ABN AMRO’s Digital Impact Fund (DIF) has backed Dutch FinTech Ockto to purchase a minority stake in the business.
The FinTech’s mission is to make it easier for consumers and businesses to safely collect and share personal data. It allows consumers to collect data ‘quickly and easily’ when applying for mortgages, taking out insurance or making a financial plan, with the app collecting data from multiple Dutch government sites for taxation, benefits, pensions etc.
With the investment, ABN AMRO broadens its cooperation with Ockto, which has already started with its subsidiary Moneyou. The company will use the capital to grow faster, further professionalise and possibly also upscale internationally in the future.
Robert Harreman, CEO and co-founder of Ockto, said: “Ockto is a platform with which we not only serve financial institutions, but also other sectors for which consumer information is important, such as debt assistance, the rental sector and municipalities.
“We see that consumers want to be more self-reliant, but that it often takes too much time to find out the personal details at the various institutions. With Ockto we take this search away. With the introduction of the GDPR and PSD2, consumers can take charge even more easily and especially safely when it comes to their personal data. Ockto facilitates that. ”
The ABN AMRO DIF is the corporate venture capital fund specifically for FinTech. In March, the DIF increased from €10m to €50m meaning larger strategic investments in leading national FinTechs are now also visible in the fund.
Along with Ockto, the fund has previously backed German challenger bank solarisBank, cybersecurity company BehavioSec, Swedish FinTech Tink, American innovative FinTech Cloud Lending Solutions, and a blockchain initiative in trade & commodity finance.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
