Mastercard has led a multi-million-pound pre-Series A funding round in Konsentus, a regtech startup focused on helping financial institutions be compliant with PSD2 open banking requirements.
UK-based Konsentus provides a SaaS-based platform for the identity and regulatory checking services needed by banks and others so that they can comply with PSD2 and open banking. The technology helps ensure that FIs only provide customer data when there is explicit consent and that it only goes to regulated third parties.
Earlier this year Mastercard enlisted the startup to help with its new suite of open banking services and has now followed up with an investment. The exact size of the round and names of other participants has not been revealed.
Mike Woods, CEO, Konsentus, says: "The RegTech market is growing at 45%+ per annum and with 9,000+ Financial Institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant and this investment will support an accelerated growth plan across Europe.