Nordigen, a Latvian startup that is challenging the foundational business models of Tink, Plaid and TrueLayer by providing fee-free access to over 1000 European bank APIs, has raised €2.1 million in a seed financing round.
In addition to offering free open banking connectivity, Nordigen makes its money by providing premium data analytics and insights services to fintechs, banks and lenders.
The business model attracted investment from Black Pearls VC, Inventure, Highgoal Capital, ID4 Ventures, Calchas Holding and angel investors Artis Kehris, Henry Nilert, Gerri Kodres and Riivo Anton.
Aleksander Dobrzyniecki, partner at Black Pearls VC, comments: "Access to banking data is becoming a commodity and Nordigen is creating the next valuable layer on top by turning fragmented financial data into usable information for various types of businesses."