FIS (NYSE: FIS), a financial services technology firm, announced on Thursday it has joined forces with neobanking group Bambu to power a new digital solution for the U.S. unbanked and underbanked. According to FIS, Bambu has created the solution to provide banking for underbanked Hispanics and other populations in the U.S. that are lacking bank account access or other traditional financial services.
While sharing more details about the banking solution, Douglas Quay, Bambu Founder, Chairman and CEO, stated that the platform gives him and his team the “scalability” to adapt to an “everchanging” fintech landscape as well as provide financial services to previously unbanked and underbanked customers:
“Our Bambu mobile banking app delivers a personalized consumer journey powered by cutting-edge technology. We give an overlooked audience a convenient, safe and cost-effective way of handling their banking.”
Bruce Lowthers, President of Banking and Merchant Solutions at FIS, added:
“Our Modern Banking Platform is being chosen by the largest financial institutions as well as new startups to drive their digital banking business, demonstrating the tremendous power and flexibility of the new platform.”
FIS noted that more than 55,000 customers are applying its scale, deep expertise and data-driven insights.