Latvia’s Nordigen said it has raised 2.1 million euros in funding from a set of new investors, aiming to burst the open banking hype bubble with a free API and give Tink, Plaid and Truelayer a run for their money.

Nordigen’s new freemium business model – where value is created through data analytics – attracted investment from Black Pearls VC, Inventure, Highgoal Capital, ID4 Ventures, Superangel, Calchas Holding and angel investors Artis Kehris, Henry Nilert, Gerri Kodres and Riivo Anton.

“We integrated more banks in the last six months than Tink managed in a whole year. Having less legacy technology to maintain means we can move a lot faster.”

Rolands Mesters, CEO and co-founder of Nordigen

Nordigen said it was committed to focusing solely on open APIs created by banks. It aims to fix the market inequality by maintaining a freemium model and matching the API coverage of competitors.

“It’s time to wipe out screen scraping in Europe. It’s expensive and hacky. Banks have built amazing APIs to let people migrate their account information securely and without friction. Nordigen allows developers to connect to these bank APIs for free,” said Mesters.

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