWire. “WalletFi serves banks and credit unions and will double Constellation’s collective customer base.”
Constellation Digital Partners said it would retain the WalletFi team.
WalletFi has been a fantastic partner from the beginning and we are excited to expand our relationship with their team through this acquisition,” Constellation CEO Kris Kovacs said in a statement. “Coupling WalletFi’s technology with the power of our digital banking services will enable our customers to offer truly unique and intuitive services that engage and delight their users. We are also excited to add the leadership and experience of the WalletFi team to our own .”
WalletFi offers a subscription management solution and is an Analytics-as-a-Service provider which “unlocks the intelligence in transactional data and delivers insights to expand customer relationships and increase non-interest income for financial institutions,” Constellation noted in the announcement.
“Transactional data intelligence is a natural extension of the Constellation platform and highlights the critical role of data as an enabling capability,” Constellation explained in the announcement. “This acquisition will enhance Constellation’s digital service offering and give Constellation an increased opportunity to work with community-based financial institutions in new and exciting ways.”
As part of this acquisition, Constellation will retain the entire WalletFi team.
Raleigh fintech startup Constellation Digital inks deal to bring banking as a service to credit unions
“WalletFi is extremely excited to come together as one with Constellation,” said Marc Miller, WalletFi CEO and co-founder. “We look forward to accelerating Constellation’s vision to free community financial institutions from the constraints of legacy systems so they can move forward with next-generation innovations from an entire ecosystem of fintechs and developers.”
From the TechWire archives:
Raleigh’s Constellation Digital Partners deploys credit union technology platform, more deployments to come
Raleigh fintech startup WalletFi, founded by UNC-CH grad, raises more money
