APIBank Digital bank platforms

APIBank is the open bank platform which allows business to create bank service for the clients. APIBank builds in financial services service of partners using Open API technologies. After integration the partner companies have an opportunity to open to the clients bank accounts. So the platform allows the companies to create virtual services under the brand.

History

2020: Attraction of 120 million rubles from the Russian-Belarusian fund of venture investments

At the end of December, 2020 the APIBank company attracted 120 million rubles from Russian-Belarusian fund of venture investments. Russian financial that-startup will spend the received funds for further development of the platform which allows business to render banking services in own services.

In particular, investments will go for  development of products for the companies aggregators and marketplaces, promotion of ready-made solutions for banks, the co-founder and the CEO of APIBank Alexey Petrov told. According to him, Russian-Belarusian the fund of venture investments will cut a startup view of perspectives of development of the Banking-as-a-Service direction (bank services as service).

The developer of the platform attracted 120 million rubles to creation of bank services APIBank

The director of Infrafond RVC — the managing companion of "The Russian-Belarusian fund of venture investments" Mikhail Fedotov called the Open Banking direction which represents APIBank, perspective and capable grow repeatedly in terms of a share in total sales of banks.

It is sure that the Russian market of open banking is on a threshold of explosive growth now. It is promoted in many respects by initiatives of the regulator and financial community. Despite the restrictions influencing the speed of adoption of investment solutions this year we with the Belarusian colleagues successfully closed the deal with APIBank and we are going to close some more transactions in the nearest future — Fedotov told.

He also noted that the foreign Open Banking platforms already attracted significant investments, and by 2022 revenue in this segment as experts expect, will exceed $9 billion.

Based on the APIBank platform the bank" for small business, virtual bank of Letyshops keshbek-service, service for self-employed which Alfa-Bank provides to the corporate clients, and other projects is created "Simply |.^[1]

2019: Strategic partnership with Visa for development of an ecosystem of open banking in Russia

On October 11, 2019 APIBank, the open bank platform, signed the memorandum of strategic partnership with Visa international payment system. APIBank will become the technology partner of Visa and will help fintekha which work with a payment system, to be integrated with banks. The platform will provide to startups quick access to API of bank services: to opening of accounts, release of the branded cards, settlement and cash services, trade acquiring, KYC and other products.

Open banking simplifies business processes, reduces costs and allows to improve the user experience. For example, using API it is possible to configure transfer of small percent from each debit card payment into the investment account. Or to organize safe both for the seller, and for the buyer the transaction with the bank guarantee, but only not for the multimillion contract, and for sale / u-smartfona on the website of declarations.

We are glad to announce cooperation with APIBank which technologies help startups to get quick access to API of bank services that will help them to reduce costs and to develop business, - Stanislav Ismagilov, the head of department of the new products Visa said.

The APIBank platform allows fintekha not to be limited to work with one partner, and to collect own "puzzle" in the project. For example, for settlement and cash services to select one bank, and for crediting of legal entities — another depending on the one who can offer the best service and whose conditions are more profitable. It is also possible to diversify cooperation on the territorial principle: from St. Petersburg and Kazan different banks can service users if it is important to provide access to physical offices for a fintekh.

Banks KUB (JSC), Ak Bars Bank are already connected to the APIBank platform. Some more banks plan connection in the coming months.