Berkeley Payment Solutions has acquired a payments platform called Pungle that facilitates real-time transfers.

Financial terms of the transaction were not disclosed.

Through the Pungle platform, businesses and consumers can make real-time transactions through a bank account, prepaid card and credit card.

Pungle CEO Paul Birkness said: “Our mission has been to remove friction from payments. By joining forces with Berkeley, it allows us to provide our customers with a more robust feature set, broader capabilities and global reach.”

The acquisition will provide Berkeley’s clients with additional payment choices.

Berkeley CEO and founder Jonathon Hamburg said: “This acquisition positions Berkeley to be one of the most innovative, fastest-growing FinTech companies globally.

“We are thrilled to join forces and welcome the Pungle team to our fold, as this will allow us to continue to innovate and build impactful payment technology platforms.”

As part of the deal, Pungle founders Paul Birkness and Braulio Lam will join Berkeley’s executive team as chief product officer and chief technology officer, respectively.

Berkeley president Lawrence Tepperman said: “What attracted Berkeley executives to Pungle was Pungle’s industry-leading technology platform, and its robust innovation and development.

“Berkeley will be able to offer more than 800,000 current users access to world-class, scalable and reliable digital payment solutions.”