• Yapily, a British open banking infrastructure provider, has announced that it is acquiring finAPI, a European open banking infrastructure provider covering Germany, Austria, the Czech Republic, Hungary, and Slovakia. Although Yapily reportedly covers 16 European nations currently, it does not have coverage in the Czech Republic, Slovakia, and Hungary.   

• The value of the deal was not disclosed, although it was reportedly a “multi-million” transaction. The transaction remains subject to regulatory approvals.

• finAPI also offers age and identity verification solutions, in addition to its standard open banking services such as handling payments and obtaining account information. 

• In the trailing 12 months, Yapily and finAPI have processed a combined USD 39.5 billion in payments, and the acquisition could essentially double Yapily’s customer base.   

<ul><li> Analyst Quicktake: The acquisition is in line with Yapily’s strategy to expand its presence across Europe. Last July, the company raised USD 51 million in Series B funding and intended to invest some of the funds in extending its open banking coverage to 95% of Europe.</ul>