Konsentus, a UK regtech startup focused on helping financial institutions be compliant with open banking requirements, has closed a multi-million pound pre-Series A investment round led by Conviction Investment Partners.
Konsentus provides an SaaS-based platform for the identity and regulatory checking services needed by banks and others so that they can comply with PSD2 and open banking. The technology helps ensure that FIs only provide customer data when there is explicit consent and that it only goes to regulated third parties.
The firm's technology has been white labelled by Mastercard to power its Open Banking Protect service. Mastercard is also an investor.
Mike Woods, CEO, Konsentus, says: "We operate in a fast-growing space and we will continue to scale to meet new requirements. Conviction recognises our potential and they worked closely with us during this latest round of funding."