Urban FT Group Inc., a NYC-based provider of white-label digital banking applications for bank and non-bank issuers, completed the acquisition of Wipit Inc., a Pasadena, CA-based provider of digital wallet solutions to the Mobile virtual network operator (MVNO) market.
The amount of the acquisition was not disclosed. Following the deal, Urban FT is invested in by Euronet Worldwide, H&R Block, Core Innovation Capital, and a number of high-net-worth individuals.
According to Richard Steggall, CEO and co-founder, the acquisition aims to further strengthen Urban FT’s ability to provide digital banking solutions for non-bank issuers who have a captive and loyal customer base. As part of its growth initiative, in 2016 Urban FT will expand its existing solutions to include a comprehensive digital wallet using HCE that enables in-app payments as well as in-store NFC payments.
Led by Richard Kang, CEO & Co-Founder, Wipit provides a mobile platform to make payments with cash from a phone or a linked, personalized Visa Prepaid card with no credit check or typical monthly/transactional fees. The company, which is known for its deals with Boost Mobile, Sprint Corporation and Pinsight Media, also has strategic relationships with RIA, ePay and Euronet Worldwide.