A Tempe-based fintech company with a focus on the health care industry is now under the umbrella of one of the nation’s largest banks.Salucro Healthcare Solutions was acquired by U.S. Bancorp (NYSE: USB) as part of the banking company’s expansion into the health care sector.Salucro, which was founded in 2004, provides online billing and payment options for health care providers across the country. Financial terms of the deal, which closed on Aug. 22, were not disclosed.U.S. Bank had first invested in Salucro in 2022, and Salucro had previously partnered with Evalon, an Atlanta-based merchant-services and payment-processing financial-technology company and a subsidiary of Minneapolis-based U.S. Bancorp. Salucro’s platform is sold through Elavon as MedEpay.Salucro’s website gives its address as 51 W. 3rd Street, suite 310, at downtown Tempe’s Hayden Square. Its 140 employees will work for the Evalon unit, U.S. Bancorp said.The acquisition is part of a broader strategy by U.S .Bank to get involved in the small and mid-sized health care-practices market. In 2023, the bank announced it would add more than 50 new banking positions across the country as part of an effort to target medical, dental and veterinary practices with up to $25 million in revenue.“U.S. Bank is a leader in providing banking and payments services to the health care industry, making it easier for providers and patients to focus on what’s most important to them,” said Vice Chair of U.S. Bank Payment Services Shailesh Kotwal, in a statement. “Salucro’s robust billing and payment platform is an ideal complement to offerings we provide throughout U.S. Bank and Elavon.”Kotwal announced his impending retirement Wednesday.U.S. Bank is the seventh-largest bank in the Phoenix metro, with $3.35 billion in local market deposits and 2.05% of the local share of deposits, according to Busi …
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