Qwist
Key Data
- Trading Name: Qwist (former Finleap Connect)
- Legal Entity: Qwist Gmbh
- Activities: Open Banking Platform
- Location: Berlin, Germany
- Regulations: regulated by the Federal Financial Supervisory Authority (BaFin)
- Key People: Nicola Breyer
Qwist is an independent Open Banking platform provider in Europe. It enables companies across a multitude of industries to provide the next generation of financial services by understanding how customers transact and interact.
Company History
Qwist, previously known as Finleap Connect, has been acquired by Warsaw-based Crastorehill, part of Dutch VC Finch Capital. The acquisition includes the purchase of Munich-based API specialist Ndgit, aiming to establish a leading presence in the open banking sector. This strategic move comes as the EU prepares the PSD3 amendment, potentially expanding significant market opportunities.
Facing operational challenges, Qwist had recently focused more on its core software-as-a-service, which helps banks optimize lending decisions through automated financial data analysis. Clients include notable names like Solarisbank and Auxmoney. The acquisition, which also involved a financial boost from Finch Capital, is set to propel Qwist towards profitability by leveraging synergies with Ndgit in open banking services.
Offering
Their full-stack platform enables clients to compliantly access financial transaction data, and enrich it with analytics tools.
Their service includes:
- Financial
- Data
- Multibanking DataCategorization and Enrichment
- Account Verification
- Disposable Income Verification
- Risk Insights
- Payment Initiation
- Account SwitchKit
Regulation
Qwist is a regulated payment institution under the Payment Services Supervision Act (Zahlungsdiensteaufsichtsgesetz – ZAG) by the BaFin and offers seamless solutions for business expansion and risk mitigation through intelligent automation.
Qwist utilizes new data sources and goes beyond traditional PSD2 APIs and basic categorization, providing unparalleled connectivity and enrichment services that are adaptable to evolving regulations.
Customer Review
not given
Conclusion and Rating
In conclusion, Qwist provides all required compliance data in accordance with the relevant regulatory standards. Our thorough investigation did not reveal any negative aspects regarding their business practices or regulatory compliance. Based on this comprehensive compliance and the positive results of our review, we have decided to give Qwist a GREEN rating.
