Texan WealthTech First Rate has acquired Chilean-based Finantech, which offers comprehensive reporting solutions to family offices and private banks.
The size of the deal was not disclosed.
Following the close of the deal, Finantech will continue to provide its data aggregation and performance reporting solutions locally to clients. In addition to this, it will incorporate First Rate’s machine learning and AI solutions.
All Finantech employees will remain with the firm.
First Rate global managing director Grayson Greer said, “Acquiring Finantech supports our global strategy of seeding international hubs and offices that are locally run, distributing First Rate products and services to the LatAm region.
“What attracted us to Finantech was first and foremost the team, whose knowledge and professional experience serving financial institutions in Chile has been a key driver for new and retained clients over the past 9 years. The addition of Finantech’s product capabilities will provide many opportunities for growth, innovation, and expansion into other regional markets.”
Some of Finantech’s solutions include custodial feed application that connects to every client account information source, customer report building powered by drag-and-drop functionality, and data aggregation and investment performance analytics.
Current and future clients of First Rate Chile will access enhanced data privacy and cybersecurity measures.
First Rate aims to ensure wealth management companies can grow. Its reporting solutions help financial firms create absolute transparency while empowering investors to simplify and better understand their financial world.
Last year, Chile-based Xepelin raised a $140m loan from Goldman Sachs. The company offers a payment platform for business and financial services for SMEs in Latin America.
Copyright © 2023 FinTech Global