CRIF signs an agreement for the acquisition of 100% of Strands Inc. to create a worldwide digital solutions provider for Open Banking business
CRIF, a global company specialized in credit bureau, business information, credit and open banking solutions, announced an agreement on March 30, 2020, to acquire the total shareholding of Strands, a FinTech company specialized in advanced digital banking solutions.
The closing of the deal finalized on April 2, 2020.
Strands, based in the US, is one of the top global providers of AI-driven Business and Personal Financial Management with offices in Spain, Asia and South America.
Experts in Big Data, A.I. and Machine Learning since 2004, Strands creates highly-customizable digital money management software (BFM, PFM and more) for top-tier financial institutions worldwide, and empowers people to be smarter with their money. Moreover, Strands has carried out more than 700 implementations to date globally.
Already partners for financial management solutions, both companies have invested in advanced Open Banking and Digital Economy solutions.
The combination between Strands and CRIF will create a strong worldwide digital solutions provider in access to account, account aggregation, and AI-powered BFM and PFM solutions, with new synergies in terms of expertise, solutions and offerings. It will allow further development of an ecosystem of innovative and end-to-end open banking solutions for banks and financial institutions, helping them to evolve their offerings and to boost their business through digital channels, with a constant focus on sustainability and customer needs.
“Strands is trusted by more than 700 financial institutions and over 100 million banking consumers as a key part of the financial ecosystem, and together with CRIF can support the rapid growth of digital banking services. Strands’ mission is to enable banks to anticipate customer needs and proactively suggest next-best-actions, and we are excited about this opportunity to continue delivering on that promise”, said Erik Brieva, CEO of Strands.
“We are happy to announce the agreement for the acquisition of Strands that will allow CRIF to create a worldwide digital solutions provider for open banking. Through this deal, CRIF will combine its market knowledge and expertise with an innovative and well positioned FinTech player, creating synergies that will help our global clients to keep on growing and innovating through their digital transformation journey”, commented Carlo Gherardi, Chairman of CRIF.
Strands is a FinTech software company which develops AI-driven solutions for banks and financial institutions to help increase customer engagement and generate new revenue through digital channels.
With the mission of improving the bank-client relationship, Strands draws on its more than 15 years’ experience in Big Data, Machine Learning, and Artificial Intelligence, developing highly-personalized digital money management solutions that empower people and SMEs to better manage their lives and business, and make smarter financial decisions.
Founded in Corvallis (Oregon, US) and Barcelona (Spain) in 2004, Strands has a strong presence in North and Latin America, Europe and Asia, and has collaborated on more than 700 digital banking implementations worldwide. For more information: www.strands.com
CRIF is a global company specializing in credit bureau and business information, outsourcing and processing services, and credit solutions. Established in 1988 in Bologna (Italy), CRIF operates over four continents. CRIF is currently the leader in continental Europe in the field of banking credit information and one of the main operators on a global level in the field of integrated services for business & commercial information and credit & marketing management. CRIF is included in the prestigious IDC FinTech Rankings Top 100, a ranking
of the leading global technology solution providers to the financial services industry, and in 2019 completed its coverage as an AISP in 31 European countries where the revised Payment Services Directive is applicable.
Today over 6,300 banks and financial institutions, 55,000 business clients and 340,000 consumers use CRIF services in 50 countries on a daily basis. For more information: www.crif.com