ING Ventures invests £6.7m in open banking platform Cobase
ING Ventures has invested €7.5m (£6.7m) in open banking platform Cobase, which allows customers to manage several bank accounts through one portal.
Cobase, which is an arms-length venture of ING Bank, allows users with multiple bank accounts to view balances and transactions in one place, make payments and use cash management services.
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The investment will be used to help Cobase expand its client network outside of Europe and develop more functions such as a "robo assistant" to monitor transactions.
“Our goal is to make it easier and more efficient to work with multiple banks,” said Jorge Schafraad, chief executive and founder of Cobase.
“Companies in our target group often hold many accounts with many different banks.
"With Cobase, the customer can manage all those accounts via a single platform.”
The platform was developed in a pilot with corporate clients from various industries and in 2016 completed ING Wholesale Banking’s accelerator programme for start-ups which tested the concept through prototyping, customer interviews and market research.
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