The players that are best adapted to the PSD2 framework

3 min reading
The players that are best adapted to the PSD2 framework
The players that are best adapted to the PSD2 framework


The first ones to have realised the need to adapt to changes and not just to not lose business, but also to discover new sources of income, and the second ones to make the most of the possibilities provided by the PSD2 opening.

Below is a summary of some of the strategies used by some of the main players making a name for themselves for their performance on the European scene today in data mangement and value creation for products and financial services in the European Union.

Banking institutions

BBVA has worked very hard to adapt to the new PSD2 framework. Some highlights of its strategy include developing the open platform BBVA API Market, with 11 APIs specializing in the ‘retail’ and aggregate data segments, and companies that are commercially available in Spain; three in the Mexican market; and another four in the American market, which are offered through BBVA’s Banking as a Service, BBVA Open Platform. Developers can access the sandbox tests for free and start to experience how to generate value for users. An interesting option for both developers and third party companies who want to generate products and services with real added value for banking customers.

Along with BBVA, this French bank is one of the banks best adapted to the new PSD2 scene. It has an API market place, API CA Store, with a sandbox with testing data and different APIs with authentication, bank account and messaging resources among others.

Just like BBVA, the German bank is intensifying its relationship with the developer community. Through its APIs, it is seeking synergies and to change the internal culture and to adapt to a more competitive and innovative context.

Deutsche Bank has a portal for developers, and participates in hackathons where developers are challenged to develop innovative products with their customers’ data.

Fintech companies

Eurobits was kickstarted in 2004 with the aim of improving financial services. It is the first Spanish company authorized in the Special Register as an Information on Bank of Spanin’s Accounts Service Provider. They have adapted their APIs to meet the legislation and they help third parties to make this conversion.

LendInvest started its business dedicated to mortgage loans in 2013 in the United Kingdom. It has more than 100 employees and has received more than USD 59 million worth of financing in two rounds of funding.

Prodigy Finance is defined as the first credit plataform without borders, with a special focus on student loans. Born in London in 2006, it has received funding of USD 123 million.

ID Finance is a Spanish company founded in 2012 in Barcelona. It has more than 350 employees and has received USD 60 million in two rounds of financing. Its aim is to apply data science and machine learning to credit scoring and loan granting in emerging markets.

The Swedish Klarna is the European online payment giant. It was founded in 2005 by three students from the Stockholm School of Economics, has received USD 327 million in private funding and it is valued at around 2,500 million dollars.

Other European ‘fintech’ that stand out in this sector are the Swedish iZettle, and the British EburyWorldremit o SumUp. BBVA has haled shares in the latter, dedicated to providing retail sellers and their customers with simple product payment, since 2013.

This German company has raised USD 163 million in eight rounds of financingKreditech uses machine learning and data science algorithms to calculate applicants’ credit risk valuation in real time from thousands of data such as the customer’s location, their information and content on social media, data about mobile devices, performance in ‘online’ shopping, etc.

Atom Bank, one of Europe’s main mobile banks, started operating in April 2016. It focuses on two segments: savings products and loans for SMEs. Atom has received total private financing for the value of 268 million, from BBVA among others, which holds 29.5% of the company.

N26 has a presence in 17 EU countries and has successfully closed four rounds of financing valued at USD 52 million.

This British online investment management company promises to obtain better returns without opting for market values with high levels of risk, with global, diversified investment and competitive rates. It has received funding valued at USD 85 million over the last three years.

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