Finastra Sells Core Banking to Focus Payments

Finastra is divesting its global core banking software business, Universal Banking (UB), to private capital asset manager Pollen Street. Pollen Street intends to operate UB as a standalone entity, providing significant investment to drive product innovation, enhance customer service, and broaden its capabilities. This strategic move allows Finastra to concentrate its efforts on its core strengths in payments and lending, signaling a shift in its business model to better align with market opportunities in these dynamic financial sectors. The transaction awaits regulatory approval.