Canadian financial institution ATB Financial has acquired Grow Technologies, a fintech firm offering digital solutions and insights.
Financial terms of the transaction were not disclosed.
The move is aligned with ATB’s strategy to further expedite account opening and loan origination process for its customers by integrating new online tools.
The acquisition provides the Alberta-based firm with Grow’s digital account and loan origination platform, FinSnap financial insights technology. The acquired portfolio also includes Grow’s other digital banking solutions.
New services are expected to go live for ATB customers in the next few months.
ATB Financial president and CEO Curtis Stange said: “For over 81 years, ATB Financial has offered the best financial advice, banking solutions and services for Albertans.
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“With the Grow assets and team, we are strengthening that position by accelerating our digital experience for our customers.
“This acquisition is part of our strategy of putting customers first while driving growth to support Alberta’s economy.”
Grow founder and CEO Kevin Sandhu, along a majority of his team, will migrate to ATB, as part of the deal.
Sandhu said: “The entire Grow team is proud to serve ATB’s customers and provide them with an outstanding digital experience.
“We’re also excited to be joining ATB—a strong, values-driven financial organisation that is recognised as one of Canada’s top places to work and one of Alberta’s most-loved brands.”
With C$54.2bn in assets, ATB Financial caters to more than 770,000 customers.
It operates 174 branches, 141 agencies, four entrepreneur centres and a client care centre, along with mobile and online banking services.