Infinant Acquires Figure Pay’s Card Processing Tech to Boost Digital Payment Solutions

Infinant Acquires Figure Pay’s Card Processing Technology to Enhance Banking Solutions
North Carolina-based Infinant, a trailblazer in banking technology, has recently finalized a definitive agreement to acquire the Card Processing Technology developed by Figure Technologies, known as Figure Pay. This acquisition marks a significant step for Infinant, founded in 2021 by banking IT veteran Riaz Syed, in its mission to offer innovative growth channels for banks.
By integrating Figure Pay’s technology, Infinant aims to bolster its next-generation digital payment capabilities, including instant debit card issuance and processing. This functionality will be incorporated into Infinant’s Interlace Platform, offering a sophisticated solution for banks to streamline payment processes and enhance customer service.
Figure Markets, initiated by entrepreneur Mike Cagney in San Francisco, is recognized for merging the liquidity of conventional finance with the autonomy of decentralized assets. It provides a platform for trading digital assets, securing crypto-backed loans, and discovering investment opportunities. Infinant’s collaboration with Figure will facilitate the introduction of new card products for both Figure Markets and Infinant’s banking partners.
Infinant sets itself apart in the banking sector by integrating payment hub processing with its virtual banking platform. This allows banks to manage both end-user and operating accounts seamlessly on a single, comprehensive platform. The company’s approach enables banks to maintain control over their programs while adhering to existing regulatory and compliance frameworks, thus fostering a collaborative environment among banks, fintech companies, and regulators.
Both Riaz Syed, CEO of Infinant, and Mike Cagney, CEO of Figure Markets, have expressed enthusiasm for the potential growth and efficiency gains the acquisition will bring to banks and their customers. This move aligns with Infinant’s strategy to empower banks and credit unions to expand their distribution channels rapidly and maintain direct partnerships with fintech companies and brands, catering to the dynamic needs of consumers and businesses alike.
While the financial terms of the deal were not disclosed, this acquisition is poised to accelerate Infinant’s growth and further solidify its position as a leader in providing advanced banking technology solutions.