Mastercard led a multi-million pound pre-Series A investment round in Konsentus, a regtech company that helps financial institutions become PSD2 open banking compliant.
“We see significant potential for the Kosentus service as Open Banking evolves both in Europe and globally,” Jim Wadsworth, senior vice president, open banking at Mastercard said in a company release from Konsentus.
Konsentus CEO Mike Woods told Mobile Payments Today that the investment will be used for an accelerated growth plan in Europe and that the company will pursue Series A financing in early 2020, as it plans to launch new products and international expansion later this year.
He noted that demand for the company’s services was strong and that 9,000 financial institutions needed to deliver PSD2 open banking.
In January, Mastercard selected Konsentus to deliver third-party provider and regulatory checking solutions as part of its suite of Open Banking services.