Array has acquired Chimney for an undisclosed amount, marking a significant corporate acquisition in the financial technology sector. Chimney is dedicated to providing financial guidance that empowers millions of Americans to make smarter financial decisions. The company achieves this through award-winning technology and data, supporting over 150 banks and credit unions in enhancing their digital experiences and fostering stronger digital relationships.
Chimney's offerings include interactive financial calculators that financial institutions embed to help consumers navigate complex financial choices and connect with suitable products. The company has received notable recognition, including two Finovate Best of Show Awards, HousingWire's 2023 Tech Trendsetter of the Year, and selection for programs like the NACUSO Next Big Thing Competition and the Independent Community Bankers of America accelerator. These accolades underscore Chimney's innovative approach to digital financial engagement.
This acquisition is strategically aimed at integrating Chimney's proven financial guidance tools and digital engagement capabilities into Array's portfolio. The synergy is expected to provide financial institutions with a more comprehensive suite of solutions, enabling them to deepen customer relationships and deliver enhanced value. By combining Chimney's expertise in consumer financial education with Array's broader platform, the combined entity will be better positioned to support financial institutions in their digital transformation efforts.
Looking ahead, the integration of Chimney into Array is anticipated to accelerate the development of innovative tools that simplify financial decision-making for consumers. The combined entity aims to expand its reach, empowering more financial institutions to offer superior digital experiences and ultimately help millions more Americans achieve their financial goals.