Open banking connectivity firm Yapily is to acquire German open banking provider finAPI from credit bureau Schufa.
Yapily claims the deal with give it a clear leadership position in two of Europe’s largest markets: the UK and Germany. Over the last 12 months, the fintechs have enabled 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.
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, says: “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.”
The deal, which entails Yapily acquiring Shufa's 75% stake in finAPI, is expected to complete in H2 2022.