Enel agrees to buy CityPoste Payment to boost fintech business

MILAN (Reuters) – Italy’s biggest utility Enel (MI:ENEI) has agreed to buy fintech company CityPoste Payment(CPP) from Mail Express Group to strengthen its position in the digital payments market.

In a statement on Thursday Enel X, the utility’s innovative services unit, said the acquisition of a network of about 850 CPP sales points in Italy would allow it to manage up to 20 million transactions a year.

It did not disclose financial details.

Enel this year became the first of Europe’s big utilities to launch new digital banking services.

Enel sees payment and open banking services such as wealth management and insurance as a new opportunity for growth.