Open Banking - allowing third-parties to share financial banking and transaction data - might feel like it's been around for a while, but real implementation has only been in place since 2018 in the UK and 2019 in the the EU. So what's happened since then?
Well investor attention has been growing. €800M has been invested in Open Banking startups so far in 2021, up from less than €300M last year and €100M in 2016. But customer adoption is a different story. In the UK - the most advanced market - little more than 3% of the consumers use Open Banking powered applications.
Big bets have been made on connectivity players like Truelayer, Plaid (who recently partnered with Square) and Tink (deal with Amex). But emerging categories in Infrastructure, Payments, Data aggregation, Categorization and Analysis, not to mention the potential of Open Finance - pensions, insurance and more - are so far largely untapped. So we've mapped the Open Banking startup landscape :)