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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
Crastorehill is acquiring two Germany-based open banking players, ndgit and Qwist.
Terms of the deal were not disclosed.
Crastorehill has appointed Matt Colebourne as CEO.
Fintech Capital-owned Crastorehillannounced this week it has acquired two German open banking players, ndgit and Qwist (formerly known as finleap). Financial terms of the deal were not disclosed.
Warsaw-based Crastorehill builds data analytics products for financial services. The company’s strategy hinges on acquiring other open banking providers to help enhance its product suite, geographical coverage, as well as its big data and artificial intelligence capabilities.
Crastorehill is making the acquisition in anticipation of the European Union’s pending PSD3 regulation. PSD3 is an advancement of PSD2 and is expected to accelerate the proliferation of open banking based products.
As part of today’s announcement, Crastorehill unveiled it has appointed Matt Colebourne as CEO. Colebourne is Chair of ecommerce technology company Visii and former CEO of Searchmetrics.
“Open standards, in almost any technological or regulated area, create the opportunity to solve previously insoluble problems, to do things faster, more easily and more cheaply,” said Colebourne. “Much as the internet ushered in a previously inconceivable plethora of new ways to interact, transact and research, the rise of open banking will enable new ways to assess risk, verify identity, understand macro-economic behaviour and enable faster, easier interaction for consumers. I’m excited to join Crastorehill at a time when we have the opportunity to lead this transformation and grow.”
Earlier this month at FinovateFall Digital, it was heartening to hear a number of fintech founders and CEOs highlight the blockchain and cryptocurrencies among the technologies they are most excited about in 2021. While a number of other enabling technologies such as AI and machine learning are in the spotlight right now and others, such as 5G and the IoT are waiting impatiently in the wings, innovations in digital assets and cryptocurrencies have seemed less common in 2020 compared to years past.
That makes the news of Crypterium’s new virtual card – and Apple Pay compatibility – all the more welcome for those who believe the best days for cryptocurrencies are still to come. The Estonia-based company, founded in 2017 and making its Finovate debut one year later, announced this week the availability of its new Crypterium Virtual Visa Card. The new free option gives users the ability to chose between a physical, plastic card, a virtual card, or both, and enables them to make all their contactless purchases with the convenience of a single virtual card on their mobile device. Cardholders can load their cards daily from €2 to €5,000, and have immediate access to their funds.
The company noted that it plans to enable users to integrate their virtual card with Google Pay as well. A timeline for this update was not specified.
Crypterium helps make cryptocurrencies practical by enabling users to load their digital wallets – and now their virtual cards as well – with Bitcoin, Ethereum, and Litecoin, and use those cryptocurrencies to transact with more than 42 million retailers. The company has 500,000 users worldwide, operates in more than 180 countries, and has processed more than 50 million payments.
Entersekt and ndgit Partner to Boost Open Banking
A partnership between two Munich, Germany-based firms – identity verification innovator Entersekt and open banking platform provider ndgit – will make Entersekt’s authentication and smart messaging solutions available on ndgit’s Marketplace. The marketplace offers a curated environment for financial services companies to access a variety of fintech solutions.
Entersekt partners with banks and other enterprises around the world to fast-track their digital enablement journeys, helping them respond to changing consumer preferences while meeting their compliance obligations with confidence,” Central Europe country manager for Entersekt Uwe Hartel said. “We are proud to join forces with ndgit, which has a very similar outlook. Together, we can drive innovation in open banking, securely.”
More than 30 banks and businesses around the world use ndgit’s API platform to digitize their operations and take advantage of the opportunities in open banking. In 2017, the company implemented the first open banking system for Switzerland, earning the Euro Finance Tech Award that year for best fintech bank partnership. At ndgit’s most recent Finovate appearance at FinovateEurope last year, the company demonstrated how its platform powered a PSD2-enabled digital loan application with minimal data entry and a fully secure risk profile.
Here is our look at fintech around the world.
Asia-Pacific
Hong Kong-based financial infrastructure company Airwallex secures an additional $40 million in an extended Series D round.
PayMongo, a Philippines-based online payment platform, announces a $12 million Series A round led by Stripe.
South Korea’s Kakao Pay plans to be the first mobile payment fintech in the country to go pubic.
Sub-Saharan Africa
Will South African banks make paper checks a thing of the past?
Vodacom Tanzania opens its M-Pesa API to encourage developers to build new use cases for its mobile payment service.
