German fintech firm finleap connect has purchased Spanish open banking provider MyValue Solutions for an undisclosed sum.
Founded in 2009, the acquired firm specialises in banking aggregation and categorisation for individuals as well as companies.
The Spanish fintech offers white-label solutions for both Personal Finance Management (PFM) and Business Finance Management (BFM) along with inter alia account services.
It also offers categorisation and enrichment technologies, which complements finleap connect’s “full-stack” platform.
The acquisition, which is finleap connect’s first, received growth capital from Claret Capital.
finleap connect intends to leverage the acquisition of MyValue Solutions to grow its international footprint and further bolster its presence in the European market.
Additionally, through finleap connect’s PSD2 licence, MyValue Solutions’ technologies, services and products will now be accessible not only to regulated financial institutions but to new verticals like fintechs, insurance firms and retail firms.
The acquisition follows finleap connect’s recent €22m series A funding, which was led by SBI Investment.
As per the terms of the agreement, MyValue Solutions’ 27 employees will join the finleap connect immediately.
finleap connect CEO Frank Kebsch said: “MyValue Solutions’ tech and talent has impressed us since the beginning, and we appreciate the opportunity to cooperate with the leading financial institutions in the Spanish & Portuguese market”
MyValue Solutions founder & CEO Andrés Romerales said: “finleap connect joining forces with us in the Iberian market will further the accessibility of value-added services to our customers in the region.
“Combining our strengths will also unlock the ability to provide tech, retail and other non-financial services to clients, which will enlarge the target market for all of us.”