Two of Scandinavia’s largest banks, DNB and Danske Bank, strategically invested jointly in the startup to attempt to building the leading PSD2 infrastructure in the Nordics and make it possible for others to innovate on top of banking data. Spiir has now raised €8.5 million in 2018 alone.
PSD2, in short, is a Directive to regulate payment services and payment service providers throughout the European Union and European Economic Area, essentially meant to provide for a level playing field by harmonising consumer protection and the rights and obligations for payment providers and users.
Spiir’s solution is available for anyone some time before the full roll-out of the PSD2 regulation, which will force banks to open up their financial consumer data through open APIs by the end of 2019. Its Nordic API Gateway already provides unified API access to both personal and business accounts from all Nordic banks.
Soon, Spiir says it will also include a novel way to initiate payments directly from account to account.