Nordigen to Provide Open Banking Data for Teenit

• Nordigen has been selected by Teenit, an Amsterdam-based PFM tool, to provide open banking services.
• Nordigen will enable Teenit to securely connect to customers’ bank accounts to source transaction and account balance information.
• “Open banking goes hand-in-hand with personal financial management tools as access to customer information enables PFMs to stay up-to-date with their suggestions and analytics,” said Nordigen CEO and Co-Founder Rolands Mesters.

Personal financial management (PFM) tool Teenit has selected Nordigen for open banking. The Amsterdam-based PFM company will offer its users an aggregate view of their finances, complete with insights and analysis on their spending and saving habits.

By integrating with Nordigen’s freemium offering, Teenit can securely connect to customers’ bank accounts to source real-time data on their transactions and savings account balances. With open connectivity to its users’ financial data, Teenit can better fulfill its mission of educating teenagers on money management.

“We wanted to serve education to young customers, no matter what bank they choose,” said Teenit CEO Tatiana Pastukhova. “The integration with Nordigen enables us to fulfill our purpose easily. With parents’ authorization, we are able to connect directly to young customer bank accounts anywhere in Europe, visualize for them their money flows in a teenager-friendly manner and analyze them to further personalize the offered educational content.”

Latvia-based Nordigen was founded in 2016. The company’s freemium model offers access to account information, such as the account holder’s name, bank account numbers, transactions, and account balances for free via bank APIs. Nordigen’s paid products include enriched, transaction-level information that helps make sense of raw transaction and account data.

“Financial literacy and education is incredibly important for all demographics, and starting to build a foundation of knowledge from a young age will be very beneficial for Teenit’s user base,” said Nordigen CEO and Co-Founder Rolands Mesters. “Open banking goes hand-in-hand with personal financial management tools as access to customer information enables PFMs to stay up-to-date with their suggestions and analytics.”

Nordigen was acquired by GoCardless earlier this year to deepen the bank payment company’s expertise in the open banking arena and enable it to become a banking-as-a-service provider.

Photo by Ivan Samkov