Kontomatik, a fintech firm that offers data aggregation, analytics and credit analysis tools, has obtained a licence from the Lithuanian central bank to operate as an AISP in 10 markets within European Union (EU).
Benefitting from “passporting”, the firm can now offer services in Latvia, Czech Republic, Estonia, France, Germany, Italy, Poland, Portugal, and Spain in addition to Lithuania.
Kontomatik member of the board Patryk Pietrzak said: “The decision of the Bank of Lithuania to passport the AIS license to particular countries is a confirmation of trust in the services provided by Kontomatik.
“It also gives us a chance for further development in new markets such as France or Great Britain.
For UK, which is on the road to exiting the EU bloc, the firm applied for a three-year temporary AIS licence passport.
According to Pietrzak, the move will offer Kontomatik hedge even in the case of hard Brexit.
As an AISP, Kontomatik has access to a consumer’s account information and offers other financial providers services based on the analysis of the data using machine learning algorithms.
This enables financial institutions to build behaviour profiles of their customers and develop credit scoring.
Kontomatik claims that its solutions cut down the loan application process to as less as few minutes.