ATB Financial has acquired the technology assets of Vancouver, British Columbia-based fintech company Grow Technologies Inc. No financial terms were disclosed. The acquired assets include Grow’s digital account and loan origination platform as well as other digital banking technology solutions. Deloitte Corporate Finance Inc provided financial advice to ATB on this transaction.
EDMONTON, Nov. 8, 2019 /CNW/ – ATB Financial is proud to announce its acquisition of the technology assets of Grow Technologies Inc. to bring a new, enhanced digital experience to our customers.
Through conversations with our customers, ATB heard their need for convenient online tools that operate seamlessly so they can quickly open accounts and request loans. With ATB’s acquisition of Grow, customers will soon have access to an easy-to-use and time-saving digital platform that will significantly improve their banking experience.
Grow is a leading enterprise fintech company that is known for delivering exceptional, AI-powered customer experiences with hyper-personalized financial insights. The assets acquired include Grow’s digital account and loan origination platform, FinSnap financial insights technology, and other proprietary digital banking technology solutions.
“For over 81 years, ATB Financial has offered the best financial advice, banking solutions and services for Albertans,” said Curtis Stange, President and CEO of ATB Financial. “With the Grow assets and team, we are strengthening that position by accelerating our digital experience for our customers. This acquisition is part of our strategy of putting customers first while driving growth to support Alberta’s economy.”
“The entire Grow team is proud to serve ATB’s customers and provide them with an outstanding digital experience,” said Kevin Sandhu, founder and CEO of Grow. “We’re also excited to be joining ATB—a strong, values-driven financial organization that is recognized as one of Canada’s top places to work and one of Alberta’s most-loved brands.”
The majority of Grow’s team members, including Kevin, will transition to the ATB team. ATB customers will begin to experience these new digital services within the next few months.
Deloitte Corporate Finance Inc. acted as exclusive financial advisor to ATB on this transaction.
About ATB Financial
With $54.2 billion in assets, ATB Financial is an Alberta-built financial institution. But don’t let that fool you—we’re so much more than a bank. We got started in 1938 to help Albertans through tough economic times, and today we have 174 branches, 141 agencies, a Client Care Centre, four entrepreneur centres, and mobile and online banking. And did you know we’re fast becoming the digital bank and the bank for entrepreneurs? We’re already the place to work for our more than 5,500 team members who love to serve our 770,000-plus customers in 247 Alberta communities. To find out more, visit us at atb.com.