Europe has a new leader in payments technology with the merger of Italy’s Nexi and SIA.
The merger, announced with the signing of a memorandum of understanding on Sunday, will see SIA, a payments technology major, into Nexi, Italy’s leading digital payments provider.
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It will allow the merged company to cover the entire digital payments value chain across all industries.
This includes digital payments services for merchants of all sizes to omnichannel and ecommerce solutions, including B2B payments solutions, mobile payments apps, card management and open banking.
The company will also support payment solutions for public transport, and provide clearing and trading services for a host of financial institutions.
As of 31 December 2019, the company’s earnings before interest, taxes, depreciation and amortisation total around €1bn, with aggregated pro-forma revenues of €1.8bn.
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By GlobalDataNexi, SIA merger to create European paytech leader
The merger of Nexi and SIA is a key move in the European payments landscape, as it is expected to create a leader in paytech for the continent.
“This transaction will create a large Italian paytech company leader in Europe, a great technological and digital excellence with scale and capabilities to play an increasingly leading role in Italy and at an international level in a market, like the European one, that sees strong consolidation trends,” said Paolo Bertoluzzo, CEO of Nexi.
“The new paytech company, through its independent role and having CDP as anchor investor, will continue on its growth path as large Italian public company contributing, to an even greater extent, together with its partner banks, to further accelerate the digital payments penetration in Italy and to the digitalisation and modernisation of the country in favour of citizens, enterprises and public administration.”
Nicola Cordone, CEO of SIA, added that it would “create one, large Italian digital payments player, leader in Europe, boasting the highest levels of excellence for its know-how, people and capabilities of on a global level”.
“This operation will contribute to accelerate our country on the path of digitalisation towards a cashless society,” he added.
“This is in line with the mission we have worked on with pride, commitment and dedication for the past 40 years, putting citizens, enterprises, financial institutions, central banks and the public administration at the centre of the payment systems revolution.
“Today, bringing together the strengths of two realities of excellence such as SIA and Nexi, we want to continue leading on innovation, with an even greater emphasis, offering infrastructures and forward-looking technological services, and affirm our leadership in Europe in a sector like e-payments that continues consolidating.”
Read more: CBDCs and cross-border payments: Are central bank digital currencies the future?