Nigeria’s Jumia teams up with Airtel Kenya to enable consumers to make online transactions using Airtel Money.
Central and Eastern Europe
Germany fintech Deposit Solutions goes live in the U.S. with its savings portal SaveBetter.com.
Romanian card processing firm Romcard / Supercard (formerly Wirecard Romania) is acquired by Portuguese payments company SIBS.
Polish ecommerce platform Allegro earns valuation of $11.2 billion in Warsaw’s biggest IPO to date.
Middle East and Northern Africa
National Bank of Bahrain introduces its Tap & Go contactless payment service at POS terminals and cards.
The Fintech Times features Noha Shaker, founder and Secretary-General of the Egyptian Fintech Association as part of its MENA Women in Fintech Series.
Are banks stifling fintech innovation in Israel’s financial services industry? Crowdfund Insider reviews concerns from the country’s Competition Authority.
Central and Southern Asia
Quartz takes a look at Amazon’s interest in the mobile payments market in India.
Pakistan-based fintech and logistics hybrid PostEx secures “six-figure, pre-seed investment” from angel investor Farhan Abbas Sheikh.
HatchX, the first fintech accelerator in Sri Lanka, showcases seven startups that are building insurance, payments, and credit solutions.
Latin America and the Caribbean
Facial recognition technology from FacePhi is helping senior citizens in Argentina collect their pensions without fear of fraud.
Euromoney looks at the potential impact of Chile’s new financial portability law on the country’s digital banking industry.
Argentina’s Ualá, a mobile payments startup backed by George Soros and Steve Cohen, goes live in Mexico.
Swiss IT and digitization specialist Inventx is the latest company to leverage technology from ndgit to enable it to maximize the opportunities of open banking. The company will use an open API integration layer from ndgit to power its new Open Finance Platform, ix.OpenFinancePlatform, which makes it easier for banks and insurance companies to connect with fintechs and other third party providers.
“The partnership with Inventx gives us clear strategic advantages, allowing us to expand our range of fintech solutions for Swiss clients and further boost local market growth,” ndgit Business Manager for Switzerland Roger Wisler said. “Inventx’s innovative Open Finance Platform is the next logical step for the evolution, adoption, and promotion of Open Banking in Switzerland. Together, our optimized interfaces will help to facilitate smooth and seamless integration of fintechs and financial service providers.”
Inventx’s ix.OpenFinancePlatform will use ndgit’s technology and open APIs to facilitate the connections between FIs, fintechs, and software partners. Inventx Head of Consulting and Software Solutions Pascal Wild said the two companies complemented each other insofar as ndgit’s APIs provide the standardized APIs for front-end applications while Inventx offers backend system connectivity. The combination makes it easier for FIs to take advantage of open banking for themselves and their customers “without having to worry about the technical challenges of system communication and orchestration,” Wild explained.
Founded in 2016 and headquartered in Munich, Germany, ndgit demonstrated its PSD2-enabled Digital Loan Application at FinovateEurope earlier this year. The company, which implemented Switzerland’s first Open Banking Platform in 2017, notes that its technology has been deployed by 20+ banks over the past year. Ndgit’s API platform won the CEE Fintech Challenge in 2018, the biggest fintech conference in the Central and Eastern European region.
In October, ngdit forged a partnership with Swiss fintech incubator and accelerator F10. The following month, the company collaborated with Synpulse to launch Switzerland’s first fintech app marketplace. Ndgit was awarded the Finance IT Innovation Award in June, along with partners Finstar, Sonect, and neo.
Payoneer to acquire Munich, Germany-based open payment orchestration platform (POP), optile.
Open banking solution provider Tokenannounces digital money spin-off, M10 Networks.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
BlendIntegrates with Mortgage Credit Specialist Avantus.
Around the web
Recognise Financial Services to deploynCino’sBank Operating System.
NCR announces plans to acquire Midwest POS Solutions.
Courtesy of a new partnership with Personetics, Metro Bank launches its Business Insights solution for business customers.
Revolutteams up with Bottomline, enabling real-time payment services to its retail and business customers in the U.K.
As part of a new initiative, open banking specialist NDGIT to bring its PSD2 Compliance APIs to Switzerland.
3E Software’s Teslar Softwareadds Pendleton Community Bank to list of clients.
Overbond, FI.SPAN, and Finn.AI among 12 Canadian fintech startups chosen for U.K. trade mission.
