European Open Banking platform provider Finleap Connect has acquired the second-largest provider of Open Banking solutions in Spain MyValue Solutions, with Claret Capital providing growth capital to support the transaction.
The acquisition, which is Finleap Connect’s first, will bolster its presence in the Iberian market.
The company said the deal will also complement its ‘full-stack’ platform, helping to enhance financial transactions and data and analytics offerings through MyValue Solutions’ product portfolio, which includes inter alia account services, as well as categorisation and enrichment technologies.
Finleap Connect’s PSD2 license means that MyValue Solutions’ technologies, services and products will now be accessible not only to regulated financial institutions, but to new verticals such as fintechs, insurers and retail companies.
Andrés Romerales, founder and CEO of MyValue Solutions, said: “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.
“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.”
MyValue Solutions’ 27 employees will join Finleap Connect with immediate effect to support the technology team and distribution of its product portfolio in Spain and Portugal.
“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,” said Frank Kebsch, CEO of Finleap Connect.
Kebsch called Claret Capital a “trusted partner”, having “provided non-dilutive growth capital to further accelerate our strategic ambitions”.
Claret Capital vice president Bryan McLoughlin added: “The opportunity for Finleap Connect is sizeable and will only continue to grow as financial institutions further embed Open Banking solutions into their products and operations.
“Frank and the Finleap Connect team have a track record of delivering meaningful value for complex financial institutions with its Open Banking platform, and Claret Capital are delighted to support them on their journey ahead through our growth capital and Series A investments.”