Frank Kebsch/Finleap Connect
More open banking M&A as Finleap Connect scoops up rival
To help the acquisition move along, Claret Capital provided Finleap Connect with an undisclosed injection of capital.
It’s been an exciting year of fintech so far, with the long-awaited flurry of M&A activity seemingly ramping up in the last few months.
Today, Berlin-based open banking platform Finleap Connect has made its first acquisition, scooping up Spanish open banking provider MyValue Solutions.
The deal, of which financial details have not been divulged, will see the two firms consolidate their platforms, with MyValue Solutions bringing its technology and established customer base into the mix.
In order to make the acquisition a reality, growth financer Claret Capital provided Finleap Connect with a pot of cash, the size of which is not known.
“Finleap Connect joining forces with us in the Iberian market will further the accessibility of value-added services to our customers in the region. This implies great future prospects for the entire industry,” Andrés Romerales, CEO and founder of MyValue Solutions, said.
“Combining our strengths will also unlock the ability to provide tech, retail and other non-financial services to clients, which will enlarge the target market for all of us.”
Finleap Connect will use MyValue Solutions to deepen its open banking presence across Europe further and help it further its international expansion plans.
“The acquisition of MyValue Solutions is an important step in our continuous expansion across Europe. MyValue Solutions’ tech and talent has impressed us since the beginning, and we appreciate the opportunity to cooperate with the leading financial institutions in the Spanish and Portuguese market,” Frank Kebsch, CEO of Finleap Connect, added.
“Additionally, we welcome Claret Capital as our trusted partner in this journey, providing us with non-dilutive growth capital to further accelerate our strategic ambitions.”
Founded in 2009 and headquartered in Madrid, MyValue Solutions is one of the biggest open banking players in the Spanish market, counting several major financial institutions as customers.
By joining forces with Finleap Connect, MyValue Solutions will see its target market quadruple, as it can now target a previously untapped DACH (Germany, Austria and Switzerland) market.
All of the MyValue Solutions 27 employees will join the Finleap Connect team to help the new joint entity hit the ground running with technology and distribution across Spain and Portugal.