FIS, a payment, investment, and banking services provider, has acquired banking-as-a-service (BaaS) platform Bond for an undisclosed sum. This deal, which just closed, has reportedly been in the works since earlier this month.

The leadership teams of the two companies are reportedly determining how the companies would work together and how Bond’s capabilities will be brought to FIS’ current relationships.

Analyst QuickTake: This acquisition comes on the heels of FIS announcing its intent to spin off its Merchant Solutions Business, “Worldpay,” (in February 2023). At the time, FIS also noted that it would look to pursue more aggressive investment opportunities, such as M&As, to further develop its omnichannel experiences and improve solutions for integrated software vendors (ISVs) to embed finance capabilities. Moreover, the FinTech space has seen a period of consolidation in recent times. Recent acquisitions in the space include Embedded Finance Ltd acquiring Railsr (months after Flutterwave entered the running to acquire it), Marqeta acquiring Power Finance , and Zuora acquiring Zephr.