North Carolina-based Infinant, a banking technology provider that helps banks launch alternative growth channels, announced this week that it has “completed a definitive agreement to purchase Figure Pay’s Card Processing Technology, built by Figure Technologies.”
The company, founded in 2021 by banking IT executive Riaz Syed, said that it will partner with Figure to deliver new card products for Figure Markets as well as Infinant’s banking partners.
Figure Markets, founded by San Francisco entrepreneur and financial services executive Mike Cagney, 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 on the platform.
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 native feature to Infinant’s Interlace Platform.
Infinant has reportedly gone beyond 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 card payment ecosystem.
While many banks rely on monolithic core systems or outsource to BaaS providers, Infinant flips the model, giving banks the ability to control their programs and maintain existing regulatory and compliance controls. This unites banks, fintech, and regulators in a new wave of program management to start or scale their embedded banking business models.
“We are excited to accelerate our growth as more banks launch on our Interlace Platform, and 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, which provides banks and credit unions the ability to expand distribution channels faster and maintain direct relationships with their partners (fintech and brands) to meet the evolving needs of consumers, small businesses and commercial account holders.
Financial details and terms of the acquisition were not disclosed.