Klavi Raises $15M to Grow Open Finance Solution, Develop New B2B Products

Open finance SaaS platform Klavi has raised $15 million in a Series A investment round to develop new B2B finance products.

Founded in 2020, the company offers technology that generates insights from open finance data and offers products to businesses of any size, according to a Friday (Aug. 12) press release.

“With the maturation of open finance, we’re seeing a huge gap between the data received by companies, and their use thereof,” Klavi CEO Bruno Chan said in the announcement. “With this investment, we will conquer more space and continue to grow, reinforcing our leadership as a solution provider for the industry.”

The phrase open finance refers to a broadening of the original remit of open banking to include a greater range of services. In the context of accessing account data, broadening the scope of access means redefining what type of organization is allowed to make access requests.

Read more: Open Banking Weekly: Europe Gives Glimpse Into the Future of Open Finance

In the world of open banking and open finance, core banking systems are no longer just a concern for the world’s biggest banks.

On the one hand, to build the kind of innovative financial products that FinTech startups are known for, they need to be able to access and engage with core systems. On the other hand, in the era of the open application programming interfaces (APIs), data needs to be able to flow between financial institutions without compromising security.

See also: Banks Leap From Legacy Core Systems to Innovation, Real-Time Capability

Klavi reports in its press release that it has processed 450 million transactions and made 4 million connections with financial institutions, bureaus, FinTechs and startups.

“This is an important moment, and the investment will foster and create solutions so that our clients can generate more value from open finance,” Chan said in the release.