The firm says it is aiming to bring open banking to the market at no cost to fintechs and banks.
Free open banking API provider Nordigen has raised €2.1m in a seed round backed by a number of fintech angel investors and other VC investors.
Nordigen wants to take on the open banking infrastructure providers in Europe such as Tink, Plaid and Truelayer by providing free access to bank APIs while upselling other services to fintechs and banks.
The Latvia-based startup announced what it says is Europe’s first free open banking API in December 2020.
It now says it has integrated just over 1,000 European banks’ APIs in the past few months allowing it to move forward with its freemium model for open banking.
Nordigen attracted investment from Black Pearls VC, Inventure, Highgoal Capital, ID4 Ventures, Superangel, Calchas Holding and angel investors Artis Kehris, Henry Nilert, Gerri Kodres and Riivo Anton.
“Having less legacy technology to maintain means we can move a lot faster.” says Rolands Mesters, CEO and co-founder of Nordigen.
The new capital will help it to improve its API platform as well as take on new clients, Nordigen says.