Nexi sells Berlin pay-by-invoice fintech Ratepay to Affirm
The sale hands a German Rechnungskauf specialist to a US buy now, pay later network. The two groups also signed a memorandum of understanding to expand their partnership in Germany, Austria and Switzerland.
Nexi, the Milan-based European payments group, announced on Monday 9 November 2026 that US company Affirm will become the new owner of its subsidiary Ratepay, a Berlin-based payment provider serving merchants in Germany, Austria and Switzerland, according to the joint press release. Financial terms were not disclosed.
Alongside the sale, Nexi and Affirm signed a memorandum of understanding to expand their existing partnership in the DACH region and look for new business together. Reuters, Il Sole 24 Ore and The Paypers reported the deal. Closing is subject to regulatory approvals expected in the first half of 2027.
What Ratepay does
Ratepay was founded in Berlin in December 2009 and specialises in pay by invoice and direct debit for online shops. Pay by invoice, known in Germany as Rechnungskauf, lets shoppers receive goods first and pay afterwards. Under Affirm, Ratepay says it wants to build a complete buy now, pay later (BNPL) portfolio that also includes instalment payments.
"We are thrilled to join Affirm. This will allow us to combine our local market expertise in Germany, Austria and Switzerland with Affirm's global reach, technology and expertise in credit and risk assessment," said Sabrina Flunkert, CEO of Ratepay.
Why Nexi is selling
Nexi frames the sale as part of a strategy focused on core activities and an optimised portfolio. "Ratepay and Affirm are a strong commercial fit. The new ownership will better enable Ratepay to strengthen its BNPL offering to the benefit of its customers and us as a partner," said Bernardo Mingrone, CEO of Nexi Group.
According to Il Sole 24 Ore, Nexi said the deal is in line with the capital allocation priorities set out at its Capital Markets Day 2026, namely disciplined investment in profitable growth, further debt reduction and sustainable shareholder returns. The transaction has a slightly positive effect on the group's net financial position and will contribute to its ability to generate excess cash flow. Nomura acted as Nexi's financial adviser.
After closing, Nexi will provide transitional support to Ratepay and Affirm, including on-the-ground specialist support and technology expertise.
What Affirm gets
For Affirm, the deal brings a local player with an established merchant base in Germany, Austria and Switzerland. "Pay by invoice is popular for a simple reason: shoppers know exactly what they owe and when. Affirm was built on that same commitment to transparency," said Pat Suh, SVP and managing director, global markets at Affirm.
Il Sole 24 Ore reports that Affirm has said the transaction is not expected to have a significant impact on its financial results or on its outlook for the 2027 financial year. Neither company has given a price, and Reuters confirmed the statement did not disclose financial terms.
Deal at a glance
Seller: Nexi. Buyer: Affirm. Target: Ratepay GmbH, Berlin. Price: not disclosed. Side agreement: memorandum of understanding to widen the Nexi and Affirm partnership in Germany, Austria and Switzerland. Expected closing: first half of 2027, subject to regulatory approvals.
What it means for European founders and investors
The sale is another sign that large European payments groups are pruning non-core assets while US players buy their way into local payment habits. Affirm itself calls pay by invoice popular, and a US BNPL network choosing to buy an established Rechnungskauf provider rather than build one suggests how hard such local positions are to replicate.
For fintech founders, the deal points to two lessons. First, local payment methods with sticky merchant relationships can be valuable to global players looking for a foothold. Second, exits through a corporate parent are an important route in European payments, as Nexi's role in the ECB's digital euro network shows how focused the group is on core infrastructure. Startups building in embedded finance, such as Pliant in B2B payments, compete in a market where incumbents are reshaping their portfolios and new owners bring deeper credit expertise.
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