Luxembourg-based open banking startup LuxHub has raised EUR7.4 million from its founder banks - Banque Raiffeisen, BGL BNP Paribas, Post Luxembourg, and Spuerkeess.
Founded by the four banks just two years ago, LuxHub has now helped nearly 40 financial institutions meet PSD2 compliance.
The new funding will be used to develop the firm's proprietary Open Banking and Open Finance products as it looks to grow across Europe.
Jacques Pütz, CEO, LuxHub, says: "LuxHub has rapidly emerged as a leader within Luxembourg’s new Open Banking ecosystem. But our ambitions have always been to have a strong Europe-wide presence, and it’s our progress in this respect that has been most impressive."