Infinant Acquires Figure Pay’s Card Processing Technology to Strengthen Digital Payment Capabilities for Banks

CHARLOTTE, N.C., May 28, 2024 (Newswire.com) - Infinant, a leading banking technology provider enabling banks to launch alternative growth channels, announced that it has completed a definitive agreement to purchase Figure Pay’s Card Processing Technology built by Figure Technologies. The companies will also partner to deliver new card products for Figure Markets and Infinant’s banking partners.

Through the acquisition, Infinant is adding to the company’s next-generation digital payment capabilities, including real-time debit card issuance and processing, as a feature of Infinant’s Interlace Platform. Infinant has leap-frogged standard card and payment processors by combining payment hub processing with their virtual banking platform, allowing banks to handle end-user and operating accounts on a single platform above the core.

Figure Pay provides a cutting-edge card processing technology solution that drives efficiency across the payment ecosystem.

While banks rely on monolithic core systems or outsource to BaaS providers, Infinant flips the model, allowing them to control their programs and maintain regulatory and compliance controls. This unites banks, fintech, and regulators in a new wave of program management to scale their embedded banking business models.

 “We are excited to accelerate our growth as more banks launch on our Interlace Platform. By adding these next-generation payment capabilities, we continue to offer a disruptive model for banks to expand their digital deposit and fee income channels without relying on core modernization of sidecar strategies,” said Riaz Syed, CEO and Founder of Infinant.

"Infinant understands the efficiencies and cost-savings unlocked by blockchain-based products, and we look forward to working together to bring those benefits to more of Figure Markets' customers and Infinant's banking partners,” said Mike Cagney, CEO of Figure Markets.

Acquiring Figure Pay’s Card Processing Technology supports Infinant’s continued growth strategy for the Interlace Platform. This platform allows banks and credit unions to expand distribution channels faster and maintain direct relationships with their partners to meet the evolving needs of consumers, small businesses, and commercial account holders.

Financial details and terms of the acquisition were not disclosed. 

About Infinant

A Charlotte, N.C.-based technology provider offers a banking platform that acts as the growth engine for banks to expand their digital distribution channels to grow deposits and fee income. The cloud-native SaaS platform enables business models on a single platform, including Direct Banking-as-a-Service, Embedded Finance, and Digital Brands. The Interlace platform uniquely gives the bank complete control of customers, accounts, and transaction processing for operational compliance and regulatory alignment. Our bank clients can launch alternative growth channels and expand beyond their geographic footprints to advance their banks. To learn more about your future, visit www.infinant.com.

About Figure Markets

Figure Markets combines the liquidity of traditional finance with decentralized asset control. Individual and institutional investors can trade digital assets, access secure crypto-backed loans, and explore investment opportunities in a single, convenient platform. Learn more at www.figuremarkets.com. 

Source: Infinant