CardFlight’sSwipeSimple terminal available on PAX A80.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Klarnadeepens ties with H&M to enable customers to shop now and pay later using the H&M app.
NICE’s AML and fraud SaaS solutions to power financial crime strategy for both anti-money laundering compliance and enterprise fraud protections.
Terafinato power Listerhill Credit Union’s omnichannel sales strategy and continue its digital transformation to increase member satisfaction and deepen relationships.
OurCrowdexpands U.S. operations, opens office in Chicago.
ID R&D’sIDLive Face to power remote customer account openings and digital ID verification for Innov8tif’s EMAS eKYC.
ndgit and Synpulse launch international fintech marketplace in Switzerland.
Onfidoreports strong revenue growth momentum for Q2 2019; earns recognition from The Sunday Times as one of the fastest growing private companies in the U.K.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
PNC now usingRipple’s XRP for cross-border payments.
Mortgage Media interviews Steve Butler, founder and GM of AI Foundry.
Flywirepartners with Vietnam Prosperity Bank to simplify international tuition payments for Vietnamese students.
InSpirAVE is being issued its first patent for the technology underlying its savings social network system. The patent is part of the company’s portfolio of patents published internationally.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
nCinoannounces expansion to Canada, opens doors on new Toronto, Ontario office.
Avaloqacquires structured products and derivatives data provider Derivative Partners.
Singapore’s Fintech News featuresaixigo, Nutmeg, and nextmarkets in its look at top European wealthtech solutions “that Singaporean banks should know.”
Anorakteams up with protection and mortgage advice company Albany Park.
NDGITannounces new strategic customer in Portuguese challenger bank, Banco BNI Europa.
The ID Co. joins North American division of the Financial Data & Technology Association (FDATA).
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Fenergoenters the Taiwanese market through a partnership with TUNG-I Information Services (TUNG-I).
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Cornèr and NDGITpartner to provide direct access to third-party service providers under PSD2 regulation.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Motive Partners closes investment in Finantix announced in December.
Since launching in the region last year, Plaidexpands coverage in Canada, adding support for Desjardins, National Bank of Canada, President’s Choice, and Simplii.
NDGIT’s API platform enables UBS to deliver PSD2 APIs for TPPs.
Ledgerpartners with Hong Kong-licensed Legacy Trust to introduce institutional-grade custody solution to accelerate the flow of institutional money into digital assets.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Helping banks and insurance companies thrive in the PSD2 and open banking era is the business of German digital banking solution provider, NDGIT. And according to NDGIT, business is booming.
The company announced today that it achieved a “quadrupling” of license revenues in 2018. This, along with adding 20 new bank customers, makes it one of Europe’s fastest growing B2B fintechs. “The increasing digitization of banks, driven by a change in customer behavior and the European PSD2 regulation, has been a tremendous growth driver for NDGIT,” company CEO and co-founder Oliver Dlugosch said.
In a statement, NDGIT cited three key areas of performance from 2018 that will provide momentum for the company in the new year: a 4x increase in license revenue, partnerships with more than 20 new bank customers, and international growth. The company has expanded to 50 employees in four countries (Germany, the U.K., Switzerland, and Poland), and plans to open offices in both France and Spain this year.
Left to right: Franziska Zangl (Business Development Manager) and Oliver Dlugosch (CEO and Co-Founder) demonstrating NDGIT’s PSD2-enabled Digital Loan Application at FinovateEurope 2019.
“Banks have realized that they have to change if they want to compete in the same ecosystem as new digital players,” Dlugosch added. “The NDGIT Open Banking platform has become an important technological enabler for those vying to stay ahead.”
NDGIT’s technology connects banks, insurers, and fintechs to digital ecosystems, enabling them to take advantage of open banking APIs and PSD2 solutions provided by a wide variety of digital partners. More than 30 banks use the company’s API Management Platform, which gives users greater control in managing both internal and external APIs. NDGIT also offers an API Marketplace to support developers who want to leverage “best of breed APIs” build apps faster.
Headquartered in Munich, Germany, and founded in 2016, NDGIT demonstrated its PSD2-enabled Digital Loan Application, powered by its API platform, at FinovateEurope earlier this year. In 2017, NDGIT implemented the first open banking solution in Switzerland. Last year, the company’s API Platform won the CEE Fintech Challenge. More recently, NDGIT announced that it was partnering with Banco BNI Europa to help the Portuguese challenger bank meet PSD2 regulations.
