Ozone API Raises £8.5M Series A for Global Open Banking Expansion
On January 23, 2024, Ozone API announced it had secured £8.5 million (approximately $10.8 million) in Series A funding led by Gresham House Ventures. Ozone API is an open banking platform that operates across more than 60 markets, providing banks with secure, standards-compliant APIs to enable data sharing and revenue generation. The funding will be used to accelerate global expansion, enhance compliance with evolving open banking regulations, and further develop its platform capabilities.
The raise comes amid rapid growth in open banking adoption, with API calls reaching 102 billion in 2023 and projected to hit 580 billion by 2027. Ozone API's infrastructure plays a critical role in enabling banks to participate in open banking ecosystems without building API layers from scratch. The investment underscores continued investor confidence in API-driven banking infrastructure despite broader fintech funding declines.
- Reinforces investor appetite for open banking infrastructure providers despite a broader fintech funding downturn
- Positions Ozone API to capture growing demand as global open banking API calls are projected to surge from 102B to 580B by 2027