Jul 1, 2019
Mastercard’s award-winning startup engagement program provides platform for Konsentus to scale up its Identity and Regulatory checking service
UK 1st July 2019. Konsentus has been chosen to join the latest Start Path cohort of innovators building the future of commerce. The programme provides startups with operational support, commercial engagement and the opportunity for strategic investment. Founded in 2014, Start Path has engaged with 230 startups globally which have collectively earned $1.4 billion in raised capital.
Founded in January 2018, Konsentus delivers Third Party Provider (TPP) Identity and Regulatory checking on behalf of Financial Institutions (FIs) to enable them to comply with the new PSD2 regulations for Open Banking.
The unique Konsentus solution operates in realtime and is a central system of record of all regulated entities in the EEA, gathering data from 31 National Competent Authorities (NCAs), the European Banking Authority (EBA) registers and connecting to over 70+ Quality Trust Service Providers (QTSPs) to provide information through an API to FIs enabling them to determine whether a transaction request is legitimate or not. By integrating with the Konsentus platform, FIs can be confident that their customers are protected when third party providers need to securely access their transaction accounts.
Having recently closed its multi-million pound Pre Series A funding which was led by Mastercard, the Start Path programme provides Konsentus with a great opportunity to leverage the potential of Mastercard’s experts to help fuel its European growth and enter new international markets.
Mike Woods, CEO of Konsentus said “I am honoured that Konsentus has been selected for such a high-profile programme and to be able to collaborate with my fellow Start Path intake – a great network to be a part of. This support comes at a time when we are really ramping up our operations to meet the 14th September deadline which is now less than three months away and affecting over 9,000+ FIs in Europe. We expect the demand for the Konsentus solution to be extremely high over the next couple of months and I look forward to working with Start Path to realise our growth ambitions”.
“Having evaluated 10,000 startups from across the globe, we are always adding ground-breaking entrepreneurs to our network of innovators,” said Amy Neale, Mastercard vice president and startup engagement lead for Start Path.” “Mastercard Start Path companies today are later-stage startups and FinTechs reaching unicorn status, entering the public markets and co-creating with world-renowned financial services firms to deliver real solutions for consumers.”
Konsentus is a RegTech company that was established to provide Identity & Regulatory checking services to Financial Institutions so that they can comply with PSD2 and open banking. Issued through a SaaS based platform it enables Financial Institutions (ASPSPs) to comply with EU regulation on PSD2 Open Banking and provide open banking services to their customers, confident in the knowledge that they are only providing data to Third Party Providers (TPPs) who are regulated and have customers’ "explicit" consent to use their data.
Headquartered in the UK, Konsentus is creating a world class solution for every Financial Institution in Europe. They are delivering this through utilising the best in open standards, coupled with unique solutions and most of all a belief that they can deliver for clients a cost-effective solution to their regulatory requirements.
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