Metallicus acquires Bonifii for $20M to expand blockchain network

Metallicus, a digital banking and blockchain platform, has acquired Bonifii, a fintech company that connects to 70 credit unions.

This acquisition aims to expand Metallicus' presence in the credit union sector, increasing its credit union partners to over 80.

Of these, more than 16 are already using Metal Blockchain technology.

The partnership will establish a separate credit union service organisation (CUSO) for credit unions that use The Digital Banking Network (TDBN), a blockchain network designed for the fintech and financial services industries.

According to a blog post by Bonifii, the organisation is the only CUSO directly connected to a blockchain core developer.

Marshall Hayner, founder and CEO of Metallicus, emphasised the company’s plans to onboard more financial institutions to TDBN.

“Our plan is to continue onboarding more financial institutions and credit unions onto The Digital Banking Network, providing them with bespoke solutions that allow them to move onchain, enhance their operational requirements, reduce costs and enhance services for credit union members globally,” he said.

John Ainsworth, the president of Bonifii, will transition to Metallicus as general manager to oversee the expansion into the credit union sector.

Metallicus has made significant strides in the digital banking sector, particularly with its integration into the U.S. Federal Reserve’s FedNow digital payments system.

This involvement allows Metal Blockchain to support government-backed instant payment solutions.

Bonifii had previously raised around $20 million in early investments. According to CoinMarketCap, Metal Blockchain's market capitalisation is $13.65 million.