Brookfield-based financial technology services company Fiserv Inc. acquired a Silicon Valley-based digital card services platform, the company announced today.
Financial terms of the deal to acquire California-based Ondot Systems were not disclosed. The transaction is expected to close in the first quarter of 2021.
Founded in 2011, Ondot provides more than 4,500 banks and credit unions with Card App, a digital card management platform that drives cardholder engagement. Ondot says it processes more than 1 billion transactions per month and provides digital capabilities for over 30 million cards.
With offices around the U.S. and India, Ondot says it provides more than 4,500 banks and credit unions with its digital card services platform.
Fiserv says the transaction will further expand its digital capabilities, enhancing its suite of integrated solutions and enabling clients to deliver digital-first experiences to consumers.
“The Fiserv aspiration to move money and information in a way that moves the world fully resonates with Ondot’s mission,” Ondot Systems president and chief executive officer Vaduvur Bharghavan said in a statement. “Joining with Fiserv will provide Ondot the opportunity to innovate and impact the industry on a global scale. We look forward to expanding the scope of our offerings as we integrate with Fiserv’s vast array of capabilities to continue providing high-quality digital solutions to consumers, merchants, acquirers, networks and card issuers.”
[caption id="attachment_504145" align="alignright" width="113"] Frank Bisignano[/caption]
Earlier this year, Ondot was ranked number 227 on the 2020 Deloitte Technology Fast 500 List, which recognizes the fastest growing public and private technology companies in North America. Ondot grew 527% between 2016 and 2020, which is the period Deloitte uses to build its rankings based on percentage fiscal year revenue growth.
“The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences,” Fiserv president and CEO Frank Bisignano said in a statement. “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers.”