Finleap connect buys Iberian open banking firm MyValue Solutions
Two open banking specialists are coming together with finleap connect’s acquisition of Iberian player, MyValue Solutions. This is finleap’s first acquisition.
Madrid-based MyValue started in 2009 with a consumer-facing app and evolved to become a specialist in banking aggregation and categorisation for individuals and companies.
It offers white-label solutions for personal finance management (PFM) and business finance management (BFM).
The finleap platform allows clients to access the financial transaction data of customers, enrich that data with analytics tools, and provide digital financial services products.
The platform currently connects to more than 3,600 banks across Europe through a single API, processing over 65 million transactions per month.
It says its Account Switch Kit has enabled switching of nearly six million direct debits.
MyValue’s suite is intended to complement that of finleap, adding end-customer interaction capabilities. In turn, finleap’s PSD2 licence will allow MyValue’s solutions to be available not only to regulated financial institutions but also to new verticals including fintechs, insurance companies, and retail companies.
MyValue customers include some of the largest financial institutions in the Iberian market. Its 27 employees will move across to finleap.
Berlin-based finleap was founded in 2019 from the merger of fintech platforms figo, finreach solutions and infinitec solutions. It recently completed a €22 million Series A funding round.
This was led by SBI Investment, with participation from Ilavska Vuillermoz Capital and existing investors including finleap and Claret Capital.
Within the finleap family are Solarisbank, Element and Elinvar. Claret Capital provided growth capital to support the MyValue acquisition.
Finleap connect has more than 160 staff and offices in Hamburg, Milan, Madrid and Paris, with connectivity and product availability in eight EU countries. It says a major focus is on France, Italy and Spain.
Frank Kebsch, CEO, finleap connect, says: “The acquisition of MyValue Solutions is an important step in our continuous expansion across Europe.”
Bryan McLoughlin, vice president at Claret Capital, adds: “The opportunity for finleap connect is sizable and will only continue to grow as financial institutions further embed open banking solutions into their products and operations.”