Latvia-based FinTech startup Nordigen has made an announcement of launching the first free open banking API platform that will provide connectivity to more than 29 countries across the European Economic Area.
The free platform will enable the ease of choosing and integrating to an open banking platform for fintechs, when accessing open banking data can be exceedingly expensive.
In a press-release, CEO and co-founder of Nordigen, Rolands Mesters remarked that Nordigen will become the first to launch a free open banking data service in Europe, though not the last. This freemium model will later be followed by the rest of the industry, he added.
The current open banking companies increase cost of access for FinTechs with growth in scaling, alongside difficulty in navigation as there are over 38- AISPs in Europe.
Additionally, Nordigen will keep at providing insights and data analytics to banks, lenders, and FinTechs across 19 countries.
The freemium service will depend exclusively on PSD2 bank connections; the platform will provide raw banking data in a steady and reliable manner, according to the company.