Spanish business management consultancy Minsait has bought the entire stake of local fintech firm Afterbanks.
Financial and other details of the deal have not been made public.
Founded in 2012 by David Lozano, Afterbanks offers a bank aggregation system specifically designed for the Spanish, Portuguese, Italian, and Mexican financial services industry.
Its technology is used to recover and consolidate data from various banking institutions and quickly initiate payments.
Afterbanks acquisition is part of Minsait strategy to become a key player in the open banking sector. It will allow the company to offer data intelligence, security, and payments services.
Minsait leverage Afterbanks’ expertise and technology to deliver new payment alternatives to its clients, enable digital financing via advanced customer profiling in real-time.
The acquired firm’s technology is already being tested in advanced digital transformation projects that are managed by large institutions.
Its platform is being leveraged to carry out ‘invisible payments’ in shops through facial recognition.
Afterbanks, which has offices in Spain and the UK< presently offers connections with more than a hundred banks, most of which are located in its home market. However, up to 20 banks are located in countries such as Chile, Mexico, Canada, and the US.
Its technology is being leveraged by more than 120,000 companies and individuals.