Open Payments targets Nordic and European markets with €1.2m seed round
PSD2 compliant open banking platform Open Payments will launch in the Nordic and European market following a €1.2 million seed round investment, Jane Connolly writes.
EU Start-ups reports that the Stockholm-based start-up, founded in 2017, received the investment from Brightly Ventures, Luminar Ventures and angel investors. The funds will also be used to grow the company’s team.
Open Payments enables third-party applications to efficiently integrate their services with banks through a single API. The fintech offers access to bank APIs in the Nordic markets and will expand to integrate with banks across the EU from next year.
Louise Brandt, co-founder and CCO at Open Payments, tells EU Start-ups: “Several organisations within the EU claim that they are already operating within the framework of PSD2. The majority of these organisations are using what will soon become obsolete technology and APIs based on screen scraping and reversed engineering, while our platform is fully developed with the latest technology that PSD2 requires, ie. open and standardised APIs.
“Therefore, our platform is a much more secure, cost-effective and flexible solution for our customers and their end-users, giving us a huge advantage over existing solutions.”
The start-up has also built a development portal through which third-party providers and partners can develop their own brand-name products and services with Open Payments’ white label technology.