GoCardless set to acquire open banking platform Nordigen

GoCardless, a leader in direct bank payments, is set to purchase open banking data provider Nordigen for an undisclosed fee.

GoCardless claims it will incorporate Nordigen’s next-gen open banking connectivity, offering the widest coverage in Europe, connecting to more than 2,300 banks in 31 countries – into its account-to-account network.

The acquisition means that GoCardless will provide free open banking connectivity at scale, opening up self-serve access to account information services to everyone. Furthermore, its suite of premium data products will help improve outcomes and adding new payment types such as Variable Recurring Payments.

GoCardless said that the deal is anticipated to close later this summer. Further terms of the acquisition were not disclosed.

GoCardless CEO and co-founder Hiroki Takeuchi said, “Over the past few years it’s been amazing to watch open banking grow from a trend on the horizon to a global phenomenon which has given rise to a market worth over $400 billion. We realised early on that this technology would drive bank payments for decades to come and over the last 18 months, we’ve accelerated our push into open banking as part of our vision to build the world’s bank payment network.

“The Nordigen acquisition will take us to the next level. By intelligently combining free, state-of-the-art open banking connectivity with deep payment expertise, we can now offer open banking-as-a-service to any developer, partner or fintech. We believe this open access will lead to experimentation, and that will create even more compelling use cases. We’re excited to redefine what open banking can do with the talented Nordigen team now on board.”

Nordigen CEO Rolands Mesters added, “At Nordigen our mission is to help businesses around the world adopt and utilise open banking, enabling greater financial transparency and financial inclusion. We share GoCardless’s excitement about the growth of open banking, and we’re delighted to join forces with a group of people who not only share our passion for driving game-changing innovation in financial services but will also help us bring free open banking access to a far wider audience.”

GoCardless recently  launched a new fraud prevention tool within its global bank pay platform to help protect its users from payment fraud.

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