Munich - The Warsaw-based investment company Crastorehill, which is majority-owned by Finch Capital, has acquired the Berlin-based open banking FinTech Qwist (previously finleap connect) and the open banking platform NDGIT. The acquisition will create synergies to leverage the combined strength in the emerging market and actively shape the future of open banking. Finleap as the former majority owner and other existing shareholders of Qwist hold a minority stake in Crastorehill.
A German-Polish CMS team led by Dr Jessica Mohaupt-Schneider and Dr Tilman Weichert provided comprehensive legal advice to Finch Capital and Crastorehill on these transactions. This included the structuring of the transactions including the set-up of the group, legal and tax advice with respect to the acquisitions as well as the support regarding the owner control proceedings at BaFin with regard to the takeover of Qwist GmbH as a regulated company.
Finch Capital is a European and Southeast Asian growth investor that partners with ambitious teams in Finance & Business technology. Founded in 2013, Finch manages over EUR 450m in AUM and backs Technology companies in the following primary sectors: Accounting & Tax, Legal, Regulatory & Compliance, HR& Payroll, Business Process, Payments, Insurance and Banking & Wealth.
Crastorehill, based in Warsaw, is a financial technology provider that develops data analytics products for the financial sector and beyond. The company is seeking to acquire other open banking providers as part of a buy-and-build strategy to expand its product offering, geographic coverage and capabilities in big data and artificial intelligence.
Qwist, formerly finleap connect, is a pioneer in the open banking and finance sector. The FinTech was formed in 2019 from a merger of several portfolio companies of the Berlin-based company builder Finleap.
NDGIT is an open banking platform provider connecting financial service providers with their digital partners to facilitate the new era of embedded finance. Today, over 50 banks and companies worldwide rely on the API platform for financial services to digitize traditional systems and position themselves for the future of open banking. The Munich-based company was founded in 2016.
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