Open Banking API platform Ozone API has raised £8.5 million in a Series A round, led by growth equity investor Gresham House Ventures, to fund its global expansion.
With a number of markets, including the US, moving towards Open Banking implementation, Ozone API said that “now is the time to accelerate international expansion”.
Ozone API has enabled banks across the globe to deliver open APIs that not only comply with regulatory frameworks, but also create opportunities for new revenue streams.
The platform, which is trusted by institutions and regulators, supports all global standards and provides compliant and secure API technology to stakeholders in Open Finance.
The latest investment round will be used primarily to fund the expansion of the team and to ensure the company maintains its position by updating the emergence of new standards.
Additionally, Ozone API intends to develop comprehensive tools for banks to capitalise on open APIs, thereby fuelling their global growth.
Huw Davies, co-founder and co-chief executive officer of Ozone API, said: “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, stated the firm’s enthusiasm for partnering with Ozone API, praising its “world-class product”, industry knowledge, and business scalability.
Hendry added: “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’s ‘Global Voices’ campaign was launched last year, which saw global expert discuss the latest developments in the Open Banking standards space with Davies each week.