Banc of California Acquires Deepstack Technologies for $24M
Banc of California, a U.S. bank with $9.5 billion in assets, completed its acquisition of Deepstack Technologies, a Florida-headquartered payment processing technology company, for $24 million. The deal was structured as 70% cash and 30% stock. Deepstack's platform provides merchant processing, payment orchestration, and fraud prevention tools.
The acquisition strengthens Banc of California's payments infrastructure, enabling it to offer more comprehensive fintech-aligned services to its clients. By integrating Deepstack's technology, the bank enhances its position as a potential embedded finance and sponsor bank partner. The deal reflects a broader trend of traditional banks acquiring fintech capabilities to remain competitive in the evolving payments landscape.
- Demonstrates banks acquiring fintech payment platforms to build embedded finance capabilities in-house
- Signals continued interest from mid-size U.S. banks in positioning themselves as payments infrastructure providers