Breaking News
Demica Reportedly Acquired by FIS
US Paytech giant FIS has reportedly acquired supply chain finance fintech Demica for $300 million.
The acquisition by FIS presents an opportunity to tap into one of the UK’s largest providers of supply chain finance and represents a successful exit for the consortium of private investors who took over the company in 2014.
Demica, who work with major organisations and banks and to fund working capital provision, has grown steadily in recent years with compound annual growth of assets on its platform of 40% and calls the likes of HSBC, Standard Chartered and Lloyds Banking Group as banking partners.
The potential acquisition of Demica by FIS, reinforces their commitment to ongoing expansion, including its recent acquisition of Bond. The acquisition by FIS could also elevate Demica’s business to unprecedented levels, enabling them to achieve dominance and scale not previously seen in the supply chain finance sector.
The supply chain finance market is estimated to be worth around US$1tn and this partnership with FIS will enable Demica to leverage its global resources and extensive customer base, could act as a catalyst for Demica to rapidly scale into a much larger share of the supply chain finance market.
Sky News says that news of FIS’ acquisition of Demica can be expected in the coming days.
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