FIS Acquires BaaS Startup Bond to Bolster Embedded Finance

On June 8, 2023, FIS completed the acquisition of Bond, a San Francisco-based Banking-as-a-Service startup founded in 2019, for an undisclosed sum. Bond had previously raised $42 million in total funding, with its last major round being a $32 million Series A in 2020 led by Coatue Management with participation from Mastercard, Goldman Sachs, Canaan Partners, B Capital Group, and former Morgan Stanley CEO John Mack. At the time of that round, Bond was valued at $182 million.

FIS described the purchase as 'small but important,' aimed at closing a gap in the company's embedded finance capabilities. The deal brings experienced BaaS and embedded finance professionals into the FIS organization, strengthening its ability to serve fintech clients. This acquisition represents a notable consolidation in the BaaS sector, as a major financial technology incumbent absorbs a venture-backed infrastructure startup.

Financial terms of the acquisition were not publicly disclosed.