The German firm Finleap Conect aims to revolutionize the world of banking data in Spain. The company has recently acquired the MyValue Solutions platform in our country in order to create a work center for its operations in Europe and to open the bank details of private clients to any company, a tool that is key to offering personalized products.
Its global director of Strategy, Ignacio García, points out to this newspaper that Spanish companies are very interested in being able to access the financial information (positions, balances, etc.) of their clients, a service that, for example, it already offers to Telefónica in Germany, through a tool similar to Fintonic.
“With the acquisition we want to take advantage of this window of opportunity that opens in Spain with the purchase and make this service available to department stores or telecommunications operators so that they can provide financial solutions and trust their users,” says García.
“We have a license to operate safely in this segment of activity in European markets and we want to take advantage of this space,” adds the manager, who assures that the takeover of MyValue will also serve to strengthen other areas and establish a hub in Spain to all the activity that the German firm has in the Old Continent .
Finleap already had activity before the acquisition for three years, as a provider of digital data for the exchange of bank accounts with 15 entities after the recent agreement with Evo (a Bankinter subsidiary ). Now, with the purchase, it expands its open banking operations in the national territory, since it will be able to provide its clients with infrastructure and white label services, such as money management applications.
In addition, the technology and capabilities of MyValue will be used to accelerate its growth in Spain, as highlighted by García. “Their services are going to be taken to the rest of the countries where we are present,” says the manager.
García indicates that the acquisition has been actively pursued to add capabilities and that Finleap “is vigilant” to be able to acquire new companies if there is a possibility, although the organic growth of the German company is high.
‘Break even’ in 2022
Among the objectives of the platform are to carry out the integration of MyValue in a relevant way and achieve break even at both Spanish and European levels next year, although in a more ambitious way for the medium term is to lead this segment of activity.
García recalls that in Europe there will have to be a concentration of firms specialized in open banking, because the sector is very fragmented, so there could be opportunities to grow organically.
Myvalue was born in 2009 to compete with Fintonic , in the aggregation of bank data and management of expenses for private users. Four years ago he left this segment and focused on creating this service for financial institutions so that they do not have to start from scratch to put this type of initiative.