Bologna (Italy) and Barcelona (Spain) March, 30 2020 – CRIF, a global company specialized in credit bureau, business information, credit and open banking solutions, announces an agreement to acquire the total shareholding of Strands, a FinTech company specialized in advanced digital banking solutions.
The closing of the deal is expected to be finalized in the coming weeks.
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.
Based on existing regulations, the Financial Services Authority of Indonesia (OJK) has issued a Credit Bureau License to CLIK, an affiliate of CRIF spa and joint venture company with other leading technology and service providers in the Indonesian financial industry (Valdo International, Bintang Mulia Andalan, Global Integrasi prima and Wahyu Kartu).
PT CLIK will start working with the public credit registry (PCR) data, which is currently collected by the OJK. The PCR data and updates will be regularly shared with CLIK. The PCR accounts for hundreds of millions of credit facilities contributed regularly by banks, NBFIs, MFIs, and P2P lenders.
The establishment of a credit bureau will help develop the local credit market, allowing SMEs and consumers to move to a more advanced market based on credit references. At the same time, thanks to the availability of comprehensive and updated credit information, lenders will be able to deliver financial services at significantly reduced costs and expand the credit offer to the consumer and SME segments of the economy.
“The Credit Bureau represents another important milestone for CRIF in the country’s business development strategy. Since 2013, CRIF has been operating in Indonesia, delivering analytics and software solutions to all segments of the financial industry. CRIF’s presence was consolidated in 2017 through the acquisition of PT Visi Globalindo Data Utama, one of the leading business information providers in the country”, commented Leonardo Lapalorcia, CRIF PT Managing Director.