Financial regtech startup Konsentus has acquired Open Banking Europe S.A.S, a PSD2 directory services company, from PRETA for an undisclosed sum.
The acquisition will integrate Open Banking Europe’s software solutions into Konsentus’ business but it will remain a separate, 100% owned subsidiary of Konsentus Limited.
PSD2 is the EU’s revised Payment Services Directive, which requires financial institutions to provide third-party payment service providers access to a consumer’s account if they give consent. The aim is to increase competition in the European payment services market.
Open Banking Europe launched in 2017 to manage the operational aspects of a financial organisation adopting PSD2, also known as open banking.
As part of its offering, it provides PSD2 directory services, made up of account-servicing payment service providers and third-party providers that have joined the initiative.
It is used by more than 500 of the largest financial institutions across Europe, who will now become Konsentus clients as part of the deal.
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Launched in 2018, Konsentus provides a software as a service-based platform used by banks to carry out identity and regulatory checks to comply with PSD2.
In September 2020 it closed a pre-Series A funding round led by Conviction Investment Partners, and counts Mastercard among its backers.
Mike Woods, CEO of Konsentus, said: “Working with PRETA’s Open Banking Europe was an obvious next step to accelerate our European expansion and cement our position as market leader. We are delighted to welcome the clients of PRETA OBE to Konsentus and are proud that over 500 financial institutions, including some of the biggest and most prestigious banks within Europe, will also become Konsentus clients.”
John Broxis will continue to lead Open Banking Europe as managing director.
Giorgio Ferrero, PRETA, said: “We identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner. With their global expansion plans, product pipeline and fast-growing partner and customer base, Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure open banking globally.”