Fiserv in Milwaukee has lined up another acquisition.
The company said in a press release that it will buy StoneCastle Cash Management, which enables more than 1,000 banks and credit unions to access stable, cost-efficient deposit funding. The deal is expected to close in the first quarter; the price wasn’t disclosed.
The acquisition “is an important step forward in our strategy to help financial institutions optimize their balance sheets, which will enable them to do more in the communities they serve,” Andrew Gelb, Fiserv’s head of financial solutions, said in the release.
Fiserv, which last week announced the acquisition of Smith Consulting Group, plans to leverage StoneCastle’s platform to help financial institutions retain funds tied to Fiserv’s stablecoin.