Madrid-based Minsait, a company that focuses on digital transformation while providing business management consulting services, acquired 100% of Spanish Fintech firm Afterbanks.
Afterbanks’ proprietary technology is used to retrieve and aggregate data from different financial institutions, in order to process payments quickly and efficiently. Minsait’s acquisition will allow it to offer new payment alternatives to its clients, provide digital financing options through real-time customer profiling, and develop new business models to assist individuals and organizations with managing their finances.
The operation was finalized through Indra’s corporate vehicle, Indraventures, in order to help establish strong relationships with the entrepreneurial ecosystem and to fund innovative projects.
This acquisition will help Minsait in becoming an established company in the open banking sector, with great potential for growth in the European and Latin American region.
The acquisition will allow Minsait to provide data intelligence, security, and payments services.
Afterbanks’ technology is being piloted in advanced digital transformation projects that are managed by large companies. For instance, the company’s technology is being used to conduct “invisible payments” in shops via facial recognition.
Additionally, Afterbanks’ solutions are being used to perform real-time profiling for digital consumer finance. They’re also used in bank reconciliation processes that provide financing solutions to SMEs.
Afterbanks has business offices in Spain and the UK. The company has connections with over a hundred Spanish banks. It has also established business relations with 20 other financial institutions based in Chile, Mexico, Canada, and the US. More than 120,000 companies and individuals are currently using Afterbanks’ technology.