Yapily announces it has signed an agreement with SCHUFA to acquire finAPI, the leading provider of open banking solutions in Germany. The deal is set to make Yapily the largest open banking payments platform in Europe; over the last 12 months, the FinTechs have enabled customers to process a combined total of $39.5 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. As a result of the acquisition, Yapily will have a clear leadership position in two of Europe’s largest markets: the UK and Germany. 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.
The deal is subject to regulatory approvals and expected to complete in H2 2022. For now, finAPI will continue to function as an independent, regulated company in Germany. SCHUFA Holding AG will sell its 75% participation in finAPI to Yapily. Following the transaction, finAPI and SCHUFA will continue to play a role in the future of the unified entity.