Fintech firm Urban FT Group has purchased CFC Technology Group, which offers merchant remote deposit capture (RDC) solutions and managed services for community banks and credit unions.
Financial terms of the transaction were not divulged.
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Minnesota-based CFC was set up in 1998. It has worked with more than 800 institutions and thousands of merchants.
CFC CEO Richard Wanke said: “In a string of rapidfire actions, Urban FT has secured themselves as a leading Core FinTech provider of digital banking and payments through a pattern of aggressive growth and innovation.
“With a focus on being a one-stop, product-driven extension of the institutions they serve, they have simplified the historically fragmented menu of service providers.”
The latest deal continues Urban FT’s buying spree and is aimed at making the firm the “industry leading digital banking and payments provider”.
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By GlobalDataLast year, the firm snapped up certain assets of Digiliti Money.
In 2017, Urban FT acquired mobile banking technology provider iParse.
Urban FT CEO Richard Steggall said: “With our acquisition of CFC, we have penetrated merchant-based banking territory and expanded our arsenal, encouraging institutions to excel beyond the ‘too big to fail’ crowd.
“This move has strengthened our ability to provide end-to-end digital payment solutions and has been an exceptional addition to our X35 Technology Platform.”
