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December 24, 2021updated 06 Apr 2022 8:47am

Enel, Intesa Sanpaolo to buy Italian payments firm Mooney

Enel and Intesa Sanpaolo have reached an agreement to jointly acquire Italian payments firm Mooney from Schumann Investments with the aim of establishing a Europe-based fintech group.

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The European utility firm, through its fully-owned subsidiary Enel X, will pick a 50% stake in Mooney.

Intesa will raise its holding in the firm to 50% through its Banca 5 unit, which currently owns 30% of Mooney.

The deal, which values Mooney at $1.6bn (€1.385bn), will see Enel pay between €334m to €361m for its portion of the stake while Intesa will pay between €88m to €94m for the remainder.

These transactions are expected to conclude by the second quarter of 2022, subject to regulatory approvals.

Creating a joint European-based fintech

The Intesa-Enel partnership seeks to create a joint European fintech with capabilities in proximity and digital payments, mobility and energy services.

Following the close of the deal, Enel will divest its financial service operation in Italy to Mooney for €140m.

This transaction will cover the company’s Enel X Financial Services, CityPoste Payment and Paytipper businesses branded under Enel X Pay.

Commenting on the deal, Enel CEO and general manager Francesco Starace said: “This acquisition represents a good growth opportunity for us in the fintech space that is a good complement of the Enel Group’s new industrial vision, with digital payments being increasingly utilised on power bills as well as on advanced, ‘beyond commodity’ services, such as electric mobility.”

Mooney, which registered revenues of around €153m last year, is said to process nearly 20% of all electricity bills issued by the Enel Group. Through its holdings in MyCicero, the firm also manages a digital platform which offers mobility services to over 2 million customers.

Starace further added: “We are looking forward to cooperating with our new partner, Intesa Sanpaolo, with a view to offer an ever-wider array of services and continue to meet the growing needs of our customers in an increasingly effective way.”

Mooney will continue to provide Intesa customers with a range of payment services. It will also help the banking group acquire new customers and expand its digital service model globally, according to Intesa CEO Carlo Messina

Messina noted: “Mooney is a key part of our strategy to build an enhanced digital proposition for our retail customers – who strongly value proximity and flexibility – which will be one of the pillars of our new business plan.”

In 2019, Intesa signed an agreement to offload its retailers’ payment business to Nexi for €1bn.

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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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