GoCardless, the leading fintech in account-to-account payments, has announced its intention to acquire the freemium open banking platform Nordigen, in line with its ambition to build the most major global banking payment network.
GoCardless will integrate Nordigen’s next-generation open banking connectivity API – to date the largest in Europe with connection to more than 2,300 banks in 31 countries – into its account-to-account payments network, a statement said.
This acquisition means that the British fintech will now be able to provide open banking connectivity at very large scale, allowing everyone to access free and self-service account information services (AIS). Additional premium products will allow GoCardless customers to improve their credit reporting or loyalty revenue, the statement said.
This acquisition will also allow GoCardless to establish its own open banking connectivity, which it intends to develop through broader coverage and the combination of additional products such as Variable Recurring Payments, it said.
Hiroki Takeuchi , Co-Founder and CEO of GoCardless, said: “ We are thrilled to see how, in just a few years, open banking has grown from just a trend on the horizon to a global phenomenon, giving rise to a market which now weighs more than $400 billion. From the outset, we anticipated that this technology would lead to a lasting revolution in banking payments. This is why for 18 months we have been accelerating in open banking with this ambition to build the largest global banking payment network”.
“The acquisition of Nordigen is a further step in this strategy. It makes it possible to intelligently combine free and state-of-the-art open banking connectivity with our recognized expertise in payments. We are now able to offer open banking-as-a-service to any developer, partner or other fintech. We are convinced that this greater accessibility of open banking will be beneficial in terms of experimentation and the creation of new uses. We are delighted to have the talented Nordigen team by our side to redefine the contours and all the fabulous potential of open banking.”
Rolands Mesters, CEO of Nordigen, said : “At Nordigen, our mission is to facilitate the adoption and use of open banking by companies with the idea of contributing both to greater transparency and greater financial inclusion. We share GoCardless’s enthusiasm for the rise of open banking and are delighted to join a team that not only shares our desire to drive innovation in financial services but will also enable us to provide free open banking to a wider audience”.
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