FinTech concierge platform 100GROUP has bought ReCo Cashiering system from Norton Technologies, according to a Monday (Feb. 21) press release.
ReCo is a revenue collections software used for local and state government municipalities to collect things like property taxes, motor vehicle fees and other such duties.
ReCo’s legacy team will now be part of ReCo LLC, which will be integrated with the 100GROUP to bolster its suite of offerings.
According to the release, the acquisition fits in with 100GROUP’s idea of aligning with companies in “niche markets who have a dominant presence in their space,” and as concierge style is ReCo’s main value, it was a “perfect fit.”
The 100GROUP Luxury Business Concierge Platform will integrate ReCo’s products with the 100GROUP advanced technology suite. ReCo will still be led by Gary Norton and Benjamin Latimer, as it was in the past, per the release.
“After working with the ReCo team for the past 4 years, we got firsthand experience on how dedicated they are to their clients, and how much their clients loved their product,” said Jeff Brodsly, CEO of 100GROUP.
“We are thrilled when we find like-minded entrepreneurs who have built an amazing product and share the desire to grow their technology, as that is one of our core focuses at 100GROUP,” Brodsly continued. “I look forward to building upon what the team has accomplished over the last 20 years, and I am excited to get to know our clients on a personal level.”
Meanwhile, Norton said aligning with 100GROUP was a way to help clients access more technology.
Acquisitions have been happening more often lately, with FinTech Nous closing a €7.9 million fundraising round to help it boost its offering to help more households with the rise in cost-of-living. PYMNTS wrote that Mosaic Ventures led the funding effort and several others pitched in, too.
Related: London-Based FinTech Nous Grabs $9M to Lessen Cost-of-Living Crunch
Nous’ platform aggregates first- and third-party data in order to power a real-time personalized dashboard of a household’s finances, along with insights. It monitors vendor activity to protect from activities taking advantage of things through hiking prices or levying loyalty taxes.
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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT
About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.
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