The London-based financial tech firm agreed to acquire its German rival.
This week, fintech startup Yapily announced that it plans to acquire finAPI. Yapily claims the deal will double its user base and give it a clear leadership position in two of Europe’s largest markets: the UK and Germany. The transaction is subject to regulatory approvals before it closes.
The deal is set to make Yapily the largest open banking payments platform in Europe. Over the last 12 months, the company allowed customers to process a combined total of $39.5 billion in payment volumes and connect to more than 1 million monthly active data users. The acquisition will double Yapily’s customer base, adding well-established finAPI customers to its roster, including over 50 large enterprise firms in the financial, insurance and IT industries.
In addition to its existing coverage of 16 European countries, Yapily will enter new territories including Czech Republic, Slovakia, and Hungary, broadening its geographic footprint and accelerating the deployment of open banking to people and businesses across Europe.
Spearheading Europe’s ‘open finance agenda’
FinAPI customers will benefit from new opportunities for business growth, gaining access to pan-European markets through greater coverage and resources. The combined offering will also bring a number of finAPI solutions to the table for new and existing Yapily customers, including Identity and Age Verification and legally compliant KYC checks, and Digital Account Checks that can be used for automated credit scoring.
Stefano Vaccino, Founder and CEO of Yapily, 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.”
Dr. Florian Haagen, Founder and CEO of finAPI, also commented. “Yapily’s core DNA as a fintech and open banking enabler is equally aligned with our belief in an infrastructure-first approach. From the products we’ve 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.”