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Prosegur and Bankinter sell fintech Unnax to PSG fund

Wednesday 22 March 2023 13:49 CET | News

US-based fund PSG Equity, which specialises in technological software and was spun off from private equity investment firm Providence Equity Partners, has announced expanding its position in Spain by acquiring fintech Unnax for close to EUR 40 million.

As elEconomista.es has reported, the transaction is still pending the approval of the Bank of Spain and the authorisation of foreign investments. The rest of Unnax's shareholding was held by Segtech Ventures, Prosegur's investment vehicle Bankinter, the Athos Capital fund, Swanlaab Venture Factory, the CSQ telecommunications group, Grupo Elektra, and the investment company Montegui Investments. PSG Equity has declined to comment on the transaction.

Prosegur and Bankinter sell fintech Unnax to PSG fund

In this new stage, the private equity firm will drive the growth of Unnax and its international expansion with a focus on Europe and Latin America. In 2022, the Spain-based startup received financing from Avançsa, the entity dependent on the Generalitat de Catalunya, through a participatory loan worth EUR 1.5 million.

Expansion to Latin America

In 2020, following an evaluation that lasted two years, the Bank of Spain approved Unnax to be able to operate as an electronic money institution, account information service provider (AISP), and payment initiation service provider (PISP). Unnax is the first Spanish fintech to hold this triple license from the Bank of Spain.

 

Unnax’ features

Unnax aims to accelerate the digital transformation of the financial sector. The company is specialised in the development of online financial services software and computer applications for the control of bank accounts and transfers by companies. Unnax operates in the field of online payment services and also offers modern bank aggregation, payment initiation, identity verification, and electronic money technologies.


Previous financing round

In 2020, Unnax closed a financing round of EUR 7 million led by Grupo Elektra, which acquired 9.50% of the parent company, and in which Athos Capital, Segtech Ventures, Swanlaab Venture Factory, Motegi also participated. With the new financing, the startup boosted its growth in Latin America.

PSG’s solutions

PSG is a growth equity fund that invests in software and technology services companies in Europe, Israel, and North America. The firm, which was spun off from Providence in 2020, has a broad portfolio in Spain that includes companies such as Signaturit, Nalanda Global, Sesame HR, and software firm Mapal Group. 

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Keywords: acquisition, equity, mobile banking, financing , expansion
Categories: Banking & Fintech
Companies: PSG Equity, Unnax
Countries: Spain, United States
This article is part of category

Banking & Fintech

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PSG Equity

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Unnax

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