Riga-based open banking API Nordigen raises €2.1 million, sets Tink in its sights

Funding Rounds

▤ Summary

Latvia’s free open banking and data insights API Nordigen has raised €2.1 million in a funding round that saw participation from Black Pearls VC, Inventure, Highgoal Capital, ID4 Ventures, Superangel, Calchas Holding, and Angel Investors Artis Kehris, Henry Nilert, Gerri Kodres, and Riivo Anton. Banks have built amazing APIs to let people migrate their account information securely and without friction. So if Nordigen is just giving the service away, one that is free under European banking laws, but still charged by industry players including Tink, what’s the business model? “Access to banking data is becoming a commodity and Nordigen is also creating the next valuable layer by turning fragmented financial data into usable information for various types of financial institutions,” comments Aleksander Dobrzyniecki, Partner at Black Pearls VC. After partnering with Tink and experiencing fees firsthand, Nordigen decided they could do things better, flipped the switch, and opened up the API for free.

$ Funding

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Amount $2.6M Total raised
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Date June 2, 2021 Announcement date
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Investors Inventure, Superangel, Id4 ventures, Black Pearls VC, BBVA New Digital Ventures Lead investors
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Company http://nordigen.com/ Funded company

▥ Classifications

industries
Fintech & Banking
applications
Web and Content Management

◇ AskAI Classifications

Labels
open banking platform financial software API platform

▦ Linked Companies

Tink AB
$10M to $25M