Intesa Sanpaolo and Enel to jointly acquire Mooney
Intesa Sanpaolo increases its stake in Mooney, a fintech company that provides proximity banking and payments services, part of the Bank's strategy to build an enhanced digital proposition for its retail customers, who strongly value proximity and flexibility.
Mooney is active in the payment services sector and, with its approximately 46,000 affiliated stores, is an Italian operator with an extensive proximity network. The company has 20 million customers and every year processes 20% of all electricity bills (equal to 18 million bills) issued by the Enel Group. Furthermore, through its stake in MyCicero, Mooney manages a digital platform that provides over 2 million customers with mobility services.
Intesa Sanpaolo, through its subsidiary Banca 5, and Enel, through its subsidiary Enel X, signed an agreement to buy 70% of the share capital of Mooney Group from Schumann Investments, controlled by the international private equity fund CVC Capital Partners. As a result, Enel X and Banca 5, which currently already owns 30% of Mooney Group share capital, will each hold a 50% stake of the company, thus creating a joint European-based fintech.
Thanks to the partnership between Intesa Sanpaolo and Enel, Mooney will accelerate its growth and development in proximity and digital payments, mobility and energy services. It will also enable the Bank to acquire new customers and expand the digital service model internationally.
Mooney will continue to play an important role for the Intesa Sanpaolo Group, ensuring the Bank's customers have easy, fast and secure access to a wide range of payment services.
Last updated 23 December 2021 at 22:07:10