Yapily is set to become the largest open banking payments platform in Europe after agreeing to acquire open banking solutions provider finAPI.
The deal is expected to complete later in the year, and will make Yapily the largest open banking payments platform in Europe.
Over the past 12 months, the Yapily and finAPI have enabled customers to process a combined total of $39.5bn (£32bn) in payment volumes and connect to more than a million monthly active data users.
As a result of the acquisition, Yapily will double its customer base, grow its market share in the UK and Germany and expand into new territories including the Czech Republic, Slovakia and Hungary.
Yapily customers will also be able to access several finAPI solutions, including identity and age verification, know your customer checks and digital account checks that can be used for automated credit scoring.
“This is a hugely exciting milestone for Yapily on our journey from disruptive start-up to ambitious scale-up,” said Stefano Vaccino, founder and chief executive of Yapily.
“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.”
“Yapily’s core DNA as a fintech and open banking enabler is equally aligned with our belief in an infrastructure-first approach,” added Dr Florian Haagen, founder and chief executive of finAPI.
“From the products we’ve built to the industries our customers operate in, our complimentary offerings mean that together, we are perfectly placed to spearhead Europe’s open finance agenda and make the financial lives of millions of people more resilient, simple, and secure.”