illimity Bank buys 50% of Fabrick’s stake in HYPE Money

illimity Bank and Fabrick have entered an agreement to the shared ownership of open banking platform HYPE Money.

This joint venture sees Fabrick, which is a subsidiary of Italy Banca Sella, sell 50% of its shares in HYPE to fellow Italian financial institution illimity Bank.

The value of the sale was not disclosed, but Altfi suggests it is around ?140m and marks the first deal of its kind in the country.

HYPE, which serves around 1.3 million customers, will benefit from accelerated development plans.

Users can use the mobile app to connect their bank accounts to improve the management of their finances. Customers are also supplied with a debit card so they can make payments from the Hype platform.

Some of the features include savings management, buy, sell and trade cryptocurrency, mobile payments, ATM cash withdrawals, money transfers, credit, cashback, bill paying, currency exchange and more.

HYPE CEO Antonio Valitutti said, ?Hype has experienced extraordinary growth because it has been able to capture new needs and has enjoyed the freedom and ability to do what it needed to respond with an innovative service. The most interesting thing is that in addition to meeting their needs, we have guided our client community towards a new way of understanding and making use of banking.

?I am sure the development phase that we will enter now, with the strength of synergies that will unfold with illimity, will enable us to unleash more energy and contribute to the growth of the Italian and European fintech ecosystem. From now on, the Hype community will be able to benefit from this new boost.”

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