"This acquisition positions Berkeley to be one of the most innovative, fastest-growing FinTech companies globally," said Jonathon Hamburg, CEO and Founder of Berkeley. "We are thrilled to join forces and welcome the Pungle team to our fold, as this will allow us to continue to innovate and build impactful payment technology platforms."

Pungle, a nominee for 'Fintech Startup of the Year,' is a payments platform that enables payments that are fast, integrated and easy-to-use. With Pungle, businesses and consumers can push and pull funds in real-time to and from a bank account, a prepaid card and a credit card. Berkeley's clients now have the flexibility of choice in how they pay and are paid.

"Our mission has been to remove friction from payments," said Pungle's CEO, Paul Birkness. "By joining forces with Berkeley, it allows us to provide our customers with a more robust feature set, broader capabilities and global reach."

"What attracted Berkeley executives to Pungle was Pungle's industry-leading technology platform, and its robust innovation and development," said Lawrence Tepperman, President of Berkeley. "Berkeley will be able to offer more than 800,000 current users access to world-class, scalable and reliable digital payment solutions."

The founders of Pungle, Paul Birkness and Braulio Lam, will become members of Berkeley's executive team. Birkness will assume the role of Chief Product Officer (CPO) and Lam will serve as the company's Chief Technology Officer (CTO).