Brookfield, Wis. based financial services powerhouse Fiserv entered into an agreement with Warburg Pincus in which the New York-based private equity firm will acquire 55% of Fiserv's Lending Solutions business.
Fiserv, will receive approximately $395 million in net after-tax proceeds and retain a 45% equity interest in the business.
The joint venture will include all of Fiserv's automotive loan origination and servicing products and related operations, as well as its LoanServ mortgage and consumer loan servicing platform. Fiserv will retain its Secure Lending product for e-contracting and UniFi mortgage origination solution. The new venture is also expected to create value for current and future Fiserv clients by partnering closely with Fiserv for delivery of account processing, integrated billing and payments and LoanComplete solutions, and through Warburg Pincus' demonstrated expertise and track record in growing financial technology businesses of scale.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
