WiZink buys the FinTech Aplazame24 September 2018
The Spanish startup will continue to operate independently and contribute its e-commerce experience
The bank WiZink, specializing in credit cards and savings products, has bought 100% of Aplazame, the Spanish startup offering instant credit for purchases. The company acquired will continue to operate independently, and its experience will be useful to WiZink in the area of e-commerce.
The acquisition will allow the bank to generate synergies that improve its response to current customer needs, in a market that has progressed exponentially with the entry of FinTech enterprises into the financial services sector. In addition, it will make it easier to apply the new Payment Services Directive.
Aplazame entered into the market at the end of 2014, offering a simple and transparent instant credit service, without risk for stores. It combines a method of payment by installments, integrated into both online and bricks-and-mortar stores, with marketing tools that allow these stores to use finance as a promotional argument to boost sales.
Backed by investment from online businesses such as François Derbaix, Cabiedes & Partners and ALLVP Venture Capital, Aplazame will keep its CEO and founder Fernando Cabello-Astolfi at the helm. "I am very grateful for the confidence WiZink has shown in Aplazame and the fabulous team we have put together over these years," he says. "Adding WiZink's commercial experience and risk management to the project now will be key for the company's continued growth."
The Managing Director of WiZink, Iñaki Perkins, explains: "Aplazame's purpose fits perfectly into our digital profile and our philosophy of simplicity and making the customer's daily life easier. Although WiZink and Aplazame will continue to operate as two independent companies, this purchase represents a further step toward becoming a benchmark in flexible means of payment and strengthens our digital strategy by moving further into the area of e-commerce."
WiZink operates without branches as a supplement to the banks where its customers have their accounts and other banking products. It is the property of the venture capital company Värde Partners, which bought 51% of Banco Popular in 2014. Banco Santander, which acquired Popular in 2017, sold it the remaining 49% this year.