News from the Wire

Open finance company Fabric agrees to acquire finAPI GmbH

Wednesday, May 22, 2024 — 11:36:42 (EDT)

Milano, Italy, May 22, 2024—Fabrick, an Open Finance operating company, continuing to execute its international growth and consolidation strategy in a growing market, is pleased to announce the agreement for the acquisition of finAPI GmbH, one of the leading German operators of Open Finance solutions, and its entry into the German market. The acquisition signifies the consolidation of Fabrick's international growth and consolidation strategy, driving forward the innovation of European business through new embedded finance service models.

The operation, 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.

Established in Munich in 2008, finAPI seeks to develop solutions for the aggregation and analysis of financial data, serving over 350 clients, among them banks, financial service providers and fintech companies, both in Germany, as well as in Austria, the Czech Republic, Slovakia, and Hungary.

With a collective client base exceeding 800 and the combination of the volume of Account2Account 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, solidifying Fabrick’s position as the leading operator in the two reference markets of Italy and Germany. This achievement cements Fabrick’s position as the leading operator in the key markets of Italy and Germany. As such, Fabrick's acquisition of finAPI will expand its presence beyond its primary markets of Italy, Spain and the United Kingdom, enabling it to strategically position itself in the DACH region, and consolidate its status as a forerunner in Europe's thriving Open Finance landscape.

Paulo Zaccardi, CEO of Fabrick, stated: "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."

Since its inception, Fabrick has positioned payment services as a key driver of growth. Leveraging its expertise, proprietary platform, and targeted acquisition strategy, Fabrick has successfully strengthened its unique market positioning. Establishing itself at the intersection of Open Banking and Open Payments, Fabrick has gained a vantage point that oversees the entire service chain, differentiating itself from competitors focused on vertical segments.

Please find attached the press release for your reference. Should you have any questions or require additional information, please do not hesitate to reach out to us at fabrick@tancredigroup.com.

Kind regards,

Jasmine Gadhavi

TANCREDI

Third Floor, 27 Dover Street, London W1S 4lz

+44 (0) 77931 435236

www.tancredigroup.com

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Source: Company press release.