Compass, the consumer credit arm of Italian investment banking group Mediobanca, has acquired stakes in two fintech companies to bolster its buy now, pay later (BNPL) capabilities. 

This includes purchase of 100% stake in Italian fintech Soisy and a 19.5% stake in HeidiPay, a Swiss firm. 

The firms have not disclosed the financial value of the deals.

The acquisitions are aimed at supporting Compass’ growth strategy in the BNPL segment, besides expanding and diversifying its client base giving Compass access to a younger clientele. 

Specifically, the HeidiPay deal will allow the Mediobanca unit to launch geographical diversification. 

HeidiPay is engaged in the development of digital platforms to support BNPL in the e-commerce segment.

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By GlobalData

The Swiss fintech, which has been operating since 2021, has formed agreements with distributors and luxury brands. 

Soisy, on the other hand, is a fintech that specialises in providing loans to fund the purchase of goods and services on e-commerce platforms. 

With 800 e-tailers as partners, Soisy claims to serve more than 70,000 customers and generate €50m in loans annually. 

Mediobanca CEO Alberto Nagel said: “The two deals have a strong strategic and business rationale as far as we are concerned, consistent with the innovation process launched at Group level.

“The synergies we will generate from our acquisition of these two companies will give us access to new expertise and next-generation technology assets, an important value option in a segment such as deferred payments which is changing at such a fast pace. 

“Leveraging these acquisitions will also act as a driver to obtain new clients, not just in Italy but also elsewhere.”

Currently, Compass operates its proprietary BNPL solution PagoLight, which was launched in 2021.  

Compass CEO Gian Luca Sichel said: “BNPL also allows a bank such as Compass to strengthen our presence in e-commerce, with a focus on certain categories of products and targets in particular, such as younger and digitally-literate clients, which historically have received less coverage from consumer credit.”