The fintech sector has exploded in recent years. From smart payment providers to neobanks, the financial world has been shaken up. And with the arrival of PSD2, which expands the possibilities of open banking, it has only just begun. That is why we have listed seven startups that are shaping the open banking economy.
Plaid: API for bank data
The American Plaid lowers the barrier to building financial technology by repairing flaws in the infrastructure of banks and credit card issuers. Using their REST API (Application Program Interface), developers can get transaction and account information from all kinds of major financial institutions. The startup provides context for all transactions. Plaid sees open banking as a prelude to open finance. “Open finance basically opens any digital financial account instead of just a bank account, including investment accounts, debt accounts and so on,” outlines chief operating officer Eric Sager.
TrueLayer: financial app development platform
Tink: provider of open banking APIs
Tink's Swedes focus on providing plug & play interfaces that allow banks and fintech companies to develop products for account aggregation, payment initialization, data enrichment and personal finance management. It uses machine learning models to analyze data from multiple sources. Customers can integrate the products into their existing apps or develop them into stand-alone services. According to CEO and co-founder Daniel Kjellén connecting to its platform makes it much easier for other startups to access banking information than having to connect to each bank individually. “You see two megatrends in banking: a shift from analog to digital and from closed to open.”
FinanzGuru: gives consumers a grip on finances
Where many open banking startups focus on the B2B market, FinanzGuru focuses on the consumer. And does this through an app to bring together different accounts and contracts. It makes no difference which bank a customer is affiliated with. The startup offers insights into the income and expenses of participants, so that they can get a grip on their financial household. A payment function has also recently been added to the app, which should make it even easier for customers to keep an eye on their finances. “Our app thus becomes a real digital wallet that is relevant for the customer on a daily basis”, says general manager Benjamin Michel.
solarisBank: APIs for banking platform development
This startup is developing a licensed banking platform that can be accessed via an API. And enables digital companies to create custom services. Payment services for marketplaces, issuing vouchers, e-money and escrow solutions are among the possibilities. In addition, the German company also offers a range of banking services via APIs, account creation and maintenance support, transaction services, and deposit and credit activities. “Financial services will permeate many other industries,” predicts CEO Roland Folz† “And vice versa, many other industries will start offering financial services.”
Bittiq: open finance platform
Dutch company Bittiq creates open financing solutions that enable companies to offer new and improved financial services. It does this, among other things, through financial data aggregation, smart data analysis and tools for financial well-being. Customers thereby gain secure access to the use of financial data in order to improve their services. The solutions are suitable for financial service providers of different sizes, from large banks to small fintech companies. “The winners will be the parties that can let go of outdated revenue models and bind the customer by offering financial well-being in the long term”, said Hidde Koning, CEO and co-founder of Bittiq.
Synapse: white-label APIs for banking services
This San Francisco-based company offers payment, deposit, credit and investment products as APIs, among others, aimed at fintech companies that can build and launch financial products. In addition, it also enables banks to automate their back-end activities via APIs. The big banks will not be the center of the new wave in fintech, says Synapse CEO Sankaet Pathak† “We want to make it very easy for internet companies to distribute financial services.”
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