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.