RegTech company Konsentus has been selected to join Mastercard’s start-up engagement programme Start Path.
The move is expected to help Konsentus to bolster its identity and regulatory checking services and enter new markets.
Established in 2014, the programme offers operational support to the start-ups as well as help with commercial engagement and strategic investment.
Globally, the programme has engaged 230 start-ups which have collectively raised $1.4bn in capital.
Konsentus CEO Mike Woods said: “This support comes at a time when we are really ramping up our operations to meet the 14th September deadline which is now less than three months away and affecting over 9,000+ FIs in Europe.
“We expect the demand for the Konsentus solution to be extremely high over the next couple of months and I look forward to working with Start Path to realise our growth ambitions.”
Konsentus provides third party provider (TPP) identity and regulatory checking on behalf of financial institutions. The service enables banks and other such organisations to meet the new PSD2 regulations for Open Banking.
Konsentus solution maintains a record of all regulated entities in the European Economic Area (EEA). It procures data from 31 National Competent Authorities (NCAs), the European Banking Authority (EBA) registers and other sources to help the banks to determine the authenticity of a transaction request.
Recently, it raised ‘multi-million’ pounds in a Pre Series A funding which was led by Mastercard.