£32bn fintech to become “largest open banking platform” in Europe following German acquisition
London based fintech Yapily announces it has signed an agreement with SCHUFA to acquire finAPI, the leading provider of open banking solutions in Germany.
The deal is set to make Yapily the “largest open banking payments platform in Europe”. Over the last 12 months, the fintechs have enabled customers to process a combined total of $39.5bn (approx. £32bn) in payment volumes and connect to more than one million monthly active data users.
The acquisition will double Yapily’s customer base, adding well-established finAPI customers to its roster, including over 50 large enterprise firms in the financial, insurance, and IT industries.
In addition to its existing coverage of 16 European countries, Yapily will enter new territories including Czech Republic, Slovakia, and Hungary, broadening its geographic footprint and accelerating the roll-out of open banking to millions of people and businesses across Europe.
finAPI customers will benefit from new opportunities for business growth, gaining access to pan-European markets through greater coverage and resources. SCHUFA, Germany’s leading credit bureau, will also continue to cooperate with finAPI, both in the use of products and services as well as further product development.
Stefano Vaccino, founder and CEO of Yapily, said: “This is a hugely exciting milestone for Yapily on our journey from disruptive start-up to ambitious scale-up. Within three years from launch, we have commercialised our platform, grown our customer base, and now have the largest open banking payments volumes in Europe.
“Working with finAPI, we can gain more speed, agility, and depth to accelerate innovation and shape the future of open finance in Europe and beyond.”
Dr. Florian Haagen, Founder and CEO of finAPI, added: “Yapily’s core DNA as a fintech and open banking enabler is equally aligned with our belief in an infrastructure-first approach.
“From the products we’ve built to the industries our customers operate in, our complimentary offerings mean that together, we are perfectly placed to spearhead Europe’s open finance agenda and make the financial lives of millions of people more resilient, simple, and secure.”
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