SALT LAKE CITY, Sept. 9, 2015 /PRNewswire/ --
Today, Finicity® Corporation, a global financial technology (FinTech) services company, announced it has acquired substantially all the assets of Aurora Financial Systems Inc., an innovative payment processor and program manager.
Finicity's acquisition of Aurora is a continuation of the company's investment and leadership in the FinTech industry. With this acquisition completed, Finicity's developer stack now includes aggregation, transaction processing, and card program management, all with real-time transaction data delivery using TxPUSH™ Technology to support the next generation of online and mobile financial apps.
"The Finicity acquisition of Aurora represents a powerful combination of financial technology, services, and teams that are setting a new standard in real-time consumer payments and dynamic financial management," said Thomas Fast of Ultra Advisors, the lead banker on the transaction and advisor to global FinTech companies.
The ability to issue prepaid cards, complemented by Finicity's personal finance application, Mvelopes®, integrated self-paced learning, and one-on-one budget coaching, provides consumers with a full suite of tools, education, and accountability that can help them master their budgets and take control of their financial lives.
With this transaction, Finicity is pleased to deepen its promotion of TxPUSH as the de facto standard for real-time financial data delivery to FinTech applications. "Aurora's TxPUSH Event Management API and Event PUSH Delivery engine is a standards-based solution to deliver card transaction data to any TxPUSH-enabled FinTech app." Says Nick Thomas, Co-founder at Finicity. "TxPUSH enables a new class of real-time financial Apps that contextualizes transactions immediately, not 3 days from now. Real-time transaction data opens many new doors for FinTech innovators."
Aurora is now part of Finicity's Data Services Division and will be led by Aurora Co-Founders Michael Ciberey and Chris Melendez. The transaction is effective as of September 4, 2015. The financial terms of the acquisition were not disclosed. Thomas Fast of Ultra Advisors, LLC served as the exclusive financial advisor to Finicity Corporation in the transaction. Brad Jacobsen of Michael Best & Friedrich, LLP acted as the legal counsel to Finicity Corporation.
Finicity® Corporation is an award-winning Internet and mobile software services company specializing in personal financial productivity applications, financial wellness programs, and data services for the FinTech industry. For more than a decade, its flagship Mvelopes® has helped hundreds of thousands of users regain control of their finances with its digital application of proven envelope budgeting principles. Finicity launched its Data Services division in September 2014 and is now providing data services solutions to hundreds of organizations serving the FinTech industry. Founded in 1999, Finicity is privately held, with headquarters in Murray, Utah. Find more information online at www.finicity.com.
Aurora Financial Systems is a highly flexible prepaid card and program manager. Aurora has built a full spectrum processing system that exceeds industry standards for security, reliability, and excellence. The company has processed millions of dollars of transactions within the general purpose reloadable, gift cards, rebate cards, financial institution, and private label card segments. In addition to its third-party program management, the company offers cards under its Yes! and Note brands. Aurora was founded in 2009 and headquartered in Purchase, NY.