UK-based fintech startup Yapily has signed a deal to acquire open banking firm finAPI for an undisclosed sum.
As a part of the deal, Yapily will buy German credit bureau SCHUFA’s 75% stake in finAPI as well as the 25% stake owned by finAPI’s founders.
Through this acquisition, Yapily expects to double its customer base and bolster presence in the UK and German markets.
finAPI will add over 50 enterprise customers operating in finance, insurance, and IT to Yapily’s customer base.
The deal broadens Yapily’s geographic footprint by adding new markets including the Czech Republic, Slovakia, and Hungary. Currently, Yapily has a presence in 16 European nations.
Additionally, Yapily’s customers will have access to finAPI’s solutions that can be used for credit scoring.
Yapily founder and CEO Stefano Vaccino said: “Working with finAPI, we can gain more speed, agility, and depth to accelerate innovation and shape the future of open finance in Europe and beyond.”
finAPI founder and CEO Florian Haagen said: “From the products, we have built to the industries our customers operate in, our complimentary offerings mean that together, we are perfectly placed to spearhead Europe’s open finance agenda and make the financial lives of millions of people more resilient, simple, and secure.”
Tanja Birkholz, CEO of SCHUFA, said: “Our strategic focus is to further strengthen client centricity. We know the customers’ needs, and together Yapily and finAPI will accelerate innovation to meet them.”
The deal is subject to regulatory approval and is slated to complete in the second half of 2022.
Post completion, SCHUFA will continue to work with finAPI on further product development.
In July 2021, Yapily raised $51m in funding to expand open banking across Europe.