Italian global merchant bank Mediobanca Group has acquired Buy-Now-Pay-Later (BNPL) firm HeidiPay Switzerland AG.
Compass, the merchant bank’s consumer credit arm, will take over full responsibilities for operating the Swiss HeidiPay BNPL offering from its parent company – HeidiPay AG – which Compass holds a 19.5% stake in.
By utilising HeidiPay Switzerland’s established network of regional commercial agreements in place, Compass will be able to make significant gains and position itself to become a preferred consumer credit operator in the Swiss market.
Alberto Nagel, Chief Executive Officer of Mediobanca, commented: “This deal has a strong industrial rationale and is consistent with the guidelines of our new 2023-26 Strategic Plan.”
The plan is part of the Mediobanca Consumer Finance Division’s distribution structure, which aims to expand the group’s digital offering and drive an expansion into new geographical markets.
“With the acquisition of HeidiPay Switzerland AG we are launching the geographical diversification of our Consumer Finance division, on the back of cutting-edge digital platforms to grant credit, together with a value-driven management approach that leverages on the risk analysis and assessment capabilities that Compass has developed in over 60 years of business,” Nagel concluded.
It is understood that some form of collaboration will remain between HeidiPay Switzerland and HeidiPay AG in order to fuel BNPL’ adoption across the Swiss market.