Danish Fintech comet lands second strategic investor to build the infrastructure of the future

The Danish Fintech, Nordic API Gateway, that is also behind the PFM-app Spiir, is today announcing a new €5.2 million investment from two of the leading banks in Scandinavia, DNB and Danske Bank. It is a strategic investment and the three parties will build the leading PSD2 infrastructure in the Nordics to make it possible for everyone to innovate on top of banking data.

It's a huge milestone for us to onboard the second strategic investor and we are especially proud to welcome a digital and innovative bank as DNB. It grants us a great opportunity to keep developing and expanding Nordic API Gateway. As DNB, our goal is to build an infrastructure that enables anyone to build user-friendly financial solutions for the benefit of consumers and businesses. Rune Mai, CEO of Nordic API Gateway explains.

Chairman of board at Nordic API Gateway, Johan Lorenzen, continues:

Our mission is to build an infrastructure that can provide the foundation for future fintech solutions across our industry, to achieve this need the right partners involved. DNB is a great match as we share the same overall strategic goals of igniting innovation for everyone in the field of finance.

Nordic API Gateway is fully available for anyone long before the full roll out of the PSD2 regulation, which will force banks to open up their financial consumer data through open API’s by the end of 2019. Nordic API Gateway is already providing a simple unified API access to both personal and business accounts from all Nordic banks. Soon the fintech company will also include a smart way to initiate payments directly from account to account.

The focus of DNB Venture is to find attractive strategic and financial opportunities for DNB and accelerate those together with the team and shareholders. We are excited about the opportunity to invest in a thriving fintech company like Spiir and its Nordic API Gateway. The company is building an infrastructure that will enable future financial services and payments. We are very much looking forward to work with the Spiir team, a team we consider very strong and experienced, Karen Elisabeth Heskja, Investment Manager at DNB Venture, says.

Danske Bank raises investment

Danske Bank is pleased to welcome DNB as Co-Owner of Nordic API Gateway. With the second strategic partner onboard, Danske Bank is increasing their investment with a further €1.3 million:

We are very pleased that DNB has chosen to become a part of Spiir and the Nordic API Gateway. Building infrastructure requires collaboration, muscles and a large network. It’s clear that we need other financial players to develop a strong common platform for PSD2 in the Nordics and we believe that our investment will benefit both our customers and innovation in the financial sector in general, Lars Malmberg, Global Head of Commercial Excellence in Danske Bank says.

The total amount of investments in Spiir’s Nordic API Gateway in 2018 is now €8.5 million.

Infrastructure for any industry

Financial services will be integrated more and more into any industry making it much easier for anyone to spend and control their money in a cashless society. Nordic API Gateway will be a major driver of enabling companies to provide real value to customers and users.

Nordic API Gateway already has clients in a wide array of industries: retailers, international banks, ERP providers, startups & fintechs. All of which are developing financial solutions for the Nordic consumers and businesses. The Nordics are the perfect test bed for companies that are looking to enter the European market:

The Nordics have the highest digital adoption rate and matureness of both consumers and banks in Europe. We make it easy to address these markets with financial services in any form and validate a solution for European consumers and businesses. We expect to move quickly to key markets of Europe to facilitate our customers’ growth, Rune Mai says.

Co-creation will speed up innovation everywhere

Nordic API Gateway will be launching many different ways to enrich the data that flows through the gateway. Instead of building functionality in-house the company will screen the markets and engage with partners that can deliver all sorts of data-enrichment or functionality.

It is a focal point of our strategy to co-create as much as possible. As a company, we sincerely believe that success is built on top of smart partnerships. We wish to include other companies or developers in building modules for the gateway such as credit scoring, fraud detection, loyalty or categorization modules. These modules will eventually be available on our platform to use or combine with other modules that can be used by our customers, Rune Mai says.

Building a common infrastructure for PSD2 will be important to leverage the potential of PSD2, and is a good fit with DNBs vision for banking in the future, according to Per Kristian Næss-Fladset, Head of Open Banking at DNB:

We believe that an open approach to banking is key in order to compete and stay relevant in the future. Co-creation across industries and segments, will be fundamental to create value and drive innovation for our customers. This is why Spiirs Nordic API Gateway and the team behind it, is a strategic fit with our visions. PSD2 will create new opportunities for many companies and will lead to increased competition and innovation within the financial sector. We want to contribute and be a driver in these changes by joining our forces to make Nordic API Gateway a leading infrastructure platform in the Nordics.