Fabrick, a European open finance platform has acquired UK payments firm Judopay for an undisclosed amount.

The company said that the acquisition will allow to expand into the UK and offer their customers more services, such as combining multiple payment processes and efficiently managing data flows.

Judopay will continue to operate under its own brand in the UK.

Fabrick said it wanted to take advantage of the growth in the UK digital payments sector, which the comapny claims will reach $440 billion in 2023. Fabrick added that there has been an 11 per cent increase in e-commerce in the UK and it is the “ideal country” to develop new models and standards of embedded finance.

“The UK remains a significant financial hub and world economy and by deepening our penetration into this market, Fabrick underscores its ambition to provide innovative Open Payment solutions to customers Europe wide,” said Paolo Zaccardi, chief executive and co-founder of Fabrick.

“In the European context the UK has a leading position in the adoption of digital payment tools and is at a high level of maturity, on a global scale it is third place worldwide right after China and the US for total transaction values via digital payments. Fabrick together with Judopay looks forward to serving this large market with best-in-class solutions,” Zaccardi added.

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