Ivy raises $20M to take openbanking payments international | TechCrunch

Image for article Ivy raises $20M to take openbanking payments international | TechCrunch

News Summary

  • We believe that 10 years from now there will be a single point of contact in open banking, just as Visa has created for card payments.
  • “The key insight we had was that open banking is going global, but the technology is very domestic,” Ferdinand Dabitz, Ivy’s CEO, said in an interview.
  • The platform currently services EMEA, Southeast Asia, the U.S. and soon Latin American markets that are getting open banking off the ground.
  • )Banks are signed on to Ivy for free and they are not technically its customers — merchants who integrate its API are: they pay fees to Ivy on a sliding scale dependent on the volume of transactions.
  • Dabitz says that Ivy currently has some 5,000 banks across 50 geographies, covering a footprint of 500 million bank accounts in total, integrated with its platform.
  • Hence, partnerships — deals that represent potentially very big revenue funnels for a company like Ivy.
Open banking where traditional banks open their data up with APIs to build new financial services for their customers has the potential to be one of the payment worlds big disruptors get it to [+5978 chars]

Must read Articles