Urban FT Boosts Digital Banking Portfolio With Wipit Acquisition

Urban FT Group Inc., a provider of white-label digital banking applications for bank and non-bank issuers, confirmed yesterday (Sept. 3) that it completed the acquisition of Wipit, Inc.

Wipit, a provider of digital wallet solutions to the MVNO market, is most commonly known for its deals in the mobile space with Boost Mobile, Sprint Corporation and Pinsight Media. It also has secured strategic partnerships with Ria, epay and Euronet Worldwide.

“The acquisition further strengthens our ability to provide comprehensive end-to-end digital banking solutions for non-bank issuers who have a captive and loyal customer base. The Telco vertical is a clear example of this,and is complementary to the services we already offer small card issuers and payment processors,” said Richard Steggall, CEO and cofounder of Urban FT.

To keep in line with its annual growth initiatives, in 2016 Urban FT will expand its existing solutions to include a comprehensive digital wallet using HCE that enables in-app payments and in-store NFC payments.

Urban FT is focused on giving small card issuers the ability to compete with, and even leap-frog, the offerings of the big card issuers. The UFT solution successfully delivers consumers with best-in-class banking functionality, social features and targeted deals as part of a single lifestyle application. As a processor-agnostic platform, UFT allows card issuers to better engage their customers, increase brand touchpoints and develop new lines of revenue.

Following the acquisition, Urban FT is invested in by Euronet Worldwide, H&R Block, Core Innovation Capital and a number of high net worth individuals.

While the purchase price was not disclosed in the press release, Wipit had seen previous investments totaling $12.5 million.

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