Unnax

Unnax provides a Banking-as-a-Service platform, operating as a crucial link for companies aiming to integrate financial services. The company was founded in Barcelona, Spain, in 2015 by Julián Díaz-Santos Hernández and Jordi Pérez Roselló. Pérez, a Telecommunications Engineer, previously managed a multinational money transfer company, while Díaz-Santos came from a background in consumer finance. Their combined experience in regulated finance and technology led to the creation of Unnax to solve the problem of real-time money movement for businesses.

The firm's business model is centered on providing a single API that combines Open Finance and Embedded Banking solutions. This allows clients, which include financial institutions, fintechs, and software vendors, to build and offer financial products without having to navigate the complex regulatory landscape themselves. Unnax generates revenue by offering this regulated infrastructure as a service. The company holds an Electronic Money Institution (EMI) license from the Bank of Spain, which is passported throughout the European Union, enabling it to provide services like account information (AIS), payment initiation (PIS), and the issuance of electronic money.

Unnax's product suite is comprehensive, featuring account aggregation, IBAN accounts and digital wallets, payment initiation for various SEPA methods, and identity verification services. These tools empower businesses to perform a range of functions, from streamlining customer onboarding and conducting risk assessments with financial data to managing recurring payments and preventing fraud. For example, their technology enables property managers to automate tenant solvency checks and rent collection. The company's key differentiator is its ability to bundle these complex financial technologies and regulatory compliance into a single, easy-to-integrate API, saving clients significant time and resources.

Significant milestones for Unnax include securing a Series A funding round of $8.53 million in January 2021, which helped finance its expansion into Latin America, specifically Mexico. In total, the company has raised approximately $10.4 million from investors including Grupo Elektra, Swanlaab, and Bonsai Partners. A major turning point occurred in April 2024 when Unnax was acquired by the French Open Finance company Powens, backed by PSG Equity. This strategic merger aims to create a European leader in Open Finance and Embedded Banking, combining Unnax's strength in Southern Europe and Latin America with Powens' presence in France and other European countries. Following the acquisition, co-founders Díaz-Santos and Pérez have taken on key leadership roles within the new Powens Group, heading activities in Iberia and LATAM, respectively.

Keywords: Open Finance, Banking-as-a-Service, BaaS, embedded finance, fintech, API platform, Electronic Money Institution, EMI, payment initiation services, PIS, account information services, AIS, financial data aggregation, SEPA payments, identity verification, KYC, AML, regulatory compliance, digital wallets, IBAN accounts, credit scoring, risk assessment, fraud prevention, Barcelona, Powens, Julián Díaz-Santos Hernández, Jordi Pérez Roselló