Open banking is an area that has untapped potential. Usually associated with banks, fintechs and lending institutions, open banking also creates opportunities for other companies to benefit from real-time access to their customers’ banking data. In the era of digital transformation caused by the COVID-19 pandemic, more entities from other industries are opening up to new solutions to develop and improve their service – among other telecoms, accounting, real estate or e-commerce companies.
European fintech Kontomatik delivers solutions that widen the application of open banking to non-bank entities. Founded in 2009 in Warsaw, Kontomatik operates in 11 markets and gives access to data from over 130 banks in Europe and outside.
Kontomatik provides stable and secure connections with banks through API, enabling businesses to use banking data to develop efficient and personalised services. Data obtained through API Kontomatik can be used for customer identification, detailed credit risk assessment and precise customer segmentation.
Kontomatik, as one of the European pioneers of open banking, was the first fintech company to get AISP licenses from Polish Financial Supervision Authority and Bank of Lithuania. The company provides services to banks and fintechs in the EU and SEA and now is planning to expand services for non-banking financial institutions.
Michal Lukasik, CEO of Kontomatik, said: ‘The use of open banking outside of the financial sector is a great opportunity for the market and its players. Cardless and faster payments, improved credit risk assessment, reduction in credit fraud rates - those are a few benefits of open banking and PSD2 which is rapidly transforming financial institutions. Non-financial institutions are not fully aware of potential benefits open banking gives to them. We at Kontomatik, want to change that and prove that open banking can bring value to any business.’
Andrea Traversone, Managing Partner, Amadeus Capital Partners, said: In the long term, open banking will be an important catalyst for new business models and an opportunity for customers to benefit from personalised services. We are delighted to back Kontomatik as it becomes an independent company and expands its client base globally.
Andre Bliznyuk, General Partner at Runa Capital, added: ‘We are excited to support Kontomatik as they continue to introduce innovation in the open banking space and grow its business globally”.
Amadeus Capital Partners is a global technology investor. Since 1997, the firm has raised over $1bn for investment and used it to back 150 companies. With vast experience and a great network, Amadeus’ team of investors and entrepreneurs share a passion for the transformative power of technology.
Pioneering businesses we’ve backed include cyber security vendor ForeScout (NASDAQ:FSCT); Graphcore, innovators in intelligent microprocessors; IVF genetic testing company, Igenomix, IndiaMART, the B2B online marketplace (NSE: INDIAMART) and speech recognition company VocalIQ (acquired by Apple).
Runa Capital is an international venture capital firm headquartered in Palo Alto, California, United States that invests in deep tech (AI, machine learning, middleware, open source, etc), cloud business software, fintech, edutech and digital health startups on early stages. From 2010 through 2020 Runa Capital raised 3 funds and invested in over 60 companies in Europe and North America including Nginx, MariaDB, Zopa, Brainly, drchrono, Smava and Mambu.
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