Nexi

Nexi

File:Nexi Logo.svg
Company type	Public (Società per azioni)
Traded as	FTSE MIB Component
ISIN	IT0005366767
Industry	Financial technology
Headquarters	Milan, Italy
Key people	Michaela Castelli (Chairman)
Products	Merchants and Financials Services
Revenue	$3.514 billion (2024)
Net income	$167.4 million (2024)
Website	www.nexigroup.com

Nexi S.p.A.—previously known as Istituto Centrale delle Banche Popolari Italiane S.p.A. (ICBPI)—is an Italian financial institution specializing in payment solutions, including its Nexi Payments division (formerly CartaSi). Initially, it functioned as the central entity for Italy’s Popular Banks.

History

Established in 1939 by a consortium of Italian Popular Banks, ICBPI grew through targeted acquisitions and collaborations. In 2006, it took over Key Client Cards & Solutions from Deutsche Bank. By 2008, the company had introduced a Sepa-compliant Automated Clearing House in partnership with ICCREA Banca and launched the Equens Italia joint venture to manage ACH operations.

Towards the end of 2008, ICBPI secured a controlling interest in S.I. Holding, thereby gaining ownership of CartaSi and its subsidiaries, following regulatory clearance from the Bank of Italy and the Antitrust Authority. In 2010, it acquired custodian banking activities from Banca Carige and Banca Sella, with the latter becoming a shareholder.

In 2015, Bain Capital, Advent International, and Clessidra SGR acquired the institution through a special-purpose vehicle designed to support expansion efforts. Two years later, ICPBI purchased the card division of Banca Monte dei Paschi di Siena for €520 million. Subsequently, in 2017, it rebranded as Nexi, renaming its card services to Nexi Payments.

In October 2020, Nexi announced a merger with SIA S.p.A., forming one of Europe's largest fintech conglomerates. The June 2021 acquisition of Danish firm Nets further broadened Nexi’s presence across Europe; this integration was approved by the Competition and Market Authority in October 2021, incorporating SIA into Nexi’s operations.

On October 25, 2023, Nexi’s stock value fell by 13%, influenced by a substantial decline in competitor Worldline's shares (-60%). Despite this drop, Nexi upheld its financial outlook for the year.

Prior to Mercury

As of January 1, 2015, Credito Valtellinese (Creval) held the largest stake at 20.39%.

On December 18, 2015, Creval (18.39%), Banco Popolare (13.88%), Banca Popolare di Vicenza (9.99%), Veneto Banca (9.99%), Banca Popolare dell'Emilia Romagna (9.14%), ICCREA Holding (7.42%), among others, transferred their shares to Mercury Italy S.r.l., an investment vehicle indirectly controlled by funds managed by Bain Capital, Advent International, and Clessidra SGR. Mercury Italy merged with ICBPI on December 29, 2016, with Mercury UK Holdco Limited becoming the new parent company.

Following Mercury

After this transaction, Credito Valtellinese retained a 1.9989% stake, ranking as the second-largest shareholder alongside Banca Popolare di Sondrio at 1.9973%. Together with Banco Popolare (1.5%), BPER (1.5%), BPM (1.0%), UBI Banca (1.0%), Banca Popolare di Cividale (0.7%), ICCREA Holding (0.5%), and Banca Sella Holding (0.2%), these banking institutions collectively held approximately 8.4%.

Additional minor stakes were maintained by Banca Popolare di Bari (0.1081%) and Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d'Italia (0.0121%).

Following the merger of Banco Popolare and BPM on January 1, 2017, Banco BPM emerged as ICBPI’s second-largest shareholder. Subsequent transactions reduced the number of banking shareholders to eleven groups.

Since 2020, Hellman & Friedman has been the principal shareholder with a 19.92% ownership acquired through contributing Nets to Nexi’s portfolio.

Restructuring of Shareholders

On July 19, 2024, UniCredit divested up to 1.1% of its stake in Nexi by selling 14.7 million shares at a price of €5.735 each as part of a shareholder reorganization. That same day, Nexi's stock ended trading at €5.656, reflecting a decline of 3.81%.

Operations

Nexi primarily focuses on the following business areas:

• Payment card issuance
• Services for merchants
• Digital banking solutions