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| Formerly | Istituto Centrale delle Banche Popolari Italiane | ||||||
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| Company type | Public (Società per azioni) | ||||||
| ISIN | IT0005366767 | ||||||
| Industry | Financial technology | ||||||
| Founded | 1939; 87 years ago (1939) | ||||||
| Headquarters | Milan, Italy | ||||||
Key people | Paolo Bertoluzzo (CEO) Enrico Marchini (CFO) | ||||||
| Products | Merchants and Financials Services | ||||||
| Revenue |  $3.514 billion[1] (2024) | ||||||
| $167.4 million[1] (2024) | |||||||
Number of employees | 10,580 (2024)  | ||||||
| Rating |
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| Website | www | ||||||
Nexi S.p.A. formerly known asIstituto Centrale delle Banche Popolari Italiane S.p.A. (ICBPI) is an Italian company that offers digital payment services and infrastructure for banks, companies, institutions, and public administrations.[3]
The Istituto Centrale delle Banche Popolari Italiane (ICBPI) was founded in 1939 by Banca Popolare di Cremona, Banca Popolare di Intra,Banca Popolare di Lecco,Banca Popolare di Lodi, Banca Popolare di Luino e di Varese andBanca Popolare di Verona.[4]Its purpose was to strengthen and coordinate the activities of the Italian banks and to provide support services for their activities. Over time, its shareholding expanded to include all Italian banks.
In 2006, ICBPI acquired Key Client Cards & Solutions, aspin-off ofDeutsche Bank.[5] Since January 28, 2008, the Automated Clearing House – ACHSEPA Compliant withICCREA Banca has been activated. On 15 September 2008, ICBPI signed an agreement withEquens SE in Vienna for the establishment of the Equens Italia joint venture, which will carry out theAutomated Clearing House activity in Italy as insourcer of ICBPI andICCREA.
At the end of 2008, the process of acquiring a majority stake in S.I. Holding (which fully controls CartaSi S.p.A., Si Servizi S.p.A., Si Call S.p.A., Carta Facile S.p.A., CartaSi Capital S.p.A., and SiRe Business Services LTD) began.The acquisition was successfully completed in June 2009, with the necessary authorizations obtained from theAutorità Garante della Concorrenza e del Mercato andBank of Italy.
In September 2010, the formalization of an agreement for the purchase of thecustodian bank business fromBanca Carige was announced for 19.5 million euro. In November 2010, the acquisition of the custodian bank activity fromBanca Sella was announced, which at the same time became a shareholder of ICBPI with a 0.96% stake.[6] In November 2010, the ICBPI was condemned by the Antitrust to pay a fine of 490,000 euros for agreements restricting competition in relation to the credit card sector,[7] which was subsequently suspended by the Tribunale Amministrativo Regionale (TAR) ofLazio.[8]
As of January 2015,Credito Valtellinese (Creval) was the main shareholder with a 20.39% stake.[9]
In June 2015, ICBPI was acquired by Mercury Italy S.r.l. (a consortium ofAdvent International,Bain Capital, and Clessidra SGR) for €2.15 billion. On 23 June 2015, the investment managers incorporated aSPV "MERCURY BONDCO PLC"[10] to issuesecurities to raise debt, in order to lend to sister companies: Mercury A Capital Limited, Mercury B Capital Limited and Mercury ABC Capital Limited, the parent companies of Mercury UK Holdco Limited, which in turn the parent company of ICBPI.On 18 December 2015, the shares held by 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%),Banca Popolare di Cividale (4.44%),UBI Banca (4.04%),Banca Popolare di Milano (4.00%),Banca Carige (2.20%),Banca Sella Holding (1.80%) and some minor banks were sold to an intermediate holding company Mercury Italy S.r.l.[11]On 29 December 2016, Mercury Italy S.r.l was merged with ICBPI, which Mercury UK Holdco Limited (parent of Mercury Italy S.r.l) became the new parent company of the ICBPI.
