Candescent Leads in Digital Banking Innovation with Canapi and Veritas Backing
Deal News | Feb 12, 2025 | Canapi Advisors LLC
In the rapidly evolving digital banking landscape, Canapi Advisors LLC has announced its strategic investment in Candescent, a leading digital banking platform in the U.S. Formerly the digital banking division of NCR Voyix Corporation, Candescent was acquired by Veritas Capital in August 2024. The partnership aims to leverage Candescent's prominent market position and expand its offerings. Canapi brings comprehensive industry knowledge and has already established a strong presence with Veritas, a long-standing technology investor. Candescent, serving over 1,300 financial institutions with 29 million users, offers extensive digital banking solutions in both multi-tenant and single-tenant environments. The investment aligns with Canapi's goals to foster innovation in digital banking and provide critical technological infrastructure. With Veritas' operational expertise and Canapi's sectorial insights, the partnership is set on enhancing Candescent's product offerings and supporting its growth trajectory to transform banking experiences for institutions of all sizes.
Sectors
- Digital Banking Solutions
- Private Equity Investment
- Financial Technology (FinTech)
Geography
- United States – The article discusses Canapi, Candescent, and Veritas Capital, all operating primarily within the United States, focusing on the American financial technology and banking sectors.
Industry
- Digital Banking Solutions – The focus on the development and deployment of digital banking platforms as central interfaces between financial institutions and their customers, fulfilling modern technological demands.
- Private Equity Investment – Canapi Advisors LLC and Veritas Capital's investment activities in Candescent represent significant private equity engagement in the financial technology space.
- Financial Technology (FinTech) – Candescent operates at the intersection of finance and technology, offering digital solutions for banks and credit unions, which aligns with the FinTech industry's innovation-driven growth.
Financials
- $45 billion – Assets under management by Veritas Capital as of September 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Candescent | Target Company | Company | A leading digital banking platform in the U.S., newly independent after acquisition from NCR Voyix Corporation. |
| Canapi Advisors LLC | Investor | Company | A private equity firm investing in financial services innovation, key player in supporting Candescent's growth. |
| Veritas Capital | Investor | Company | A technology-focused investment firm with a history in corporate carve-outs, playing a significant role in Candescent's acquisition. |
| NCR Voyix Corporation | Former Owner | Company | The previous parent company of Candescent, from which the digital banking division was acquired. |