Prosegur and Bankinter sell fintech Unnax to the PSG fund
The American fund PSG Equity, which specializes in technological software and was spun off from the private equity investment company Providence Equity Partners, has announced to expand its position in Spain by acquiring fintech Unnax for close to 40 million euros.
As elEconomista.es has reported, the transaction is still awaiting approval from the Bank of Spain and foreign investment approval. The rest of Unnax’s shareholding was owned by Segtech Ventures, Prosegur’s investment company Bankinter, the Athos Capital fund, Swanlaab Venture Factory, the CSQ telecommunications group, Grupo Elektra and the investment company Montegui Investments. PSG Equity has declined to comment on the transaction.
In this new phase, the private equity company will drive the growth of Unnax and its international expansion with a focus on Europe and Latin America. In 2022, the Spain-based startup received funding from Avançsa, the entity dependent on the Generalitat de Catalunya, through a participant loan worth 1.5 million euros.
Expansion into Latin America
In 2020, after an evaluation lasting two years, the Bank of Spain approved Unnax to be able to operate as an electronic money institution, account information service provider (AISP) and payment initiation service provider (PISP). Unnax is the first Spanish fintech to have this triple license from the Bank of Spain.
Unnax’s functions
Unnax aims to accelerate the digital transformation of the financial sector. The company specializes in the development of web-based software for financial services and computer applications for controlling bank accounts and company transfers. Unnax operates in online payment services and also offers modern bank aggregation, payment initiation, identity verification and electronic money technologies.
Previous funding round
In 2020, Unnax closed a financing round of EUR 7 million led by Grupo Elektra, which bought 9.50% of the parent company, and in which Athos Capital, Segtech Ventures, Swanlaab Venture Factory, Motegi also participated. With the new funding, the startup increased its growth in Latin America.
PSG’s solutions
PSG is a growth equity fund that invests in software and technology services companies in Europe, Israel and North America. The firm, which was spun off from Providence in 2020, has a broad portfolio in Spain that includes companies such as Signaturit, Nalanda Global, Sesame HR and software firm Mapal Group.
