Minsait acquires Spanish fintech Afterbanks to connect with open banking data

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.

This acquisition accelerates Minsait’s advance in the open banking business as it complements its offer for the financial sector and expands its solutions in areas such as payment methods, data intelligence or solutions that facilitate companies’ financial management.

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.