Open finance firm Fabrick has entered the DACH market through the acquisition of a majority 75% stake in German operator finAPI.
The deal marks the continuation of a consolidation strategy by Fabrick, which last year acquired a 100% of the British paytech Judopay and secured a stake in the German fintech Banxware. The firm secured a capital increase in 2022 with the backing of Mastercard and Reale Group, who became minority shareholders.
Founded in Munich in 2008, finAPI currently serves over 350 clients, including banks, financial service providers, fintech companies, insurance companies, and software providers, not only in Germany, but also in Austria, the Czech Republic, Slovakia, and Hungary.
With a collective client base exceeding 800 and the combination of the volume of Account-to-Account payments managed by Fabrick and finAPI in 2023, the total value of payments traded is over 65 billion euros and more than 11 billion API calls.
Paolo Zaccardi, CEO of Fabrick, states: "This agreement to acquire finAPI, following the recent capital increase with Mastercard and Gruppo Reale Mutua and the acquisition of JudoPay in the United Kingdom, represents another significant milestone for Fabrick, enabling the proliferation of the internationalisation strategy defined since our inception. It allows us to enter the DACH Region, an area of strategic importance in allowing us to scale up our operations and seize the growing opportunities offered by the sector in which we operate. This operation is also a further step in expanding our offering, which now covers the entire value chain of Open Finance services."
The deal, subject to approval by the German and Italian supervisory authorities, is carried out through an agreement signed with SCHUFA Holding AG, from which Fabrick will acquire 75% of finAPI. The other 25% of the shares will remain with the two founders of finAPI, Dr. Florian Haagen and Dr. Martin Lacher, who will both continue to play a role in the unified entity.