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Gresham House Ventures backs Ozone API with £8.5M for open finance API

Ozone API has developed a standards-based open API platform, enabling banks to deliver open APIs that comply with regulation and drive new revenue streams.

Gresham House Ventures backs Ozone API with £8.5M for open finance API

Fonte: tech.ue Today growth equity investor Gresham House Ventures announced a £8.5 million investment in Ozone API, an open banking API platform fou

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Fonte: tech.ue

Today growth equity investor Gresham House Ventures announced a £8.5 million investment in Ozone API, an open banking API platform founded by the team that designed open banking in the UK.

Founded in 2017, Ozone API has developed the leading standards-based open API platform, enabling banks worldwide to deliver open APIs that comply with regulation and drive new revenue streams.

The Ozone API platform supports all global standards. It is trusted by both banks and regulators around the world to deliver high-performing, standards-compliant, and secure API technology to allow them to thrive in the new world of open finance.

Open finance transforms banking for the future

Interest in open banking has grown in fintech, but it is also experiencing growing pains in the road to commercialisation. In 2023, TrueLayer became the first open banking provider in the UK to support different recurring payment types through a single API.

However last year also saw Klarna scrap its open banking brand Klarna Kosma after less than 18 months, and Weavr shut down its open banking payments app Comma as a standalone product, pivoting to an API offering.

James Hendry, Associate Director at Gresham House Ventures, commented:

“Ozone API is exactly the sort of business we look to partner with — an industry-recognised world-class product, led by a founding team who deeply understand their market and who have built their business in a capital-efficient manner.

We look forward to supporting management as they focus on growing significantly over the coming years.”

Huw Davies, Co-Founder & CEO at Ozone API, commented:

“Open finance is now an unstoppable transformational force, and we’ve been at the forefront of driving this change.

We’re thrilled that Gresham House Ventures is partnering with us to accelerate our global expansion.”

The company plans to use the investment to build its team, supporting all emerging standards and providing the tools for banks to monetise open APIs.

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