Digital bank illimity and tech company Fabrick have come together to launch HYPE.
In Brief:
-
This is the first Open Banking consolidation deal in Italy.
-
The joint venture Is worth around €140mn.
-
It will allow HYPE to accelerate as the biggest open banking platform in the country.
What does this mean?
As the first deal of its kind, this cements Italy’s commitment to developing open banking solutions. Illimity now has shares in Hype and the businesses will help develop the digital bank’s offering too.
