Madrid-based Minsait, a business management consultancy, has acquired 100% of the Spanish fintech startup Afterbanks.
Afterbanks’ technology allows data from different Spanish banks to be retrieved and aggregated quickly and payments to be initiated. The acquisition will allow Minsait to offer new payment alternatives to its customers, facilitate digital financing through advanced customer profiling in real-time or generate new business models that help the financial management of individuals and companies.
The operation was closed through Indraventures, Indra’s corporate vehicle, to strengthen its relationship with the entrepreneurial ecosystem and to finance initiatives that accelerate innovation.
This acquisition accelerates Minsait’s advance in the open banking business, with great potential especially in Europe and Latin America, as it complements its advanced offer for the financial sector and expands the value proposition and benefits of its solutions in areas such as payment methods, data intelligence or solutions that facilitate companies’ financial management.
Minsait expects the acquisition of Afterbanks to allow it to ensure the highest performance in data intelligence services, security, and payments in the new environment of open banking, which has made possible the new European Payments Directive PSD2.
Afterbanks technology is already being tested in advanced digital transformation initiatives in large companies, for example, to facilitate ‘invisible payments’ in shops through facial recognition; real-time profiling for digital consumer finance; or bank reconciliation to facilitate the provision of proactive financing solutions to SMEs.
With offices in Spain and the United Kingdom, Afterbanks currently offers connections with more than a hundred banks, all of which operate in Spain and another 20 in countries such as Chile, Mexico, Canada, and the United States. It has more than 120,000 companies and individuals that make use of its technology.