Prosegur and Bankinter sell fintech Unnax to PSG fund

US-based fund PSG Equity, which specialises in technological software and was spun off from private equity investment firm Providence Equity Partners, has announced expanding its position in Spain by acquiring fintech Unnax for close to EUR 40 million.

As elEconomista.es has reported, the transaction is still pending the approval of the Bank of Spain and the authorisation of foreign investments. The rest of Unnax’s shareholding was held by Segtech Ventures, Prosegur’s investment vehicle Bankinter, the Athos Capital fund, Swanlaab Venture Factory, the CSQ telecommunications group, Grupo Elektra, and the investment company Montegui Investments. PSG Equity has declined to comment on the transaction.

In this new stage, the private equity firm will drive the growth of Unnax and its international expansion with a focus on Europe and Latin America. In 2022, the Spain-based startup received financing from Avançsa, the entity dependent on the Generalitat de Catalunya, through a participatory loan worth EUR 1.5 million.

Expansion to Latin America