Fabrick Acquires Majority Stake in Germany’s finAPI

European open finance fintech Fabrick has announced an agreement to acquire a 75% stake in German open banking platform finAPI. This acquisition, for an undisclosed amount, aims to expand Fabrick’s presence into the DACH region, which includes Germany, Austria, and Switzerland.

The stake is currently held by Germany’s private credit bureau Schufa. The remaining 25% of finAPI will continue to be held by its founders, Florian Haagen and Martin Lacher. Founded in Munich in 2008, finAPI provides open banking, data intelligence, KYC, and payment services to over 350 clients, including banks, fintechs, software providers, and insurance companies. Its services extend beyond Germany to Austria, Czechia, Slovakia, and Hungary.

Fabrick, currently active in Italy, Spain, and the UK, aims to increase its client base to over 800 with this acquisition and introduce its open finance solutions to finAPI’s markets. Fabrick’s CEO, Paolo Zaccardi, highlighted the strategic importance of the DACH region in their international expansion plans, noting the deal’s potential to scale operations and capture new market opportunities.

Zaccardi also emphasised that the acquisition would enhance Fabrick’s offerings, covering the full spectrum of open finance services. The transaction is pending regulatory approval from German and Italian supervisory authorities.

This development follows a previously unsuccessful attempt by UK-based open banking firm Yapily to acquire finAPI. Schufa confirmed that the earlier deal failed to secure necessary regulatory approvals by the January 31, 2023, deadline, leading to the search for a new buyer, now found in Fabrick.