Open Banking platform Yapily is set to acquire finAPI, German Open Banking solutions provider finAPI in a deal set to make Yapily the largest Open Banking platform in Europe.
The deal, which has been made in agreement with credit bureau Schufa Holding AG (SCHUFA), will double Yapily’s user base, with the addition of well-established finAPI clients including over 50 large enterprise firms across the financial, insurance, and IT sectors.
Yapily said the move gives the company a clear leading position in the UK and Germany, Europe’s largest markets for Open Banking.
Yapily’s geographic footprint will also be expanded with entry into Slovakia, the Czech Republic and Hungary, broadening its existing coverage of 16 European countries.
Existing finAPI customers will benefit from the acquisition with new opportunities for business growth and further access to pan-European markets through greater coverage and resources, Yapily said.
Combining resources will also bring Yapily customers several finAPI solutions including identity, age verification and Know Your Customer (KYC) checks along with digital account checks that can be used for automated credit scoring.
SCHUFA will continue to cooperate with finAPI, in terms of products and services and further product development.
Yapily’s chief executive officer and founder, Stefano Vaccino, said: “This is a hugely exciting milestone for Yapily on our journey from disruptive start-up to ambitious scale-up. 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. 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.”
Subject to regulatory approvals, the deal is expected to complete by the second quarter of 2022. Until then, finAPI will continue to function as an independent, regulated company in Germany.