ABN Amro has made an investment in the Dutch fintech company Ockto to acquire a minority stake in the company.
The bank made the investment through its corporate venture capital fund Digital Impact Fund (DIF).
Ockto focuses on providing assistance in collecting and sharing data securely to the consumers and businesses to facilitate mortgage application process as well as to monitor their financial condition.
The investment is expected to strengthen ABN Amro’s collaboration with Ockto as well as enable the fintech company to expand and scale up internationally.
ABN Amro chief digital officer Frank Verkerk said: “Ockto offers all consumers in the Netherlands the shortest and easiest route to financial control.
“The app not only provides a solution for consumers, but it’s also a real innovation for the Netherlands.
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“It helps businesses automate their systems securely and provide their customers with better services – a win-win situation that gives the consumer full control.”
Generally, a business or a person needs to procure various information and data when applying for a mortgage, insurance or even making a financial plan.
Ockto facilitates this data collection process, where its app, gathers necessary data from multiple Dutch government websites such as taxation, benefits and pensions.
The consumers can check the authenticity of this procured data and then submit them to any third party through a secure online connection.
Ockto co-founder and CEO Robert Harreman said: “Our alliance with ABN AMRO gives both parties huge potential to achieve synergies, benefiting the financial sector and consumers alike.”