Yapily, an open banking payment platform, has signed an agreement with SCHUFA to acquire finAPI, a provider of open banking solutions in Germany.
Yapily said the deal is set to make it the largest open banking payments platform in Europe; over the last 12 months, the FinTechs have enabled customers to process a combined total of $39.5bn in payment volumes and connect to more than 1 million monthly active data users.
The acquisition will also 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 roll-out of open banking to millions of people and businesses across Europe.
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.
SCHUFA, Germany’s leading credit bureau, will continue to cooperate with finAPI, both in the use of products and services as well as further product development.
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. 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.”
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