Ferratum Bank Chooses Nordigen as a European Partner for Open Banking Insights

Financial technology pioneer Ferratum Bank has chosen Nordigen as their European partner for open banking insights. The partnership will promote greater financial inclusion by helping extend financial services to Ferratum’s customers.

As a pioneer in digital financial services technology, Ferratum Bank is at the forefront of the digital banking revolution, offering customers banking services enabled by open banking. Ferratum Bank currently operates in 12 European countries. Ferratum Bank’s customers benefit from the security and professionalism of a bank, whilst enjoying the speed, simplicity and openness of a frictionless digital service.

To continue delivering its global services with consistent speed and accuracy, Ferratum Bank has partnered with Nordigen - a global account data analytics solution. While open banking data is a rich data source for credit risk insights, its outputs can vary across different countries. Nordigen's solution helps Ferratum Bank extract consistent data outputs across all geographies, enabling their global risk, data and analytics teams to build and deploy solutions with greater speed.

We rely on open banking initiatives to better identify a broader customer base and help them with their financing needs. Working with Nordigen allows us to do this globally and at scale. Its open banking analytics platform allows us to extract more value from open banking data in a short period of time,” says Thomas Grimm, Head of Credit Risk at Ferratum.

“Ferratum Bank is a truly global bank and an early adopter of open banking, which is a powerful combination,” says Nordigen co-founder and CEO Rolands Mesters. “We’re excited to work closely with their risk, data and engineering teams to solve complex data challenges and bring more value to its consumers worldwide.”

About Ferratum

Ferratum Bank p.l.c. is a wholly owned subsidiary of Ferratum Oyj and a credit institution licensed by the Malta Financial Services Authority, allowing all Ferratum’s products and services to be passported to EEA member states. This license has been passported to 14 countries (Finland, Denmark, Bulgaria, Croatia, Czech Republic, Estonia, France, Germany, Latvia, Norway, Poland, Slovakia, Spain and Sweden).

Ferratum Oyj and its subsidiaries form Ferratum Group, a FinTech, that develops and operates a big data based global financial platform for real-time scoring, lending and banking services. Ferratum, headquartered in Helsinki, Finland was founded in May 2005 and has expanded its operations across Europe, North America, South America, Africa, Asia and Australia.

As a pioneering digital lender, Ferratum has approx. 800,000 active customers and offers a comprehensive product portfolio to retail customers, who are able to apply for consumer credit in amounts varying between EUR 25 and EUR 20,000 and small businesses instalment loans up to EUR 250,000 with a term of 6 to 24 months.

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