Infinant Enhances Banking Tech With Acquisition Of Figure Pay's Card Processing

Infinant, a prominent banking technology provider, has announced the acquisition of Figure Pay’s Card Processing Technology from Figure Technologies. This strategic move aims to enhance Infinant’s digital payment capabilities, particularly in real-time debit card issuance and processing, as part of its Interlace Platform. The acquisition also includes a partnership to develop new card products for Figure Markets and Infinant’s banking partners.

Through this acquisition, Infinant is integrating advanced card processing technology into its platform. This addition allows banks to manage end-user and operating accounts on a single platform, surpassing traditional card and payment processors. The Interlace Platform combines payment hub processing with virtual banking, offering a unified solution for banks.

Figure Pay’s technology is known for driving efficiency across the payment ecosystem. Unlike traditional core systems or outsourced Banking-as-a-Service (BaaS) providers, Infinant’s model enables banks to control their programs while maintaining regulatory and compliance standards. This approach unites banks, fintech companies, and regulators in managing embedded banking business models.

Riaz Syed, CEO and Founder of Infinant, expressed enthusiasm about the growth potential this acquisition brings. "We are excited to accelerate our growth as more banks launch on our Interlace Platform. By adding these advanced payment capabilities, we continue to offer a disruptive model for banks to expand their digital deposit and fee income channels without relying on core modernization or sidecar strategies," Syed stated.

Mike Cagney, CEO of Figure Markets, highlighted the benefits of blockchain-based products in enhancing efficiency and cost savings. "Infinant understands the efficiencies and cost-savings unlocked by blockchain-based products, and we look forward to working together to bring those benefits to more of Figure Markets' customers and Infinant's banking partners," Cagney said.

Future Prospects

The acquisition aligns with Infinant’s growth strategy for the Interlace Platform, enabling banks and credit unions to expand distribution channels rapidly while maintaining direct relationships with partners. This approach aims to meet the evolving needs of consumers, small businesses, and commercial account holders.

Financial details of the acquisition were not disclosed.

About Infinant

Based in Charlotte, N.C., Infinant offers a cloud-native SaaS platform that acts as a growth engine for banks. The platform supports various business models, including Direct Banking-as-a-Service, Embedded Finance, and Digital Brands. It provides banks with complete control over customer accounts and transaction processing for operational compliance and regulatory alignment.

About Figure Markets

Figure Markets combines traditional finance liquidity with decentralized asset control. It offers individual and institutional investors the ability to trade digital assets, access secure crypto-backed loans, and explore investment opportunities on a single platform.

For more information about Infinant and Figure Markets, visit their respective websites.