Amadeus Capital backs Polish FinTech company Kontomatik
Cambridge-based venture capital firm Amadeus Capital Partners and California VC Runa Capital – plus two individual investors – have acquired 100 per cent of the shares in Polish FinTech, Kontomatik.
The investment will allow Kontomatik to implement the company’s business strategy independently and market its open banking-based services across Europe.
Open banking is an area that has untapped potential. Usually associated with banks, FinTechs and lending institutions, open banking also creates opportunities for other companies to benefit from real-time access to their customers’ banking data.
Founded in 2009 in Warsaw, Kontomatik operates in 11 markets and gives access to data from over 130 banks in Europe and beyond.
Kontomatik, as one of the European pioneers of open banking, was the first fintech company to get AISP licenses from Polish Financial Supervision Authority and Bank of Lithuania. The company provides services to banks and fintechs in the EU and SEA and now is planning to expand services for non-banking financial institutions.
Michal Lukasik, CEO of Kontomatik, said: “The use of open banking outside of the financial sector is a great opportunity for the market and its players. Cardless and faster payments, improved credit risk assessment, reduction in credit fraud rates – those are a few benefits of open banking and PSD2 which is rapidly transforming financial institutions. Non-financial institutions are not fully aware of potential benefits open banking gives to them. We at Kontomatik, want to change that and prove that open banking can bring value to any business.”
Andrea Traversone, managing partner, Amadeus Capital Partners, said: “In the long term, open banking will be an important catalyst for new business models and an opportunity for customers to benefit from personalised services. We are delighted to back Kontomatik as it becomes an independent company and expands its client base globally.”
Earlier this month, Amadeus Capital revealed a major expansion of its investment team with Edward Kliphuis and Kai Schmitz joining as partners and Ana Bernardo-Gancedo as a healthcare analyst.
With managing partner Andrea Traversone, Edward Kliphuis will lead the Amadeus ‘Scale’ investment activities, supporting the next generation of Europe’s transformational companies. Kliphuis joins from M Ventures, the €400 million AUM corporate VC-arm of Merck KGaA, where he was responsible for healthtech, frontiertech and sustainability investments.
He led, among others, investments in Akili Interactive Labs (first FDA-approved prescription videogame), Wiliot (battery-free Bluetooth tags) and Sonde Health (voice-analysis for health and wellness). Prior to M Ventures, he was at Kempen & Co, covering listed small- and mid-cap Life Sciences equities. He started his career as an analyst in the biopharma investment team of M Ventures.
Kai Schmitz, based in Bogotá, Colombia, will invest in growth opportunities in Latin America alongside existing Partner Pat Burtis. The team invests in emerging technology champions in Latin America, focusing on FinTech, EdTech, SaaS and Next Generation eCommerce. He has 20 years’ experience in emerging markets and joins Amadeus from IFC, one of the largest emerging market investors, where he was regional head Latin America for FinTech.
Before that Schmitz was a senior expert at the World Bank where he advised central banks on payment market regulation and infrastructure. He is an independent Board member at Minka (Open Banking platform, Colombia), Movii (digital bank, Colombia), Koin (PoS Lender, Brazil) and RS2 (SaaS platform, USA). Earlier, he co-founded payment companies in the UK and the US focused on Africa and Latin America respectively. Originally a lawyer, he worked at law firms in his native Hamburg and London.
Ana Bernardo-Gancedo joins the Amadeus Early Stage Funds team as a Healthcare Analyst from OC&C Strategy Consultants, where she conducted due diligence and strategy projects for private equity and corporate clients.
She holds a PhD in Biophysics from the University of Cambridge and an MSc in Chemistry from Universidad Complutense de Madrid, Spain.
Since 1997, Amadeus Capital Partners has raised over $1 billion for investment and deployed it to back more than 160 companies.