The unit supplies software used for account and deposit administration, payments, lending and treasury functions at banks.
Pollen Street Capital has agreed to acquire Universal Banking, the global core banking software division of Finastra.
Financial terms of the deal remain undisclosed.
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The unit supplies software used for account and deposit administration, payments, lending and treasury functions at retail, commercial and corporate banks.
Universal Banking serves more than 150 clients in over 100 countries.
Its customer base includes large and regional lenders, digital banks, Islamic banks and building societies.
Finastra CEO Chris Walters said: “Universal Banking is a strong business with talented people, proven products, and deep customer relationships. Under Pollen Street Capital, it will have the dedicated focus and investment to build on that strength. For Finastra, this allows us to sharpen our focus on payments and lending—areas where we see significant opportunities to grow and deliver even greater value for our customers.”
Universal Banking’s main product is Essence, a cloud-based open banking platform used by institutions seeking to replace older systems, speed up product development and improve day-to-day operations.
The business provides technology intended to let legacy and newer systems run alongside each other while banks update their infrastructure over time.
After the transaction closes, Universal Banking will continue as a standalone company under its current management team.
Pollen Street would support the business as a standalone entity, noted Finastra.
The support includes funding further work on product development, including GenAI and data tools, as well as enhancing customer delivery.
The deal is subject to regulatory approvals.
Commenting on Universal Banking, Pollen Street partner Anastasia Kovaleva added:
“The business is well positioned for future growth in the next phase of core banking evolution. We are excited to partner with the management team to support the next phase of the company’s development, invest in AI-led innovation and help customers accelerate their modernisation journeys.”
In March, Finastra joined forces with FraudAverse to incorporate new AI-based fraud prevention technology into its financial messaging services.
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