NayaOne, which provides banks with a single point of access to fintechs and datasets, has reached a milestone of 100 fintech providers on its marketplace.
Previously known as Fintech Sandpit, NayaOne is the largest integrated fintech marketplace in the UK and Europe, accessed by financial institutions looking to work with fintechs and datasets to accelerate their business transformation and build ecosystems through partnerships.
Firms looking to build their ecosystem of fintechs and partners leverage the marketplace as a single door to access the best fintechs have to offer, with data to evaluate the capability fit. This strategic capability enables firms to bring products to market much faster at a much lower price point.
NayaOne says a recent BCG survey of CIO change budgets for 2022 suggests 15 per cent spend on regulatory change, 65 per cent mandatory spend to upgrade the tech stack and value add spend at 20 per cent.
It suggests fintechs can solve all of these challenges but tend to focus on reinventing the existing stack and delivering the value add, through data and UX. According to NayaOne, working with fintechs allows institutions to build products and meet customer needs much faster and allows fintechs to be discovered by the enterprise buyers in the most efficient manner.
NayaOne describes its 100 fintechs marketplace milestone as a critical point for the industry, enabling innovation and partnership within the financial services sector at scale.
Karan Jain, CEO of NayaOne, says: “Scaling the NayaOne Marketplace is one of the core value propositions and strategic fintech infrastructure for financial institutions, who are looking to access the best technology products to transform their business.”
NayaOne also plans to release a public version accessible to anyone wanting to build financial products later this year.