Fabrick, an Open Finance pioneer and part of Sella Group, is pleased to announce its 2023 full year results with revenues equal to €54.7 million, up 14.5% from 2022.
Fabrick executed a focused international expansion strategy, which included acquiring 100% of the British paytech Judopay and securing a stake in the German fintech Banxware. In addition, during 2023 Mastercard and Reale Group became minority shareholders of Fabrick. Client numbers also saw an increase, rising from 400 in 2022 to 450 by the end of 2023, driving a significant increase in platform API calls, which reached levels of up to 490 million per month. This figure underscores the escalating demand for services facilitated by platform connectivity in the market.
Furthermore, to enhance the offering and streamline payment processes, Fabrick announces a merger by incorporation with its subsidiary, Axerve, which specialises in payment acceptance on both physical and digital channels, and in 2023 recorded POS and E-commerce transactions worth €25.5 billion (+20.2% over the previous year). The new corporate structure enables the convergence between Open Banking and Open Payments, a better customer experience, and the implementation of new types of services. The combination of Axerve's Open Payments features - such as multinational acceptance, Payment Orchestra functionality, and smart routing - with Fabrick's Open Banking services and solutions consistently address all these needs with a joint End-to-End approach.
These results underscore the success of Fabrick's strategy in positioning itself as a leader in Europe’s Embedded Finance sector and serve as a solid foundation for the growth strategy of 2024. With more than 500 employees, Fabrick, along with its subsidiaries Axerve, Codd&Date, dpixel, Fabrick Solutions Spain S.L., Alternative Payment Ltd (operating under the brand Judopay), and management of the Fintech District community, is set to expand its European footprint and seize new segments of the embedded finance market. This will be driven by capitalising on the growing synergy between Open Banking and Open Payments, and a distinctive approach covering the entire services chain, vis-à-vis other operators more focused on vertical segments. Furthermore, the company intends to pursue organic growth complemented by strategic acquisitions aimed at bolstering synergies, with a particular focus on emerging operators with vertical solutions. The strategic plan for 2024-2026 will see Fabrick focus operations on key markets, notably Germany, France, Spain, and the UK.
Paolo Zaccardi, CEO of Fabrick, stated: “In 2023, we embarked on a new season of consolidation and development. Today, Fabrick is recognised by the market for its unique platform model. Our goal is to become a reference point at the pan-European level, and to achieve this, we will accelerate our presence in international markets via acquisitions, like that of Alternative Payment Ltd, and more investments in emerging operators who have interpreted local needs by developing specific vertical products in Open Banking and Open Payments. These steps will generate synergies and growth The market evolution demands that payment systems be central to defining new digital financial services. Hence, the merger by incorporation with Axerve is highly strategic as it allows us to cover the entire value chain and, consequently, enhance our offering."