GoCardless has confirmed its plans to buy Nordigen, a freemium open banking data service provider. That move will open GoCardless to a bigger coverage in its account-to-account network, over 2,300 banks in 31 nations.
Nordigen’s technology will offer GoCardless in-house open banking connectivity, giving free open banking connectivity at a significant scale, and opening up self-serve access to account information services (AIS).
Moreover, it will provide a suite of premium data products that may help enhance the outcomes across a wide range of use cases from customer engagement to credit assessments.
This announcement came in line with the firm’s open banking strategy, over the past 18 months it has unveiled its open banking enabled Instant Bank Pay feature across many markets, and also unleashed Verified Mandates, which integrates AIS with a direct debit to prevent any case of fraud.
The co-founder and CEO of GoCardless, Hiroki Takeuchi, stated:
“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.”
This deal is expected to close later in the summer. More terms of this acquisition were not disclosed.