Open Banking: The firms battling to win in 2021
These 7 Open Banking providers are fighting for European domination next year.
Without a shadow of a doubt, the battle for Open Banking supremacy is going to be one of the defining fintech stories of 2021.
This nascent industry has roared into life over the past 24 months, with multi-million-pound funding rounds and multi-billion dollar acquisitions alike.
There is now a land grab underway to provide not only account aggregation services, but also account verification, data enrichment and crucially payments (we'll leave credit decisioning aside for the sake of this article, as a different group of providers are competing here).
It is this final category which promises to position Open Banking providers as the payment gatekeepers of the future, bypassing the traditional card networks and payments providers in order to provide seamless bank-to-bank transactions.
These are the 7 fintechs that will be going head-to-head:
With customers including Emma,Monzo,TransferWise and Sage, Plaid this year signed up more European integrations with the likes of ING, Rabobank, and ABN Amro, and campaigned for the development of Open Finance and pensions APIs in the UK.
Between its UK, European and North American markets, Plaid claims to connect over 3,000 apps to over 11,000 financial institutions.
Founded in Sweden in 2012 by Daniel Kjellén and Fredrik Hedberg, Tink now has connections in 14 European markets, but recent acquisitions mean its reach is now expanding to additional markets in Southern Europe and Latin America.
TrueLayer is currently live in the UK, Ireland and France with public beta access in Spain, Italy and Germany and private beta access in Lithuania and Poland.
Simoneschi and co have also appointed their first country manager in Australia ahead of an official launch in early 2021.
The fintech has API coverage in 15 markets, including Germany where it launched earlier in 2020, and covers over 180 financial institutions.
YTS marked the year by surpassing 1bn Open Banking API calls, roughly 26m per week, with 80 per cent coverage of financial institutions in five European countries including the UK, the Netherlands, Italy, France and Spain.
Founded in 2014 by CTO Dave Tonge before CEO Samantha Seaton joined in 2016, Moneyhub began life as a personal financial management app before expanding to white label its platform and eventually provide open banking services to its corporate partners.
Moneyhub's offering goes beyond basic bank account aggregation to include pensions, investments, mortgages, loans, properties and savings within the datasets it can pull in from some 200 financial services providers, including several new Irish banks for 2020.