Urban FT Group, a provider of white-label digital banking applications for bank and non-bank issuers, has acquired Wipit, a provider of digital wallet solutions to the MVNO market, for an undisclosed amount.

Urban FT CEO and co-founder Richard Steggall said: "The acquisition further strengthens our ability to provide comprehensive end-to-end digital banking solutions for non-bank issuers who have a captive and loyal customer base."

Also, the company plans to strengthen its existing solutions to include a comprehensive digital wallet using HCE that allows in-app payments as well as in-store NFC payments.

Wipit already has strategic partnerships with RIA, ePay and Euronet Worldwide. It has recently struck deals with Boost Mobile, Sprint and Pinsight Media.

Urban FT said that its UFT solution provides consumers with best-in-class banking functionality, social features and targeted deals as part of a single lifestyle application.

Operating as a processor-agnostic platform, UFT enables card-issuers to better connect with their customers, increase brand touchpoints and develop new lines of revenue.

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By GlobalData