The fast-moving open banking platform Nordic API Gateway announced it has received an additional €4.6M in an internal funding round with its partners, Danske Bank and DNB, bringing its total investments to €13.3M. The investment is set to initiate an aggressive growth plan towards pan-European coverage and further development of its open banking services.
Nordic API Gateway is set to further make a name for itself after securing the Nordics by expanding across the European open banking landscape. The open banking platform will continue to empower industry leaders such as OP Financial Group, Danske Bank, DNB, Jyske Bank and Pleo, as well as a large number of accounting system providers and emerging fintechs throughout the Nordic region. The platform is even set to announce upcoming partnerships with new tier 1 banks in the region soon.
Commenting on the internal investment round, CEO & Founder of Nordic API Gateway, Rune Mai, says: “This initial investment is the first step in a larger strategy to become one of the leading European open banking players in 2020. We have fully invested in building the best market coverage in the Nordics, including understanding local market dynamics such as payment laws, regulators and functionality needs from our fast-increasing customer base.” He continues: “By implementing compliance at the core of our DNA, we have been able to attract large enterprises that are using both account aggregation and payment initiation in all Nordic markets. At the same time, we have a lot of traction within the accounting and ERP space, where Nordic API Gateway has shown by far to be the strongest player to provide business account access.”
Earlier this month Nordic API Gateway finalised passporting of its PSD2 licenses to all European countries, giving the firm access to act as a licensed account information and payment initiation service provider in all new markets. Now Rune Mai and the co-owners from Danske Bank and DNB are ready to take the next step in becoming pan-European.
Commenting on the new funding round, Global Head of Business Development of Danske Bank, LarsMalmberg, says: “We are very pleased to join forces with DNB to raise our investment in Nordic API Gateway. Building a European infrastructure requires collaboration, muscle and a large network. It’s clear that Nordic API Gateway has been a key player in the Nordic region, and we’re looking forward to keeping up the pace and supporting open banking adventures to achieve a strong common platform that increases financial innovation across industries in the European landscape.”
The investment round is set to enable Nordic API Gateway to land an even larger amount of funding in the coming months, which will seal the European expansion plans fully during 2020. Nordic API Gateway has already customers lined-up in some of the new markets.
“We are now more ready than ever to scale our account information and payment initiation services to the rest of Europe. In fact, this has already started with the gateway now being live in the UK, the Netherlands, Poland and the Baltics, countries where we have live clients. Our aim continues to become a pan-European provider with full focus on delivering the most powerful technology needed for banks, fintechs, startups, accounting systems and others. We want to enable new opportunities to leverage and build financial services for both businesses and consumers that will create new standards and improve convenience for millions,” Rune Mai concludes.