Mastercard is lead investor in a multi-million-pound Pre Series A financing round for UK regtech Konsentus.
Konsentus delivers SaaS solutions to Financial Institutions to enable them to be PSD2 open banking compliant.
Mike Woods, CEO of Konsentus says: “The regtech market is growing at 45%+ per annum. With 9,000+ Financial Institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant.
“This investment will support an accelerated growth plan across Europe. We plan to launch new related services later in 2019. With international expansion in due course we will be pursuing a Series A financing round in late 2019”
“We see significant potential for the Konsentus service as Open Banking evolves both in Europe and globally. Through its targeted investments in payment technology, Mastercard continues to provide real value in the way it delivers new solutions to its customers and end-users,” adds Mastercard’s SVP of Open Banking Jim Wadsworth
UK regtech Konsentus provides Identity & Regulatory checking services to Financial Institutions. This ensures compliance with PSD2 and open banking. In particular, the service is issued through a SaaS based platform.
It enables Financial Institutions to ensure that they are only providing data to Third Party Providers (TPPs) who are regulated. And for customers’ who have given “explicit” consent to use their data.
UK regtech Konsentus teams up with Neonomics
Konsentus successful fund raising follows the signing of a number of strategic partnerships.
For example, Konsentus teamed up with fintech Neonomics in May.
Neonomics facilitates PSD2-compliant inter-bank communication to thousands of banks via one unified API. This includes account aggregation and payment initiation offerings.
Clients of Neonomics will be able to access the Konsentus platform. This ensures that they meet the new payment directive regulations. And it safeguards their transaction account customers from unregulated or unauthorised third party providers.
In addition, Konsentus signed agreements with seven partners, Epiphany Srl, Fiorano, Forgerock, Paymentology, PSI-Pay, Transact payments and Tribe in March.