ABN AMRO's Digital Impact Fund (DIF) is set to acquire a minority stake in Dutch fintech Ockto.
This investment strengthens ABN AMRO's collaboration with Ockto, which has also created the subsidiary Moneyou.
Ockto specialises in helping consumers and businesses to safely collect and share personal data.
The fintech company allows consumers to collect data quickly and easily when applying for mortgages, taking out insurance or making a financial plan, with the app collecting data from multiple Dutch government sites for taxation, benefits, pensions etc.
“Ockto offers all consumers in the Netherlands the shortest and easiest route to financial control,” said Frank Verkerk, chief digital officer at ABN AMRO.
“The app not only provides a solution for consumers, but it's also a real innovation for the Netherlands.
“It helps businesses automate their systems securely and provides their customers with better services – a win-win situation that gives the consumer full control.”
Robert Harreman, CEO and co-founder of Ockto, added: “Our alliance with ABN AMRO gives both parties huge potential to achieve synergies, benefiting the financial sector and consumers alike.
“Ockto is a platform through which we serve not only financial institutions, but also other sectors that rely heavily on consumer data, such as debt counselling, rented housing and municipalities.
“We see that consumers want to do things independently, but find it takes them a lot of time to collect their personal data from multiple institutions.
“Ockto performs this search for them.
“The implementation of GDPR and PSD2 will enable consumers to take control of their personal data more simply and securely.
“Ockto facilitates that.”
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