Schufa has a majority stake in the Munich Fintech Finapi was acquired. The company, founded in 2008, will continue to operate independently in the market.
The Munich-based company Finapi develops solutions for data integration and analysis using artificial intelligence. The fintech holds a provisional BaFin license, which is required for the operation of account information services and payment initiation services.
User identification through banking login
Finapi offers so-called XS2A solutions, which stands for "Access to Account." Under the new European Payment Services Directive (PSD2), banks are required to grant third-party providers access to customer accounts upon customer request.
Even before the takeover, Schufa and Finapi worked together to identify consumers in online transactions. This involves customers verifying their identity with a company, such as an online retailer, by successfully logging into their online bank account. This is intended to help prevent fraud through fake or misused identities.
