IBS Journal July 2017


47


“THE BEST THING


WE HAVE DONE SO FAR WAS FOCUS ON PSD2”


instantly, securely and without friction anywhere in the world. It takes more than an API management platform to deliver that.


What has been your smartest move?


The best thing we have done so far was focus on PSD2; it’s difficult to get banks to change their systems and processes without regulatory pressure. The European Commission’s ultimate goal with PSD2 is to push banks to deliver better, more affordable services to their clients, particularly consumers. I don’t believe the regulators initially


understood the global impact that PSD2 would have, but truly, it is the main catalyst for open banking. Had we not moved so quickly to set our technology in the context of PSD2, we wouldn’t be anywhere close to where we are today.


Where did things get tough – what was your biggest setback?


Happily, we haven’t had any major setbacks. Like most startups, fundraising is always a challenge. We had difficulties getting US investors excited about the opportunity; typically, they don’t understand


the European market and tend to stay away from regulation-driven opportunities. The sentiment by European investors, however, was very different. Being a U.S.-based startup, it took us a little bit of time to identify the key investors and navigate the European investor community, but once we cracked that it all went really quickly.


Where do you want to be in five years’ time?


In five years’ time we want to be on our way to eliminating the advice gap.


www.ibsintelligence.com


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