Latvia’s Nordigen is bursting the open banking hype bubble with a free API and 2.1 million euros from a set of new investors, while giving Tink, Plaid and Truelayer a run for their money. Since announcing their new freemium model on December 1st of last year, the challenger fintech has gone from supporting 300 to 1,000 European bank APIs in just a few months. Nordigen’s new business model attracted investment from Black Pearls VC, Inventure, Highgoal Capital, ID4 Ventures, Calchas Holding and angel investors Artis Kehris, Henry Nilert, Gerri Kodres and Riivo Anton.
We integrated more banks in the last six months than Tink managed in a whole year. Having less legacy technology to maintain means we can move a lot faster.
Rolands Mesters, CEO and co-founder of Nordigen
It's time to wipe out screen scraping in Europe. It's expensive and hacky. Banks have built amazing APIs to let people migrate their account information securely and without friction. Nordigen allows developers to connect to these bank APIs for free
Establishing trust between the growing number of online transactions is a significant pain point for numerous industries. Nordigen’s experienced team and the world’s first free open banking data hub convinced us to support the company in this round. Access to banking data is becoming a commodity and Nordigen is creating the next valuable layer on top by turning fragmented financial data into usable information for various types of businesses.
Aleksander Dobrzyniecki, Partner at Black Pearls VC
Nordigen is the first free open banking API in Europe providing connections to all major European banks. Since launching in 2016, Nordigan has been an industry leader in building solutions for turning raw transaction data into actionable insights. As a licensed Account Information Service Provider (AISP) authorised in 31 European countries, the company ensures that there are no more upfront commitments and no hidden costs - just free access to PSD2 data. Their services are already used by some of the most innovative banks, lenders, and fintechs in Europe, and clients using the free API have already quadrupled in over just a few months.
About Black Pearls VC
Black Pearls VC is a Poland-based early-stage venture capital firm focused on seed, post-seed, and Series A investments in leading tech startups from Northern & Central Europe. Focusing on supporting ambitious entrepreneurs in building companies with a global reach, Black Pearls VC is usually one of the company’s first investors, helping founders scale and reach their goals. Black Pearls VC focuses on deep tech startups working across various sectors and believes in supporting entrepreneurs who develop novel and ambitious technologies. It usually invests at an early stage with initial investments ticket ranging between €100k - €1m and follow-on investments in later rounds. Black Pearls VC is a part of Kauffman Fellows network of over 400 venture firms and organizations.