N26 hacker sells majority to start-up

10/9/2025, 7:01 AM

The renowned IT security researcher Vincent Haupert, who once uncovered the vulnerabilities of the Neobank N26, is selling the majority of his open banking startup Yaxi, along with his co-founders, to the medium-sized company Reiner – thereby setting the course for the next growth phase.

Eulerpool News Oct 9, 2025, 7:01 AM

From N26 Hack to Own Fintech

Around ten years ago, Haupert made headlines when he managed to manipulate transactions at the then-young neobank N26. After a brief stint at the Allianz fintech HeyMoney, he co-founded the start-up Yaxi in 2022 with Christopher Schramm and Andreas Stührk. The company specializes in secure account payments and access to account information without the need to share sensitive data.

Majority goes to Reiner

Now the medium-sized company Reiner SCT, known for its scanning and authentication devices in the banking sector, takes over 55 percent of the shares in Yaxi. As part of the takeover, Reiner not only purchased shares from the founders but also invested a seven-figure sum to finance further growth. "With Reiner, we have a strong partner that enjoys high trust in the banking and security environment," said Haupert.

White-label solution without PSD2 license

Yaxi stands out from other open banking providers like Tink or Yapily: The solution works without a PSD2 license, as transactions are cryptographically secured and processed directly between the bank and the user - without the company accessing the login data. "This is a regulatory sticking point that no other market participant has solved so far," emphasizes Haupert.

Cooperations and Outlook

Yaxi's technology is already being used by Trade Republic through the service provider Flizpay, where it ensures fast and secure account top-ups. With Reiner as the majority owner, Yaxi now aims to expand significantly and position itself as a leading provider of secure white-label payment solutions in the European market.

Reiner's entry provides the young fintech not only with capital but also with access to banks and institutional clients. For Haupert, it is the next step - from security researcher to successful entrepreneur.

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