Yapily to acquire fellow open banking firm finAPI
London-based Yapily has signed an agreement with Schufa to acquire finAPI, an open banking solutions provider in Germany, for an undisclosed sum.
The deal is subject to regulatory approvals and is expected to complete in H2 2022.
Following the deal, finAPI will continue to function as an independent, regulated company in Germany. Schufa Holding AG will sell its 75% participation in the firm to Yapily but will continue to cooperate with finAPI in the use of products and services, as well as assist with further product development.
The deal is set to make Yapily the largest open banking payments platform in Europe.
According to the firm, the acquisition will double its customer base, adding well-established finAPI customers to its roster, including over 50 large firms in the financial, insurance and IT industries.
With a solidified market position in the UK and Germany, the acquisition will allow Yapily to expand to new markets including Czech Republic, Slovakia and Hungary, in addition to its existing coverage of 16 European nations.
“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,” says Stefano Vaccino, founder and CEO of Yapily.
Yapily says the acquisition will benefit its customers, bringing in several finAPI solutions including identity and age verification, KYC checks and digital account checks for automated credit scoring.