Copenhagen-based Nordic API Gateway, an open banking platform, has announced a partnership with Pleo, another Danish fintech that provides employees with payment cards, and just raised €50 million back in May.
The collaboration will accelerate access to transaction data and give Pleo the ability to build an even better customer experience for its more than 5,000 business customers. The two rapidly growing Danish fintech scale-ups have joined forces to build a hassle-free and fast solution that enables Pleo to speed up the time it takes for their customers’ top-up payments to reach their prepaid cards.
“We’re happy to enter into a partnership with Nordic API Gateway, which provides us with full access to all business accounts in the Nordics,” said Jeppe Rindom, CEO & founder of Pleo. “In addition to creating a faster top-up payment system to benefit our customers, the full coverage gives us new opportunities on the product front. With access to our customers’ bank data, we’re now able to see transactions in just a few seconds. Because of this, we can transfer the deposits directly to the customers’ Pleo cards faster than ever. That has a huge value for our business and, more importantly, our customers.”
According to Rindom, the new partnership is solving the number one pain point of Pleo’s customers by bringing down the time from days to seconds for funds to appear on their Pleo cards.
“We’re excited to provide Pleo with simple access to financial data and enable a frictionless financial experience for their customers across the Nordics,” said Rune Mai Nordic API Gateway CEO and founder. “Our platform and services allow all kinds of industries to take full advantage of PSD2, and this partnership sits well in line with our aim to empower the accounting industry where we’re the leading open banking provider.”
Nordic API Gateway has become an open banking platform heavyweight, delivering innovation to the accounting industry and cementing partnerships with the vast majority of SME accounting systems.
In fact, the accounting industry is, according to Mai, one of the industries that will benefit most from PSD2 and open banking opportunities, with contributing factors including automation and a reduction in processes and costs. It took Pleo less than three weeks to go live with Nordic API Gateway’s account information services. Moving forward, Pleo will use the open banking platform to scale their offering further into Europe; both parties view this as a fruitful collaboration that will involve well into the future.