Compass strengthens in Buy Now Pay Later. The consumer credit company of the Mediobanca Group completed two transactions in the "Buy now, pay later" sector - a type of short-term loan that allows consumers to make purchases and pay for them at a future date -, already undertaken with the product PagoLight.
In detail, Compass acquired:
- 19,5% of Heidi Pay, a fintech company based in Switzerland and specialized in the development of digital platforms to support BNPL in the world of e-commerce;
- 100% of Soisy, a fintech company operating in Italy in the offer of loans for the purchase of goods and services on e-commerce platforms.
The two transactions, a note explains, will allow Compass to continue its growth strategy in BNPL by operating, thanks to its risk assessment capabilities, also on amounts and terms typical of consumer credit. "The enlargement and diversification of the customer base will also make it possible to carry out cross-selling activities of Compass products on a younger target customer oriented towards making online purchases".
The words of the CEO of Mediobanca and Compass
“These two operations have a strong strategic and industrial value for us, consistent with the innovation path undertaken at Group level – comments Albert Nagel, CEO of Mediobanca. The valorisation of these acquisitions will also act as a driving force for the development of the activity of acquiring new customers, not only in Italy but also abroad”, concludes the CEO.
“Buy Now Pay Later is a consolidated trend – he adds Gian Luca Sichel, Chief Executive Officer of Compass. The BNPL makes it possible to strengthen the presence on e-commerce with a particular focus on product categories and targets, such as that of the young and digitized, historically less controlled by consumer credit” – concludes Gian Luca Sichel.
PagoLight
In the fiscal year 21/22 alone, the continuous strengthening of PagoLight made it possible to disburse almost 70 million euros in BNPL, a trend that has shown itself to continue to grow even after the summer. The transaction has no impact on the Core Tier 1 of the Mediobanca Group.
