Ozone API raises GBP 8.5 million in Series A round

As per the information detailed in the press release, the Series A funding round was led by Gresham House Ventures, an equity investor that specialises in supporting high-growth software and technology-enabled businesses. Considering that Open Banking has seen a significant global expansion, with initiatives underway in over 60 markets around the world, the shift assists economic growth, increases innovation, and reduces issues such as financial inclusion.

Being committed to enabling banks to deliver open APIs that adhere to regulation and increase revenue, Ozone API developed a standards-based open API platform that can be leveraged by both financial institutions and regulators. The company’s solution offers high-performing, standards-compliant, and secure API technology that enables it to expand in the current landscape of Open Finance.

With the newly acquired funds, Ozone API plans to continue its global expansion and invest in its team, while assisting all emerging standards and offering the tools for banks to monetise open APIs. Moreover, the company intends to provide support and infrastructure to enable entire markets. According to Ozone API’s officials, Open Finance is currently evolving, and the company aims to assist in driving the use of this technology. The company expressed its enthusiasm over the collaboration with Gresham House Ventures and underlined its plans to accelerate its global expansion by leveraging the funds.

Representatives from Gresham House Ventures stated that the investment into Ozone API comes at a time when the company is capitalising on the rapid expansion of Open Banking across the world. The investment firm partners with enterprises that provide enhanced products and are led by teams that understand their market and develop their business in a capital-efficient manner. Gresham House Ventures intends to support Ozone API in growing its business and expanding its product suite.

With its operations based in the UK, Ozone API is a fintech company that provides its tools and knowledge to help banks and financial institutions increase their commercial value, as well as accelerate the development of Open Finance. The company offers advisory services and implementation support to assist its clients in delivering an improved Open Banking strategy. The fund infusion follows the Ozone API’s collaboration with 10x Banking, a cloud-native SaaS core banking platform, from November 2023. Through this partnership, Ozone API and 10x Banking intended to simplify the implementation of Open Banking APIs for banks globally. The integration of 10x Banking’s platform with the fintech was set to enable banks to merge real-time banking capabilities with a solution that could address the intricacies of Open Banking.