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Italian open banking fintech Fabrick snaps €40M from Mastercard and unnamed shareholders

Fabrick founders
Photo credits: Fabrick founders

Fabrick, an Italian fintech company that operates as an open banking platform and ecosystem has just snapped €40 million in a round that saw participation from Mastercard alongside a number of unnamed shareholders that hold a minority stake in the open finance platform. Notably, this is the first time the company has taken external funding since its debut in 2018.

Reportedly, as per Dealroom – Mastercard has made investments in approximately 28 fintech companies across Europe. Notable past investments include iZettle, a Swedish payments unicorn that was later acquired by Paypal in 2018, as well as Divido, a UK-based buy now, pay later fintech, and Pollinate, a B2B banking software company.

Strengthened collaboration with Mastercard

Fabrick, in addition to securing investment, has strengthened its collaboration with Mastercard to drive the growth of embedded finance. Through this strategic partnership, Fabrick will develop advanced embedded finance solutions, enhancing digitalisation for businesses, financial institutions, and fintech companies across Europe.

The raised funds and expanded partnership will fuel Fabrick’s efforts to solidify its position in the Italian market and expand its presence in other European markets. This expansion builds upon Fabrick’s recent acquisition of the UK-based payments platform Judopay. The funds will also support investments in product development, service enhancements, and infrastructure scaling. With a clear vision, Fabrick aims to accelerate the implementation of its strategy to establish itself as a prominent international player in the realm of open finance.

“Being able to count on the collaboration of a partner of the calibre of Mastercard with a new level of commitment will allow us to strengthen our international presence and open a new phase of growth and evolution,” stated Fabrick co-founder and CEO Paolo Zaccardi. “We have already made payments a core asset of our platform, but today with even greater intensity we will be able to define a new and even more complete offer deriving from the coming together of our respective strengths, to grow faster thanks to new resources and know-how, with the aim of establishing ourselves in other European countries as a benchmark in Open and Embedded Finance.”

“Our work with Fabrick and the digital financial services we will develop together, will support our collective goal to offer digital payment solutions to businesses and to deliver a seamless experience for their customers in a time of need,” said Mastercard Italy country manager Michele Centemero.

Founded by Paolo Zaccardi and Marco Casartelli in 2018 as a spinout from Italian bank conglomerate Sella Group. It remains part of the bank’s parent company, Sella Group. Fabrick is a European pioneer in ‘Open Finance’. Headquartered in Milan, the company has offices in London, Madrid, and Zurich, it operates internationally to enable innovative services in ‘Open Finance’ by supporting the collaboration of fintech, businesses, and financial institutions.

Fabrick enables embedded payments solutions worldwide and allows companies to integrate financial services into their products through API implementation. Its platform and ecosystem of relationships enable the development of new business models in finance, fostering growth and opportunities for all participants and delivering the concrete advantages of innovation to the end customer, either consumer or business.

Further, Europe and the UK have seen the emergence of several open banking startups that are transforming the financial landscape. Tink, based in Sweden and now acquired by Visa, offers an open banking platform for accessing and utilizing banking data, while TrueLayer from the UK provides secure APIs for bank data access and payments.

As of 2022, Fabrick reported net revenue of €50 million with its subsidiaries, which is a year-on-year increase of 14%.

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