Finch Capital acquires Open Banking businesses Qwist and Ndgit

Ellie Duncan,
16 Nov 2023

Crastorehill, which is majority owned by European growth investor Finch Capital, has acquired two Open Banking businesses, Berlin-based Qwist and Munich-based Ndgit.

Crastorehill is now the 100% shareholder of Qwist, formerly Finleap Connect, which works with top-tier banks, ecommerce players and fintechs to unlock the value of their data, and Open Banking platform Ndgit.

The Warsaw-based fintech provider, which builds data analytics products for the financial sector, said that the “complementary strengths” of the two businesses it has acquired will enable them to “lead the way in the future of Open Banking”.

Nicola Breyer

Qwist’s chief executive officer Nicola Breyer

Nicola Breyer, chief executive officer of Qwist, said that its recent rebrand and shift from Finleap Connect to Qwist “created a solid foundation for this promising partnership”.

“Our wealth of experience as a regulated company with over 11 years of experience in the market will be of great value to the new collaboration, which will now enable us to offer the full value chain of services, from API build and compliance, to high-end data analytics,” she said.

“I am very much looking forward to continuing our journey with competent and influential partners and team members by our side.”

Matt Colebourne, the newly-appointed chief executive officer of Crastorehill, said: “Open standards, in almost any technological or regulated area, create the opportunity to solve previously insoluble problems, to do things faster, more easily and more cheaply.

“Much as the internet ushered in a previously inconceivable plethora of new ways to interact, transact and research, the rise of Open Banking will enable new ways to assess risk, verify identity, understand macroeconomic behaviour and enable faster, easier interaction for consumers.”

The acquisitions – the terms of which have not been disclosed – are part of Crastorehill’s buy-and-build strategy.

Friso Roscam Abbing, principal at Finch Capital, added: “Challenging market conditions create opportunities, and we firmly believe that Open Banking, along with its potential to offer innovative solutions to the financial world, is here to stay.

“We are delighted with the acquisition of these two entities, each with its unique strengths, in a rapidly growing market. We remain committed to seeking further acquisitions in Crastorehill to enhance our product offerings and expand our presence in different regions.”

Nicola Breyer was shortlisted in the Open Banking Expo Awards 2023, in the Women in Open Banking Woman of the Year – International category.