Velocity Solutions, a Fort Lauderdale, FL-based provider of revenue enhancement solutions to regional and community financial institutions, completed the acquisition of CourtesyConnect/CourtesyLimit, an automated overdraft management system provided by CourtesyCloud Management Solutions, LLC, a BSG Financial Group company.
The amount of the deal was not disclosed.
CourtesyConnect is a cloud-based courtesy overdraft management system whose software and processes allow financial institutions of all sizes to automate their overdraft service and manage it as a line of business – for enhanced account holder experience, compliance and revenue.
CourtesyLimit is the risk management component of the system. It provides innovative data analysis capabilities to create dynamic overdraft limits tailored to an individual’s repayment capacity.
The acquisition allows Velocity to provide its overdraft solutions to a broader base of financial institutions, including those who are seeking a cloud-based solution.
Founded in 1995 and led by Christopher Leonard, CEO, Velocity is a provider of digital revenue enhancement solutions to regional and community banks and credit unions servicing the transaction accounts of over 25 million consumers and business owners. The company is an H.I.G. Capital portfolio company. CourtesyCloud is its second add-on acquisition completed since H.I.G. acquired Velocity in December 2017. It also acquired Akouba in June 2018 as a new strategy to enter the digital lending market by enabling financial institutions to offer loans to small and medium-sized businesses.