GoCardless has announced its intent to acquire Nordigen an open banking data provider. The deal is expected to close later this summing. The terms of the acquisition were not revealed. GoCardless is based in the UK with offices around the world. Nordigen is regulated in Latvia and authorized in 31 European countries.
GoCardless is a payment solutions providing that enables transactions directly from customers’ bank accounts through direct debit and open banking. Nordigen is a “freemium open banking platform” that facilitates free access to open banking data and data insights. Nordigen’s API is said to connect more than 2,300 banks in Europe and serves Fintech companies and developers in 31 European countries, including the UK.
According to GoCardless, the acquisition will enable “free open banking connectivity at scale,” allowing self-serve access to account information services. The purchase aims to enable GoCardless to acquire in-house open banking connectivity, which it plans to leverage to expand coverage and add new payment types such as Variable Recurring Payments.
Hiroki Takeuchi, co-founder and CEO of GoCardless, commented on the acquisition:
“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 realized 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.”
Rolands Mesters, CEO Of Nordigen, said they share GoCardless’s excitement about the growth of open banking.