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4 emerging open banking FinTechs in the European market

By Megha Bhattacharya

May 13, 2021

  • 4
  • Europe

FinTech, Singapore, financial technology, India, Qatar, Philippines, Indonesia, Ajaib, Bharatpe, Cwallet, Zerone, MyntSince the introduction of the EU’s Second Payment Services Directive (PSD2) in January 2018, open banking has revolutionised the way millions of people manage their finances and use their data.

The ability to access all your accounts and integrate non-banking financial services too has proved increasingly popular over the last few years, with the likes of FinTech giants Monzo, Revolut and Starling all offering some form of the technology.

Here are 4 emerging FinTechs in the European Open Banking space –

Stockholm-based open banking solutions provider Tink recently announced the acquisition of credit decision solutions provider Instantor, in a bid to facilitate its European expansion. Tink is expected to leverage the acquisition for boosting its product offering and market position in Europe.

Founded in 2012 by Daniel Kjellén and Fredrik Hedberg, Tink is now offered in 17 markets across Europe and Latin America.

Recently, Tribe Payments teamed up with open banking provider Tink in a bid to enable the former to combine its issuer and acquirer services, with Tink’s open banking payments. This will also enable Tribe’s customers to access both traditional and more innovative payment solutions.

Tink integrates with more than 2,500 financial institutions, reaches over 250m customers and processes more than 10bn transactions a year.

Established in 2011 in Germany, FinTech unicorn Deposit Solutions allows banks to offer attractive third party deposit products to their own customers through their existing accounts. It has offices in Hamburg, Berlin, London, Zurich and New York and has local presences across Europe.

A recent analysis by the FinTech Deposit Solutions has revealed that Europeans hold more money in their current accounts as compared to before, with the current account volume in the Eurozone reaching a record high in April 2020, doubling since 2013. The analysis stated that 50% of the money on Eurozone bank accounts is in non-interest-bearing current accounts instead of an interest-bearing overnight deposit, fixed-term deposit, and savings accounts.

Deposit Solutions offers an Open Banking platform for deposits. Its Open Banking technology aims to provide an infrastructure for the global $ 50 trillion deposit market that benefits banks and savers alike.

Established in 2017 in the UK, Yapily offers a proprietary open API that enables companies to access the financial information needed to meet rising customer expectations in banking, lending, payments, accounting, and money management. Its clients include Intuit QuickBooks, IBM, and GoCardless. It also collaborates with technical design authorities and regulators, such as Open Banking Implementation Entity in the UK and Berlin Group.

Recently, AccessPay teamed up with open banking infrastructure provider FinTech Yapily to offer a new treasury solution for corporates, in a bid to provide thousands of UK businesses real-time visibility into their cash position and transaction flows. The integration is expected to enable AccessPay users to connect and aggregate their entire corporate banking estate at the click of a button.

European neobroker BUX recently extended its partnership with Yapily to France and Austria. The new collaboration will enable French and Austrian BUX Zero users, along with German users to fund their accounts and build an investment portfolio.

Minna Technologies, founded in 2016 in Sweden, enables customers to manage subscription services via their bank’s app. It aims to reduce the burden on bank call centers with its integration with Visa, by stopping payments from cards. The platform also notifies customers when a free trial is about to end to prevent them from being charged and facilitates utilities switching to help customers find better deals.

Minna Technologies, recently, secured €15.5 million in a Series B funding round led by Element Ventures along with the participation of Visa, MiddleGame Ventures, and Nineyards Equity. The recent funding round takes the total amount raised to around €23 million. The new funding is expected to help the company to expand its open banking technology globally.

READ MORE: Open Banking Roadmap for Mid-sized banks in Europe by IBS Intelligence

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