The combination of CRIF and Strands is expected to create a worldwide digital solutions provider for open banking business

CRIF Strands

Image: CRIF headquarters in Bologna, Italy. (Credit: Strands, Inc.)

Italian credit bureau and business information provider CRIF has agreed to acquire Strands, an artificial intelligence (AI)-based solutions provider for banks and financial institutions, for an undisclosed amount.

Strands provides business and personal financial management to increase customer engagement and generate revenues through digital channels.

Founded in 2004, Strands is claimed to have expertise in Big Data, Artificial Intelligence (AI) and machine learning. It develops customisable digital money management software such as Business Financial Management (BFM), Personal Financial Management (PFM) and more for top-tier financial institutions.

Strands is claimed to have carried out more than 700 implementations across the globe, till now. The company has offices in Spain, Asia and South America.

CRIF and Strands are already partners in financial management solutions

The two companies have already partnered on financial management solutions and have also invested in advanced open banking and digital economy solutions.

Strands CEO Erik Brieva said: “Strands is trusted by more than 700 financial institutions and over 100 million banking consumers as a key part of the financial ecosystem, and together with CRIF can support the rapid growth of digital banking services.

“Strands’ mission is to enable banks to anticipate customer needs and proactively suggest next-best-actions, and we are excited about this opportunity to continue delivering on that promise.”

The combination is expected to create new synergies in terms of solutions and offerings, providing digital solutions in access to account, account aggregation and AI-powered BFM and PFM solutions.

Furthermore, it will allow for the development of an ecosystem of end-to-end open banking solutions for banks and financial institutions, helping them in boosting their business through digital channels, with focus on sustainability and customer needs.

The deal’s finalisation is expected to take place in few weeks’ time.

CRIF chairman Carlo Gherardi said: “We are happy to announce the agreement for the acquisition of Strands that will allow CRIF to create a worldwide digital solutions provider for open banking.

“Through this deal, CRIF will combine its market knowledge and expertise with an innovative and well positioned FinTech player, creating synergies that will help our global clients to keep on growing and innovating through their digital transformation journey.”