Celcoin acquired Finansystech for $16.3M in its third acquisition in just over a year.
Finansystech, which was founded in 2021, has developed solutions that connect financial institutions licensed to operate in open finance, enabling companies to operate services such as payments, data sharing, and consent management. The company’s solutions complement Celcoin’s portfolio, as Celcoin acts as an intermediary and enables non-regulated companies to initiate payments or share data in the open finance environment.
With this acquisition, Celcoin plans to double its monthly financial transactions to $2.3B by the end of 2023. The acquisition will strengthen Celcoin’s position in open finance and complement its financial technology and banking infrastructure product offering.
“With Finansystech, we move forward in the consolidation process in this financial services infrastructure segment, complementing our open finance vertical.” Said Marcelo França, co-founder and CEO of Celcoin.
The potential of open finance is enormous in Brazil, with the initiative registering 17.3 million consents from customers to share their data after two years. Celcoin will play a vital role in supporting financial institutions to benefit from this initiative.
Read more on Latam Fintech.
