Danish fintech startup Nordic API Gateway gets €4.6 million to kickstart European expansion

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Copenhagen-based open banking platform Nordic API Gateway has raised €4.6 million in an internal funding round with its partners, Danske Bank and DNB, bringing its total investments to €13.3 million. The plan is to expand outside of the Nordics and eventually cover all of Europe.

“This initial investment is the first step in a larger strategy to become one of the leading European open banking players in 2020,” says CEO and founder Rune Mai.

Earlier this month, the fintech startup secured its PSD2 licenses to all European countries, which allows the company to act as account information and payment initiation service provider in all new markets.

So far customers include OP Financial Group, Danske Bank, DNB, Jyske Bank and Pleo, as well as accounting system providers and “emerging fintechs throughout the Nordic region”.

“By implementing compliance at the core of our DNA, we have been able to attract large enterprises that are using both account aggregation and payment initiation in all Nordic markets. At the same time, we have a lot of traction within the accounting and ERP space,” Mai explained.

In a press release, the Danish startup says it will soon announce a partnership with a regional Tier 1 bank, and that it expects to close an even larger round of funding in the next few months.

Photo: Co-founders Guðmundur Hreiðarsson (CTO) and Rune Mai (CEO)

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