London, UK, 23 January 2024 – Ozone API, the open banking API platform founded by the team that designed open banking in the UK, today announced that it has raised a £8.5mn Series A round to fund its continued global expansion.
In brief:
The Series A round was led by Gresham House Ventures, a growth equity investor specialising in scaling high growth software and technology enabled businesses. Open Banking is now a global phenomenon with initiatives underway in over 60 markets around the world.
This transformational shift is helping to drive economic growth, increase innovation and tackle challenges such as financial inclusion. Ozone API has developed the leading standards based open API platform, enabling banks around the world to deliver open APIs that both comply with regulation and drive new revenue streams.
The Ozone API platform supports all global standards and 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.
Founded in 2017, Ozone API has built significant global momentum, but with an ever increasing number of markets moving towards open banking implementation, including the US, now is the moment to accelerate international expansion. The company plans to use the investment to build the team and continue to stay ahead of the market, supporting all emerging standards and providing the tools for banks to monetise open APIs. Ozone API is also providing support and infrastructure to power entire markets.
FinTech M&A adviser NovitasFTCL, led by Managing Partner Bruce McIntyre, acted as exclusive financial adviser to Ozone API.
What does this mean?
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.”
James Hendry, Associate Director at Gresham House Ventures commented, “We’re delighted to announce our investment into Ozone API at a time when the business is capitalising on the rapid development of open banking globally. 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.”
