finAPI

Website

www.finapi.io

Company description

finAPI is one of Germany's leading Open Banking providers and is licensed by BaFin as an  account information and payment initiation service. The Munich-based company has been developing and implementing excellent software solutions for the aggregation and analysis of financial data since 2008. The product focus is on Open Banking, Data Intelligence, KYC, and Payments.

Active since

2008

Head office

Munich, Germany

Founder(s)

Dr. Florian Haagen and Dr. Martin Lacher

Funding rounds and investors

Continuous organic growth without financing rounds. 

Number of employees

46

Member of industry association and/or initiatives

Founding member of the Open Finance Association (OFA)

Contact

+49 89 41617755-5contact@finapi.io

Core solution

The company`s core solutions

• Open Banking enabler•API connectivity for payment initiation (A2A-Payments)
• API connectivity for data retrieval & value-added services on the data
• Extensive analysis options, e.g. credit checks for loans•Fraud/risk/security (special risk analyses, etc.)
• KYC solutions based on Open Banking•PSD2-compliant XS2A interface for banks (Passive PSD2)

What problem does the company solve?

finAPI supports companies in developing innovative services based on secure access to financial data, comprehensive financial data analysis, user identification, and cost-effective A2A payment methods (bank transfer, direct debit).

Major use cases & products

• Banking-API 'finAPI Access' to connect accounts, credit cards, securities accounts, and even PayPal for financial applications.
• Digital Account Checks, including cash flow & risk analysis, for creditworthiness checks in banking or ecommerce.
• KYC checks to identify customers and business partners.
• A2A-Payments in ecommerce or accounting (bank transfer & direct debit).

Competitive advantage

In addition to bank accounts, customers can also connect securities accounts, credit cards, and PayPal via finAPI. 

Types of supported APIs\API standard supported

finAPI provides access to banks across Europe in line with common Open Banking standards and through RESTful API. 
Do you have a fallback mechanism for PSD2`s API?Depending on the bank, finAPI offers the possibility of obtaining account data via up to three different interfaces (XS2A, FinTS, and Web Scraping). 

Geographical coverage (operational area)

Europe

Connected banks

• finAPI currently connects to around 3,000 banks in 9 European countries and is continuously expanding its network. 
• 99% of banks in Germany
• 95% of banks in Austria
• 81% of banks in Belgium
• 82% of banks in the Czech Republic
• 90% of banks in France
• 67% of banks in Hungary
• 81% of banks in the Netherlands
• 87% of banks in Romania
• 91% of banks in Slovakia
• (Status September 2023)

What account type do you serve: consumer, business, or corporate?

Consumer, business, and corporate accounts

Do you offer a developer portal? 
What tooling do you provide for developers?
Do you provide sandboxes and a testing environment?

Developer Portal 
Free 30-day trial 
Sandbox environment using MockBank

Number of total end users

finAPI processes more than 13 million API calls per day and a monthly payment volume of more than 4 billion euros. 

Target market

Target segments/industries

We address a wide range of industries, such as banks, financial service providers, fintechs, insurance companies, software providers, PSP/ecommerce, and other industries.

Current customers

ERP Software by Scopevisio
WISO-tax software by Buhl Data Service
SAP add-on ELZA by IKOR
Salesforce Banking App by millio 

More references and success stories at finapi.io

Technology

E.g. cloud-enabled/native cloud/on-premises/hybrid

REST API, fully Cloud based (in AWS), Infrastructure as Code (terraform / terragrunt)

Software language

Java, JavaScript, TypeScript

Software development tools

IntelliJ IDEA, git, jenkins, docker, maven, Burp Suite for continuous security checks

When was the core technology developed

The core technology was developed within the last 10 years, and constantly upgraded to current technologies.
Licencing

Supported licences

Licence as an account information and payment initiation service (AIS and PIS) by the German Federal Financial Supervisory Authority (BaFin, Germany).

Partners

Distribution channels

Interested customers can order quickly and conveniently online at finapi.io.

Business model

Pricing model

Prices can be found on our website. For further information please contact our sales team.

Case studies

Case studies – examples

finAPI Open Banking Use Cases 

Product roadmap

Planned features and releases/future plans

The expansion in Europe will continue. Next, we will connect banks in Italy and Spain. Other European countries will follow.