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Mediobanca subsidiary acquires Swiss BNPL startup

Source: Mediobanca

Compass, the Mediobanca Group consumer credit arm, has signed an agreement to acquire 100% of HeidiPay Switzerland AG from HeidiPay AG.

HeidiPay Switzerland AG is a fast-growing Swiss company specializing in the Buy Now Pay Later (BNPL) segment, with over 400 commercial agreements in place with major distributors, luxury brands and technology operators throughout the country.

With this acquisition, Compass will effectively become a consumer credit operator in the Swiss market, through the distribution licence held by HeidiPay Switzerland AG.

The agreement will enable Compass to consolidate its partnership with the holding company HeidiPay AG, a fintech specialised in the development of digital platforms to support BNPL in the world of e-commerce and for physical merchants, in which Compass holds a 19.5% stake since August 2022. After closing, HeidiPay Switzerland AG will continue to benefit from the technology and services of HeidiPay AG, providing continuity for a BNPL product offering that is unique in the Swiss market and is being adopted by an increasing number of leading distributors and brands.

The deal is consistent with the objectives of the new “One Brand One Culture” 2023-26 Strategic Plan, which include major enhancement of the Mediobanca Consumer Finance Division’s distribution structure, by developing a cutting-edge digital platform, and strengthening the client base through expansion into new geographical markets.

Alberto Nagel, Chief Executive Officer of Mediobanca, commented: “This deal has a strong industrial rationale and is consistent with the guidelines of our new 2023-26 Strategic Plan. With the acquisition of HeidiPay Switzerland AG we are launching the geographical diversification of our Consumer Finance division, on the back of cutting-edge digital platforms to grant credit, together with a value-driven management approach that leverages on the risk analysis and assessment capabilities that Compass has developed in over 60 years of business”.

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