GoCardless to buy Latvian open banking platform Nordigen

Paytech firm GoCardless is set to acquire Latvia’s Nordigen, a freemium open banking data provider.

GoCardless to acquire Nordigen

GoCardless says it will leverage Nordigen’s open banking connectivity, claiming it offers the “widest” coverage in Europe to over 2,300 banks in 31 countries.

Hiroki Takeuchi, co-founder and CEO of GoCardless, says the acquisition will take the firm “to the next level” and will allow it to “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.”

The deal is expected to close later in the summer. Further terms of the acquisition were not disclosed.

GoCardless has been pushing its open banking strategy of late, tipping it to be a market worth “over $400 billion”.

“We realised early on that this technology would drive bank payments for decades to come and over the last 18 months, we’ve accelerated our push into open banking as part of our vision to build the world’s bank payment network,” Takeuchi adds.

Most recently, GoCardless rolled out two open banking solutions, Instant Bank Pay and Verified Mandates, in Germany.