ABN AMRO Digital Impact Fund invests in Dutch fintech Ockto

Press release -

ABN AMRO’s Digital Impact Fund (DIF) is acquiring a minority stake in the Dutch fintech Ockto, which specialises in helping consumers and businesses to safely collect and share personal data. Ockto makes it much easier for consumers to apply for a mortgage, for example, or oversee their financial situation. This investment means that ABN AMRO is intensifying its collaboration with Ockto, which also started up subsidiary Moneyou. It should enable Ockto to accelerate its expansion, raise its level of professionalism and possibly also scale up internationally.

When applying for a mortgage, taking out insurance or making a financial plan, you need to submit a wide range of data. Ockto makes it easier and faster to collect this data. The Ockto app collects data from multiple Dutch government sites for taxation, benefits, pensions etc. (De Belastingdienst, Mijn UWV, Mijn Overheid and Mijn Pensioenoverzicht). The data is presented in the app, where consumers can check their correctness and submit them to any third party via a secure online connection.

Frank Verkerk, Chief Digital Officer at ABN AMRO, comments: "Ockto offers all consumers in the Netherlands the shortest and easiest route to financial control. The app not only provides a solution for consumers, but it’s also a real innovation for the Netherlands. It helps businesses automate their systems securely and provide their customers with better services – a win-win situation that gives the consumer full control.”

Robert Harreman, CEO and co-founder of Ockto, adds: “Our alliance with ABN AMRO gives both parties huge potential to achieve synergies, benefiting the financial sector and consumers alike. Ockto is a platform through which we serve not only financial institutions, but also other sectors that rely heavily on consumer data, such as debt counselling, rented housing and municipalities. We see that consumers want to do things independently, but find it takes them a lot of time to collect their personal data from multiple institutions. Ockto performs this search for them. The implementation of GDPR and PSD2 will enable consumers to take control of their personal data more simply and securely. Ockto facilitates that.”

ABN AMRO’s DIF is its corporate venture capital fund specifically for fintechs. ABN AMRO uses this fund for strategic investments in innovative start and scale-ups that specialise in digitalisation of financial products and services. Alongside Ockto, the fund has five other portfolio companies: German solarisBank, American Cloud Lending Solutions and BehavioSec, Swedish Tink, and a block chain initiative in trade & commodity finance.

The Ockto platform is part of the IT consultancy organisation Yellowtail. Yellowtail delivers innovative software solutions to financial institutions and is also the initiator of software platforms CloudBilling and Key Control Dashboard.

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