Open Start, an open banking company based in Stockholm, has secured a round of financing of € 1.2 million from Brightly Ventures, Luminar Ventures and several business angels. The company plans to use the money to expand in the Nordic countries and, later, in Europe.
Open Payments has developed a platform that allows external developers to access several banking APIs in the Nordic markets in accordance with the revised EU Payment Services Directive, also known as PSD2. The startup claims to have one of the most advanced solutions in the industry. The final date for implementation of the EU directive PSD2 is on 14th September of this year. A number of organizations within the EU claim that they are already operating within the framework of PSD2,” said Louise Brandt, co-founder and CCO at Open Payments, who used to work for the Swedish fin tech unicorn iZettle. The majority of these associations are using what will soon turn out to be out of date technology and APIs based on screen scraping and reverse engineering, while our platform is fully developed with the latest technology that requires PSD2, i.e. open APIs and standardized. Therefore, the best platform is a much safer, more profitable and flexible solution for our customers and their end users.”