FIS acquires banking-as-a-service startup Bond
Summary
FIS, the fintech giant that runs a wide range of payment, banking and investment services, has acquired Bond, a startup that specializes in embedded finance, multiple sources confirmed today. Coatue Management led the company’s last round, a $32 million Series A in 2020, which also included participation from Mastercard, Goldman Sachs, Canaan Partners, B Capital Group and former Morgan Stanley CEO John Mack. FIS SVP of Platforms Himal Makwana, in partnership with the company’s integration management office, will be leading post-purchase planning activities, the memo added. Funding activity has largely ground to a halt in the world of startups compared to previous years, which partly contributed to the collapse of two major banks focusing on the tech sector. It’s not clear what the financial state of play was at Bond, but it’s notable that it hadn’t raised money since 2020, and amid a decline in fintech venture funding in particular, M&A may have become an interesting option for the startup.
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