The decision to make an additional investment in Spiir comes on the back of the announcement by Norwegian bank DNB that it has also chosen to invest in the company. This can help accelerate the development of Spiir’s solutions – solutions that will be beneficial to consumers across the Nordic region.
Nordic API Gateway only the beginning
Spiir’s app, which automatically retrieves data across multiple banks on behalf of users, helps more than 250,000 citizens in Denmark keep track of their finances.
However, the company’s launch of the Nordic API Gateway platform at the beginning of the year extends much further. The Nordic API Gateway gathers data from all Nordic banks in one place. Once customer consent has been received, the platform gives banks, retailers, FinTechs and others access to a customer’s bank data from multiple banks.
It is thanks to the Nordic API Gateway, for example, that Danske Bank customers are able to view accounts from other banks in their Danske Mobile Banking app.
Investing in the future
Lars Malmberg, Head of Commercial Excellence at Group Development in Danske Bank, represents Danske Bank on Spiir’s board of directors. He says that when Danske Bank became co-owner of Spiir in May 2018, it was agreed that Danske Bank would increase its investment in the company on condition that there were other banks pre-pared to invest in or enter into partnership agreements with Spiir.
We view the investment in Spiir and the Nordic API Gateway as an investment in the future. There is great future potential within Spiir’s technical platform, which supports PSD2 requirements that banks provide customer bank data to third parties. The platform being developed by Spiir not only increases competition and transparency across banks, but also helps consumers achieve a better financial overview and enables them to manage their daily economy in a simple and easy manner.Lars Malmberg
Head of Commercial Excellence at Group Development, Danske Bank
New financial services in the Nordics based on the Nordic API Gateway
One of the key elements of PSD2 is that the monopoly on account information and payment services held by banks be broken up. This means that bank customers can choose to share their bank data with third-party providers, which can be easily done using Spiir’s platform.
At Spiir, Danske Bank’s decision to increase investment and DNB’s decision to become co-owner have been warmly welcomed.
We are honoured to have two of the largest and most innovative Nordic banks as investors in Spiir. It adds additional power to the continued development of our platform. Over the coming year, we will see new and exciting financial services in the Nordic region based on the Nordic API Gateway. Examples could be apps that reward you automatically, without you having to present your loyalty card. Or it could be accounting systems with automatic balancing, or loan calculators that can provide better interest rates based on data.Rune Mai