Zenmonics receives minority investment from Fidelity

Zenmonics, a software developer for financial institutions, has received a minority investment from Fidelity National Information Services (FIS).

North Carolina-based Zenmonics creates solutions to digitise customer channels for financial institutions. Its channelUNITED platform is a core solution which supports the digitisation of an institutions entire ecosystem including in-branch service kiosks, customer account opening, money management and online banking, among others.

This new burst of funding will be used to grow and extend the capabilities of its channelUNITED platform.

Zenmonics founder and CEO Riaz Syed said, “This investment marks an important and exciting milestone for our firm.

“It enables us to grow innovation and delivery capacity for our current clients, while also extending our reach in the market. To do that in partnership with FIS, the leading FintTech firm in the world, is a unique opportunity that best positions us to meet the needs of our clients and the market. “

Marlin & Associates served as the strategic and financial advisor to Zenmonics for the deal.

Earlier in the month, Canadian direct bank Tangerine formed a partnership with Meniga, a digital banking solution developer. Through the agreement, Tangerine will deploy Meniga’s banking solutions to its clients to offer Canadians innovative solutions to improve financial decisions.

Also during the month, Societe Generale purchased French banking-as-a-service platform Treezor as part of its ‘transform to grow’ strategy. The financial services company said the buy will enhance its ability to deliver innovative services and products to its clients with increased time to market.

Copyright 2018 FinTech Global

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