Compass, the Mediobanca Group consumer credit arm, has completed the acquisition of 100% of HeidiPay Switzerland. The Swiss fintech specialises the Buy Now Pay Later segment. The deal to acquire HeidiPay was signed in June 2023 and strengthens Mediobanca’s partnership with HeidiPay in which Compass has held a 19.5% stake since August 2022.
The acquisition also represents the first step in Compass’s geographical diversification process. The investment in HeidiPay Switzerland AG is consistent with the objectives of Mediobanca’s 2023-26 Strategic Plan “One Brand-One Culture”. This provides for enhancement of the Mediobanca Consumer Finance Division’s distribution structure by developing cutting-edge digital platforms in Italy and elsewhere. The Swiss company has over 500 commercial agreements in place with distributors, luxury brands and technology operators, which will serve as the basis for the international expansion of PagoLight, Compass’s proprietary, full-digital BNPL solution.
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PagoLight launched in Italy in 2021
Launched in 2021 for physical stores only to begin with, PagoLight is now one of the leading BNPL solutions in Italy, with an aggregate deal volume of approx. €200m in FY 2022-23. Available in more than 13,000 physical POS (a network which continues to grow, with approx. 1,000 new installations per month) and on 200 e-commerce platforms, PagoLight will strengthen its footprint in Italy due also to the acquisition of fintech operator Soisy, which brings with it 700 new branded e-commerce agreements. Being able to count on the risk management instruments it has implemented in over sixty years of business (origination, collection and anti-fraud), and on new AI tools integrated into the digital platform developed in conjunction with HeidiPay, Compass says it will make its BNPL business scalable and sustainable in the Swiss market as well as in Italy. The aim is to establish a distinctive model that is hard for pure fintech operators to replicate.
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