PROVIDENCE, R.I. – Andera, a provider of online consumer acquisition solutions, on Tuesday said it has acquired oFlows, a San Francisco start-up that specializes in multi-channel account opening processes, including branch, call center and mobile.
Andera's account-opening systems focus on deposit accounts, whereas oFlows focuses on non-deposit accounts. oFlows said its technology enables credit unions and banks to efficiently offer any product – deposit accounts, loans, credit cards or insurance – in any channel: Web, mobile, call center and even the branch.
The two said the combined company will create a front-to-back online account opening provider with expertise in multi-channel origination for deposit, loan, investment and insurance products.
Andera specializes in back-end technology, which includes a software development kit that lets credit unions and banks design their own account opening procedure online. It also handles member/customer verification and fraud detection of potential account holders.
Financial terms of the deal were not disclosed.
