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July 1, 2022

GoCardless to buy Nordigen in open banking push

Direct bank payments provider GoCardless is planning to acquire Nordigen, an open banking data provider. 

GoCardless will integrate Nordigen’s open banking connectivity into its account-to-account network. 

The deal is anticipated to allow GoCardless to provide open banking connectivity at scale for free, giving everyone self-serve access to account information services (AIS).

Additionally, Nordigen’s data offerings are expected to enhance processes such as credit assessment and customer engagements.

GoCardless noted that Nordigen offers connectivity to over 2,300 banks in 31 countries, which is the widest in Europe. 

The announcement is the latest effort from GoCardless to accelerate its open banking strategy.

Nordigen’s acquisition will also allow GoCardless to acquire in-house open banking connectivity. 

GoCardless co-founder and CEO Hiroki Takeuchi said: “We realised early on that this technology would drive bank payments for decades to come and over the last 18 months, we have 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.”

Nordigen CEO Rolands Mesters said: “We share GoCardless’s excitement about the growth of open banking, and we’re delighted to join forces with a group of people who not only share our passion for driving game-changing innovation in financial services but will also help us bring free open banking access to a far wider audience.”

The financial terms of the deal, which is expected to close later in the summer, were not disclosed.

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