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In a move set to reshape the landscape of open banking, Gresham House Ventures, a prominent growth equity investor, has injected £8.5 million into Ozone API. This visionary platform, birthed by the architects behind the inception of open banking in the UK, is poised to redefine global banking standards.
Established in 2017, Ozone API stands as the vanguard of standards-based open API platforms. It empowers banks worldwide to deploy open APIs that align with regulations and unlock novel revenue streams.
Ozone API's cutting-edge platform adheres to global standards, earning trust from both financial institutions and regulatory bodies. It provides a robust, standards-compliant, and secure API technology, positioning banks to flourish in the dynamic realm of open finance.
While open banking has garnered immense interest in the fintech sphere, its journey to commercialization has encountered hurdles. In 2023, TrueLayer achieved a milestone by becoming the first UK open banking provider to support various recurring payment types through a unified API.
However, the same year witnessed setbacks, such as Klarna discontinuing its open banking brand, Klarna Kosma, within 18 months. Additionally, Weavr discontinued its open banking payments app Comma, shifting its focus to an API-centric approach.
James Hendry, Associate Director at Gresham House Ventures, expressed enthusiasm, stating, "Ozone API is exactly the sort of business we look to partner with — an industry-recognized world-class product, led by a founding team who deeply understand their market and who have built their business in a capital-efficient manner."
Huw Davies, Co-Founder & CEO at Ozone API, remarked, "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."
Armed with the new investment, Ozone API aims to fortify its team, champion emerging standards, and provide banks with the tools to monetize open APIs, heralding a new era in global banking.
