The acquisition is subject to regulatory approval and is expected to be completed in the second half of 2022. Finapi will initially remain an independent, regulated company in Germany. Schufa will sell its 75 percent stake in Finapi to Yapily. Even after the acquisition, Finapi and Schufa to continue its cooperation and will jointly play a role in the merged company. Further acquisition terms were not disclosed.
According to the company, Yapily's customer base will more than double as a result of the acquisition, and the new customers brought in by Finapi will include more than 50 large companies from the financial, insurance, and IT sectors. Finapi's customers, in turn, will benefit from the Europe-wide coverage provided by Yapily. The London-based company operates in 16 European countries and plans to expand into the Czech Republic, Slovakia, and Hungary markets in the future.
“More power, flexibility and competence”
Stefano Vaccino, founder and CEO of Yapily, commented on the planned takeover:
"This is a major milestone for Yapily on our journey from a revolutionary startup to an ambitious scaleup. Within three years of launch, we have made our platform commercially successful, expanded our customer base, and now have the largest open banking payment volume in Europe. By merging with Finapi, we can gain greater clout, flexibility, and expertise to increase our innovative power and play a key role in shaping the future of open finance in Europe and beyond.“
Florian Haagen, founder and CEO of Finapi, adds:
"Yapily's core DNA as a fintech and open banking enabler aligns with our infrastructure-first approach. The products we develop and the industries our customers serve are complementary. Together, we are perfectly positioned to lead the European open finance agenda and make the financial lives of millions of people simpler, safer, and more convenient."
“Open Banking as a technological driver”
And Tanja Birkholz, CEO of Schufa, says:
"We want to focus even more clearly on our benefits for consumers and corporate customers. Open banking is one of the technological drivers driving the digital economy in Europe. However, what will be more important for our customers and stakeholders will be how transparently and meaningfully the benefits of these technologies can be used. We know our customers' needs and desires. Together with Yapily and Finapi, we will meet these needs with innovative solutions."
