NDGIT, which offers banks and insurers an Open Banking platform, has closed a €4m Series A funding round.
The financing was led by Capnamic Ventures, with participation from London-based VC PROfounders and existing investors, Dieter von Holtzbrinck Ventures and Business Angels. The software company said it will use the new capital to further accelerate its growth by expanding the team and advancing product development.
NDGIT stands for Next Digital Banking and provides the first API platform for banking and insurance companies, enabling banks to open themselves up for digital partners using Open Banking APIs and PSD2 solutions. Its customers include the Swiss bank Hypothekarbank Lenzburg and Germany’s Bank für Sozialwirtschaft.
The NDGIT API platform provides the framework for efficient projects and IT architectures using micro services. It delivers the tools for the secure administration and management of internal and external APIs with all cross-section functions. Its API marketplace also enables the integration of APIs from leading specialists in the various FinTech segments into user’s applications.
In addition, NDGIT enables banks to implement the regulatory requirements with low expenditure. The PSD2 APIs are provided securely with the established API management for TTPs – operated on-premise or as SaaS and powered by our BSI’s fully certified banking data centre. In addition, its standard software provides all the technical features for PSD2 and RTS.
Oliver Dlugosch, founder and CEO of NDGIT, says: “In Capnamic we have gained a leading investor with experience in the FinTech and InsurTech sectors. In light of the common PSD2 Directive and international Open Banking developments, the investment by PROfounders Capital provides further proof of NDGIT’s European market relevance. With the support of our partners, we intend to accelerate our growth and keep on driving NDGIT’s development into a market-leading Open Banking platform in Europe.”
PSD2 is an EU Directive which sets requirements for firms that provide payment services, and effects banks and building societies, payment institutions, e-money institutions and their customers. As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
