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Jack Henry & Associates, Inc (NASDAQ: JKHY), a financial technology platform, formally announced Tuesday its acquisition of Stackfolio, an online marketplace for loan trading.
What Happened: Jack Henry & Associates, as part of a vision to expand the depth and breadth of its fintech product portfolio, acquired Stackfolio.
In a statement, Jack Henry & Associates said, “Stackfolio joins a financially sound, service-focused technology company that since 1976 has provided the products and services diverse financial institutions need to respond to business opportunities and resolve operational challenges. Our products and services support approximately 9,000 clients and are currently delivered through three primary brands.”
Stackfolio will become a part of the Jack Henry Lending and ProfitStars brand.
Why It Matters: Jack Henry & Associates has a long history of service while Stackfolio is known for being a fintech favorite, recognized at a prior Google Demo Day event.
Together, the entities will help institutions better understand and back their communities, enhancing their financial wherewithal through simplified digital experiences.
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