Urban FT Group, Inc., the industry’s leading Core FinTech provider, today announced it has acquired CFC Technology Group, LLC, a Minneapolis-based leader in merchant Remote Deposit Capture (RDC) solutions and managed services for community banks and credit unions. In their 20+ years in business, CFC has serviced more than 800 institutions and thousands of merchants. The pairing of these powerhouse entities further cement Urban FT as the industry leading digital banking and payments provider, and complements the acquisitions of iParse in 2017 and certain assets of Digiliti in 2018.
Richard Steggall, Urban FT CEO, comments: “Urban FT is focused on tilting the playing field for community-based financial institutions, which is representative in our growth as revolutionary pioneers, empowering institutions that choose to give a damn about the people and the communities they serve. With our acquisition of CFC, we have penetrated merchant-based banking territory and expanded our arsenal, encouraging institutions to excel beyond the ‘too big to fail’ crowd. This move has strengthened our ability to provide end-to-end digital payment solutions and has been an exceptional addition to our X35 Technology Platform.”
“In a string of rapidfire actions, Urban FT has secured themselves as a leading Core FinTech provider of digital banking and payments through a pattern of aggressive growth and innovation,” says CFC CEO Richard Wanke. “With a focus on being a one-stop, product-driven extension of the institutions they serve, they have simplified the historically fragmented menu of service providers. This approach has clearly had a direct impact on the operational and capital expenditure that community institutions are burdened with today.”
Steggall explains that community-based institutions need to challenge the status quo for themselves and the communities they serve. “Urban FT, with its X35 Platform, are liberating community FIs and pioneering the path forward for retail and merchant banking. It’s a new day for institutions that care about how they’re serving their communities. It’s time to shake things up in an otherwise stagnant marketplace…” he concludes, “Our clients are looking to once again become leaders in their communities and to give their customers and members revolutionary solutions, which is why they’ve partnered with us – because they know we dream big and deliver exceptional.”
About Urban FT:
A passionate advocate for the underdog – Urban FT provides a digital banking and payments platform to over 700+ clients, the majority of which are community banks and credit unions that account for 10% of the U.S.- based market, $20 billion or less in assets. Recognized as one of the most progressive and successful FinTech companies in the financial services industry today, Urban FT empowers clients with service, functionality, and UX that transcend those offered by the larger, more dominant institutions. Since inception in 2012, the company has grown to over $3 billion in annualized processing volume.