Western Alliance buys fintech that serves legal industry

Western Alliance Bancorp in Phoenix has acquired a fintech that offers a digital payments platform for the class-action legal industry. 

The $50 billion-asset Western Alliance said in a press release that it had bought Digital Settlement Technologies in Los Angeles, which operates as Digital Disbursements. Western Alliance did not disclose the price it paid. 

Digital Disbursements, formed in 2019, allows claimants to choose how they would like to receive payments. 

The deal “furthers our commitment to providing differentiated technology solutions that address the evolving needs of our clients,” Kenneth Vecchione, Western Alliance’s president and CEO, said in the release.

“This acquisition will allow us to explore new capabilities and continue to deepen our expanding suite of legal banking services while serving adjacent sectors that will benefit from digital payments technology,” Vecchione added. 

Digital Disbursements will operate as a wholly owned subsidiary of Western Alliance Bank. Jeff Richardson, the company’s co-founder, will continue to lead the unit.