Open banking has been making great strides in Europe in the past few years, underpinning increasing numbers of transactions in account-to-account payments, digital wallets, cash-flow management and accounting systems, investment platforms and more.
Open banking platforms, which facilitate third-parties, like apps, to access banks’ APIs, are flourishing, with players like Plaid, Nordigen, Truelayer, Yodlee, Yolt, Moneyhub charging ahead in this new space.
In September, UK-based Truelayer closed a $130 million funding round, giving the five-year-old company a valuation of over $1 billion. Last summer, Visa announced it would buy Swedish open banking platform Tink for €1.8 billion, just one of the ongoing acquisitions in the sector. Open-banking platform (and BNPL giant) Klarna grabbed the biggest round for a valuation of over €37 billion.
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