Temenos is focusing on the banking-as-a-service business. Now in the US, the Swiss fintech acquired a minority stake in a company with which it has previously worked.
Geneva-based banking software developer Temenos has acquired a minority stake in Mbanq, although no financial details of the transaction were disclosed, according to a statement from Temenos Thursday.
It said the move will expand an existing partnership with the US-based company in which MBanq is primarily active in the Banking-as-a-Service (BaaS) sector.
Baas Infrastructure
Together with the fintech company, it wants to offer a BaaS infrastructure, including regulatory support. This would allow banking and payment service offerings for financial institutions or e-commerce companies to be integrated quickly and cost-effectively, with a market launch coming as early as a few months from now, Temenos says.
Banking-as-a-service uses application programming interfaces (APIs) to make banking products available to non-bank third parties. The market for embedded finance is growing exponentially and the sales volume is estimated at up to $7 trillion by 2030.
«I expect this partnership to become one of the key sources of growth for Temenos in the very important US market,» said Temenos CEO Max Chuard, who has recently come under pressure from activist shareholders, as finews.com reported.
