Financial Software Provider Fintus Takes over Finstreet

Germany-based financial software provider Fintus has announced acquiring the fintech startup Finstreet. 

In 2021, the private equity fund Anacap acquired a stake in the software company Fintus, which develops software for banks that require little programming with a process called low-code. As part of the Anacap acquisition, Fintus founder Benjamin Hermanns received funds to acquire companies and thus grow faster.

Fintus can now report the first completion as they have bought the fintech startup Finstreet, which also develops software products for banks. Both parties have agreed not to disclose the acquisition price. Like Fintus, Finstreet did not have any major venture capital investors prior to the acquisition, but instead developed organically. This acquisition results in the creation of a new company with a total of around 170 employees. Both companies previously had a similar-sized workforce.

According to a finstreet representative, the companies both aim to improve efficiency as a result of the digitisation of processes for financial service providers. The companies' future networked service portfolio will help Finstreet to further increase the speed of development and meet all regulatory requirements.

(Source: The Paypers)