In 2016, ICBPI acquiredIntesa Sanpaolo's subsidiaries Setefi and Intesa Sanpaolo Card for €1.03 billion: this included Intesa Sanpaolo's entire portfolio of credit and prepaid cards (€15 million), the affiliated merchants (400,000) and the related issuing, acquiring and processing activities.[12]
In February 2017, ICPBI acquired the card business ofBanca Monte dei Paschi di Siena for €520 million.[13]
In November 2017, the company was renamed toNexi,[14] while its card business was renamed from CartaSi to Nexi Payments.
On 5 October 2020, it was announced Nexi will merge withSIA S.p.A., thus creating one ofEurope's largest fintech groups.[15]
In 2020 the main shareholder wasHellman & Friedman (19.92%) which acquired the stake with the contribution of Nets.[16]
On 16 June 2021, a merger with the Danish company Nets was signed, which resulted in Nexi expanding its range of action at a European level.[17]
On 30 July 2021, Nexi reached a market capitalization of $23.28 billion.
On 15 October 2021, TheAutorità Garante della Concorrenza e del Mercato approved the merger ofSIA S.p.A. into Nexi S.p.A.
On 25 October 2023, Nexi lost 13% in the trading day, the collapse ofWorldline, Nexi's competitor, which lost 60%, was an accomplice to the collapse.[18]
On 19 July 2024,UniCredit sold up to 1.1% of Nexi's capital as part of a Nexi shareholder restructuring. It sold 14.7 million Nexi shares for a price of €5.735.[19]On July 19, 2024, Nexi shares closed the trading day at a price of €5.656 with a loss of -3.81%.[20]
On 13 June 2025, Mercury UK Holdco Limited further reduced its shareholding in Nexi to 3,010%.[21]
On 10 September 2025,Barclays reduced its price target for Nexi shares, resulting in a sharp drop of -9.45%, closing the trading day at a price of €4.734.[22] Barclays justified itsfinancial analysis report on Nexi by highlighting the potential for reduced growth prospects due to increasing competition from existing and new competitors in the digital payments market.[23]However, some financial analysts believe this analysis is not entirely correct, and found the publication on 10 September 2025, the same day of theIPO ofKlarna on the New York Stock Exchange, a direct competitor of Nexi, to be somewhat artful.[24]
On 3 October 2025,JPMorgan analysts reduced their price target on the stock, with a "Neutral" recommendation on the stock.[25]
On 5 November 2025, Nexi'sEBITDA continued to be impacted by corporate inefficiency costs. From the first nine months of 2024 to the first nine months of 2025, EBITDA growth was only 3.5%. Digital Banking Solutions was negative for -0.7%.[26][27]
On 20 January 2026, Mercury UK reduced its stake to almost zero, from 3.010% in June 2025 to 0.011%.[28][29] On 28 January 2026, Nexi had a market capitalization of $5.08 billion.
As January 2026, the continued decline in Nexi's share price[30] had been due to corporate inefficiencies that have led to increased debt, partly due toM&A transactions and partly to poor corporate operations.[31][32] In fact, it is precisely to resolve these problems that are plaguing the company that Piergiorgio Pedron[33] has been appointedCFO, who will take up the role starting in April 2026.[34][35]
As of 27 May 2025, Nexi's main shareholders were:[3]
| Shareholder | % of Capital |
|---|---|
| Evergood H&F Lux S.à.r.l | 21.19 % |
| Cassa Depositi e Prestiti S.p.A. | 18.25 % |
| Mercury UK Holdco Limited[36] | 9.86 % |
| Eagle | 6.47 % |
| AB Europe Investment S.à.r.l | 2.14 % |
| Neptune BC | 1.15 % |
| Other Shareholders | 40.94 % |
As of 25 January 2026, Nexi's main shareholders were:[37][38]
| Shareholder | % of Capital |
|---|---|
| Evergood H&F Lux S.à.r.l | 20.298 % |
| Cassa Depositi e Prestiti S.p.A. | 19.143 % |
| Eagle | 6.085 % |
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| Other | |
