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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Are UK consumers aware of new investment opportunities?
Almost half of consumers (48.3%) have not made an investment of £100 or more in the last decade, according to the latest research commissioned by digital banking solutions provider CREALOGIX...
Aldermore completes £325m RMBS deal
Aldermore has completed a residential mortgage-backed securities (RMBS) transaction which will raise £325m of new funding for the bank...
Close Brothers to roll out new deposit platform during 2019 financial year
Close Brothers Group PLC has announced it will be rolling out its new deposit platform during the 2019 financial year...
STB introduces 90% LTV mortgages to core range
Secure Trust Bank Mortgages has added 90% LTV products to its core range...
Revolut nears 3 million users
Revolut has announced that it tripled its user numbers in 2017 from 450,000 to 1.3 million...
Arbuthnot provides working capital facility to shower company
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company...
Metro Bank names new NED
Metro Bank has announced the appointment of Catherine Brown as an independent non-executive director...
FP Show confirms Zopa co-founder as keynote speaker
James Alexander, co-founder and former CEO at Zopa (pictured above), has been named as the keynote speaker at the forthcoming Finance Professional Show...
Metro Bank provides £4m invoice finance line to healthcare business
Metro Bank has provided a £4m invoice finance line to medical insourcing specialist 18 Week Support Group...
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...