This article provides an analysis of 10 new open banking companies driving innovation through AI-enhanced risk assessment algorithms, real-time settlement architectures, and API-driven financial ecosystems. These companies leverage machine learning models for transaction processing, advanced cryptographic techniques to ensure data privacy and security, and decentralized protocols to facilitate instantaneous cross-border settlements.
Through these innovations, each company is significantly advancing the open banking framework, optimizing data interoperability, enhancing regulatory compliance automation, and driving integration across financial institutions and third-party providers.
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Key Takeaways
Drawing insights from the Big Data & AI-powered StartUs Insights Discovery Platform that provides data on over 4.7+ million emerging companies globally, we explore the evolving landscape of the open banking industry. This sector is marked by key trends and a substantial workforce, shaping its future. This report was last revised 5 days ago. See a missing piece? Your input can help — contact us. Here are some key insights at a glance:
- Latest Open Banking Trends: Some pivotal open banking trends include API-driven ecosystems, data privacy and security, AI and machine learning, blockchain, and instant settlement systems.
- Open Banking Industry Statistics: The sector comprises 1.8K+ organizations worldwide. Of these, 380+ new open banking companies were founded in the last five years. Data from the Discovery Platform reveals that the open banking sector is experiencing an annual growth rate of 25.4% and employs 220K+ people with the average employee number standing at 40.
- 10 New Open Banking Companies to Watch:
- Brite – Instant Payment Network
- Voilo – Financial Data Platform
- Zeeh Africa – AI-powered Open Banking
- Noda – Transaction Management
- Vyne – Instant Account-to-Account Payments
- Pluggy – Open Finance API
- Skript – Financial Data Network
- Monerchy – Open Banking-based SEPA Payments
- Dapi – AI-led Know-Your-Customer (KYC)
- Koxa – Treasury Open Banking Platform
Discover 10 out of 380+ Emerging Open Banking Solutions
In this section, we spotlight 10 top open banking companies specializing in APIs, SEPA-compliant payments, AI-enhanced KYC, and instant omnichannel payments. These companies leverage secure OAuth 2.0 protocols, RESTful APIs, machine learning models, and real-time payment networks to optimize transaction processing, regulatory compliance, and user authentication. Explore open banking solutions these companies bring to the forefront of financial technology.
Note on Signal Strength
One of the unique metrics we feature for each company is Signal Strength, a proprietary data point generated by our Discovery Platform. It gauges the extent to which a company’s influence has permeated the global ecosystem of startups, scaleups, and emerging companies. This proprietary metric serves as a valuable guidepost for understanding a company’s standing in the broader market landscape.
1. Brite
- Founding Year: 2019
- Employee Range: 51-200
- Location: Sweden
- Signal Strength: Very Strong
- What they do: Brite provides a payment network that leverages open banking technology to enable real-time account-to-account (A2A) transactions between consumers and online merchants. This network operates on a 24/7 basis with advanced smart routing and real-time transaction confirmation mechanisms. It integrates a unified authentication and transaction signing process, enabling one-click payments, and incorporates instant refund capabilities as a default feature. Moreover, the platform employs data analytics to conduct real-time compliance checks and fraud detection, thereby enhancing transaction security. Brite offers a customizable API that supports low-latency transactions, thus optimizing operational efficiency and reducing transaction overhead for enterprise-level payment processing.
2. Voilo
- Founding Year: 2021
- Employee Range: 2-10
- Location: UK
- Signal Strength: Very Strong
- What they do: Voilo provides a financial data platform that enables businesses across industries such as proptech, lending, utilities, and iGaming to generate payment requests through an API or dashboard. This allows clients to authorize payments directly with their banks. The platform supports instant and recurring payments and bulk payouts while providing real-time bank transaction data, identity verification, and compliance. Moreover, its advanced security features ensure all transactions are protected with bank-grade security. Voilo enables businesses to streamline payment operations, enhance data enrichment, and maintain regulatory compliance with minimal development overhead.
3. Zeeh Africa
- Founding Year: 2022
- Employee Range: 11-50
- Location: Nigeria
- Signal Strength: Very Strong
- What they do: Zeeh Africa offers an AI-powered open banking platform that efficiently connects financial data across banks through API endpoints. The platform enables access to account holders’ personal details, transaction histories, and financial statements. By analyzing this data, Zeeh provides insights into potential borrowers’ spending patterns, aiding financial institutions to generate suitable loan offers. Further, Zeeh enhances financial security by verifying customer identities through the KYC process, effectively detecting fraud and cybercrimes.
4. Noda
- Founding Year: 2021
- Employee Range: 51-200
- Location: UK
- Signal Strength: Strong
- What they do: Noda provides an open banking platform that enables clients to securely authenticate and process payments within businesses’ existing ecosystem. The platform integrates with any tech stack, offering fast setup through automated onboarding and API key management within Noda Hub. Further, Noda connects with leading banks, streamlining the payment process and enhancing checkout with trusted, regulated bank transfers. The company delivers reliable payment solutions, enabling comprehensive transaction management in a single platform.
