ConnectOne Bancorp Acquires Fintech Lending Platform BoeFly
ConnectOne Bancorp, the parent company of ConnectOne Bank, completed its acquisition of BoeFly, a fintech company headquartered in New York and Boston that operates a small business lending marketplace platform. BoeFly's platform connects small business borrowers with lenders, streamlining the lending process through technology. By acquiring BoeFly, ConnectOne Bank gains a digital lending platform that can expand its reach into the small business lending market beyond its traditional geographic footprint.
The acquisition reflects a broader trend of community and regional banks acquiring fintech firms to bolster their digital capabilities and compete with larger institutions. Financial terms of the deal were not publicly disclosed. The combined entity is expected to leverage ConnectOne's banking infrastructure alongside BoeFly's technology platform to offer a more seamless lending experience for small business customers.
- Demonstrates growing trend of community banks acquiring fintech firms to gain digital lending capabilities
- Signals that banks are pursuing M&A rather than build-or-partner strategies for embedded lending