The Open Finance platform will provide various products and services such as PSD2 and beyond-PSD2 financial data, data analytics and categorization, payment initiation, electronic money wallets, IBANs, credit checking and onboarding services.

In addition, the collaboration will strengthen the Open Finance sector in Europe and enable Powens and Unnax to expand their market reach into Latin America.

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The agreement is fuelled partly by equity firm PSG Equity, which works with software and technology-based services to help accelerate their growth and build scale across Europe and the US.

Romain Railhac, managing director at PSG Equity, commented: “PSG Equity invested in Powens in 2022 to back one of France’s pioneers of Open Finance, with a vision to create a European leader with scale and drive innovation in the financial services industry.

“We are excited to make a further investment in Unnax, one of Spain’s local champions in Open Finance, and bring them into the Powens group to accelerate our vision and deliver exceptional Open Finance products across Europe”, Railhac added.

Unnax is a fintech company providing Open Finance services in Europe, connecting 11 European countries via one API.

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Unnax is a fintech company and licensed Electronic Money Institution (EMI) with market access to Spain and Latin America. The company provides tech solutions facilitating banking infrastructure, payments and access to financial data through a single API.

“Joining forces with Powens will allow us to accelerate our innovation, strengthen our product development for existing customers in Spain and Latin America, and jointly offer the most innovative Open Finance products across Europe and Latin America”, said Julian Diaz-Santos, Unnax co-founder and co-CEO.

Powens CEO Bertrand Jeannet also welcomed the partnership.

“I am thrilled that Unnax has decided to join the Powens family. We have a unique opportunity ahead of us to push the boundaries of the Open Finance revolution together and deliver the best combination of innovative technologies and best-in-class services in Europe”, Jeannet said.

“Unnax shares our same entrepreneurial DNA, passion for creating industry-leading Open Finance products and solutions, and forward-thinking vision for the future, and the combination allows us to reinforce our position as one of Europe’s definitive independent Open Finance champions”, he continued.