5. Vyne
- Founding Year: 2019
- Employee Range: 11-50
- Location: UK
- Signal Strength: Very Strong
- What they do: Vyne deploys an instant omnichannel payment infrastructure, enabling merchants to execute one-off payments across various devices. The platform integrates real-time payment status updates and an advanced reporting API, allowing for precise reconciliation of transactions, including payments, refunds, payouts, and fees. Vyne optimizes cash flow management and operational efficiency, enhancing profitability through streamlined payment processing.
6. Pluggy
- Founding Year: 2019
- Employee Range: 11-50
- Location: Brazil
- Signal Strength: Very Strong
- What they do: Pluggy delivers an open finance API that connects applications to users’ financial data. It gathers financial data from various sources through a single interface, providing businesses with insights into customer behavior and enabling secure money transfers. The API’s design ensures complete security and privacy, while its ease of integration supports the development of personalized financial products. By leveraging this solution, Pluggy empowers businesses to leverage open finance efficiently, driving innovation and enhancing customer engagement.
7. Skript
- Founding Year: 2021
- Employee Range: 2-10
- Location: Australia
- Signal Strength: Very Strong
- What they do: Skript delivers open banking APIs that connect businesses to the Consumer Data Right (CDR) framework, providing secure, government-legislated access to comprehensive banking data from all local banks. The company’s APIs streamline the retrieval of consistent and historical data across various account types, including term deposits and credit cards. Skript supports businesses through multiple accreditation models, whether as a CDR principal or an accredited data recipient. This solution enables businesses to integrate banking services directly into their offerings, simplifying access to critical financial data and enabling customer-focused financial services.
8. Monerchy
- Founding Year: 2022
- Employee Range: 2-10
- Location: Lithuania
- Signal Strength: Very Strong
- What they do: Monerchy specializes in open banking SEPA payments, leveraging APIs to facilitate direct account-to-account SEPA credit transfers with low transaction fees. The platform enables full customization of payment interfaces and merchant dashboards. Moreover, it provides data analytics through real-time processing, delivering insights into customer spending patterns, account liquidity, and transactional latency. This enhances risk management and customer segmentation. The system includes an app with embedded secure payment protocols for generating encrypted payment links and QR codes.
9. Dapi
- Founding Year: 2019
- Employee Range: 11-50
- Location: US
- Signal Strength: Very Strong
- What they do: Dapi provides an AI-powered open banking KYC solution through a real-time, open-source API. The company connects directly to user banks, allowing businesses to access essential user data via a single API. It also uses AI to ensure accurate KYC data collection and enhances compliance by tapping into alternative data sources such as utility and telco companies. Further, its API offers developers comprehensive documentation, SDKs, and libraries across various programming languages, along with a sandbox environment for testing. Dapi streamlines identity verification, improving onboarding efficiency and delivering secure user experiences.
10. Koxa
- Founding Year: 2020
- Employee Range: 11-50
- Location: US
- Signal Strength: Very Strong
- What they do: Koxa offers a treasury open banking API platform that simplifies vendor payment and data reconciliation processes. This solution integrates accounting software with corporate bank accounts, streamlining financial operations. The automation of vendor payments improves efficiency, accuracy, and compliance. The platform includes security features, such as identity management, permissions, and approvals, enabling banks to deliver a secure treasury open banking experience to their corporate customers.
Quick Tip to Find New Open Banking Companies
Utilizing a SaaS platform like the Discovery Platform for identifying new open banking companies provides significant benefits compared to traditional scouting methods:
- Streamlined Efficiency: The Discovery Platform offers advanced tools that streamline the scouting process. It replaces your hours of conventional desk research, saving time and resources in identifying open banking innovations.
- Access to Real-time Insights: Gain a competitive edge with up-to-date information on the latest trends in the open banking industry. The platform keeps you informed with near real-time updates on emerging open banking companies and news, enabling you to make swift and informed decisions.
- Tailored Exploration: Customize your search to focus on specific niches within the open banking sector, such as instant settlement systems, API-driven ecosystems, or AI-powered open banking platforms. The platform’s diverse filtering options allow you to target your scouting efforts precisely, ensuring that you find the most relevant and groundbreaking companies in the field.
Ready to Explore All New Open Banking Companies?
We’ve explored the dynamic landscape of open banking, examining the latest trends and spotlighting exceptional companies driving innovation. To dive deeper, download our free FinTech Report or schedule a demo of the Discovery Platform for a customized exploration of these groundbreaking developments. Partner with us to offer cutting-edge insights into startups and tech. We welcome your input.
