Yapily reckons it will be “the largest open banking payments platform in Europe” via the acquisition of finAPI in Germany.
Over the last 12 months, the fintechs have enabled customers to process a combined total of $39.5 billion (£32 billion) in payment volumes and connect to more than one million monthly active data users.
Stefano Vaccino, Founder and CEO of Yapily, says: “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.”
Dr. Florian Haagen, Founder and CEO of finAPI, adds: “Yapily’s core DNA as a fintech and open banking enabler is equally aligned with our belief in an infrastructure-first approach.”
The acquisition will double Yapily’s customer base, adding finAPI customers to its roster, including over 50 enterprise firms in the financial, insurance and IT industries.
Customers listed on finAPI’s website include ING, Sparda Bank and Deutsche Kreditbank.
Yapily’s clients listed on its website include open payments gateway Volt, investment advisor Moneyfarm and Airbank.
As a result of the acquisition, Yapily says it will have a “clear leadership position” in two of Europe’s largest markets – the UK and Germany. In addition to its existing coverage of 16 European countries, Yapily will enter new territories including the Czech Republic, Slovakia and Hungary.
The combined offering will also bring a number of finAPI solutions to the table for new and existing Yapily customers, including identity and age verification and legally compliant KYC checks, and digital account checks that can be used for automated credit scoring.
SCHUFA will continue to cooperate with finAPI, both in the use of products and services as well as product development.
The deal is subject to regulatory approvals and expected to complete in H2 2022.
It’s not clear if there are any job cuts as part of the deal. finAPI is based in Munich and has 38 employees listed on LinkedIn.
However, Yapily explains that for now, finAPI will continue to function as an independent, regulated company in Germany. SCHUFA will sell its 75% participation in finAPI to Yapily. Following the transaction, finAPI and SCHUFA “will continue to play a role in the future of the unified entity”.