Open banking platform Nordic API Gateway raises €4.6M to kickstart European expansion

In a latest development, the open banking platform Nordic API Gateway has raised an additional €4.6 million in internal funding round with its partners, Danske Bank and DNB, bringing its total investments to €13.3 million.

The company intends to use this funding to initiate an aggressive growth plan towards pan-European coverage and further development of its open banking services. It’s worth mentioning that 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. 

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.” 

Launched in 2018, Nordic API Gateway enables major financial institutions, the payments industry, and other fintechs to transform the future of financial services

Rune Mai 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.”

Through one API, Nordic API Gateway has simplified access to aggregated financial data with the most extensive coverage of both personal and business bank accounts in the Nordics. 

Global Head of Business Development of Danske Bank, Lars Malmberg, 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 Danish company works with industry-leading companies – Danske Bank, DNB, Jyske Bank, OP Financial Group, Pleo, and others, by providing comprehensive access to financial data and the ability to quickly, easily and securely initiate payments. 

Headquartered in Copenhagen, Nordic API Gateway currently employs 60 people across three office locations, including Aarhus and Gdansk. 

Rune Mai concluded: 

“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,”

Main image credits: Nordic API Gateway

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