Mbanq, a U.S.-based digital core and Banking as a Service (BaaS) provider, announced on Monday it has acquired online and mobile banking platform AgilityFour from fintech investor Park Capital.
According to Mbanq, AgilityFour provides technology that integrates next-generation web and mobile banking solutions into a bank’s existing infrastructure, so modern financial services can be implemented and upgraded without the need for a bank to risk or replace its existing core. The company also brings with it a client base that includes several credit unions. Speaking about the acquisition, Vlad Lounegov, Mbanq CEO, stated:
“The acquisition of AgilityFour will enhance and accelerate Mbanq’s US market growth. Alexander Lopatine and Kai Ravnborg are experienced industry veterans. I’m confident they can execute Mbanq’s expansion strategy across markets that include credit unions, community banks and small and medium sized financial institutions across the USA, the Caribbean and Latin America. I look forward to working with them.”
Alexander Lopatine, Mbanq’s Head of the Americas, went on to add:
“Mbanq already has its own advanced banking core technology and successfully creates and operates banking as a service. AgilityFour’s technology will complement this offering by providing digital banking upgrades to banks who want to keep using their existing cores.”