Open banking platform LUXHUB closes €7.4m funding round

Open banking API platform LUXHUB has received €7.4m in an internal funding round which will support its European expansion.

The investment was supplied by its founder banks Banque Raiffeisen, BGL BNP Paribas, POST Luxembourg and SPUERKEESS.

Funding from the round will be used to accelerate the development of its open banking and open finance products. It will also use the funds to aid its European expansion efforts.

Luxembourg-based LUXHUB helps financial institutions to meet PSD2 compliance through APIs that simplify the interconnection between different parties.

Since the company was founded, it has helped nearly 40 financial institutions meet PSD2 compliance.

LUXHUB CEO Jacques Pütz said, “LUXHUB has rapidly emerged as a leader within Luxembourg’s new Open Banking ecosystem. But our ambitions have always been to have a strong Europe-wide presence, and it’s our progress in this respect that has been most impressive.”

“We’re currently in a uniquely accelerated period of digital transformation, and LUXHUB is uniquely positioned to play a key role in this when it comes to financial institutions. We have the firm commitment of our four founding shareholders, alongside a deep-rooted philosophical core of innovation and collaboration.”

The open banking platform established a partnership with financial software developer Temenos to create a PSD2 solution for banks.

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