Latvian fintech Nordigen launched the first free open banking API platform in Europe. This platform will enable developers in companies of all sizes to access PSD2 open banking data from major banks from across Europe via a single API.

For the majority of fintechs, accessing open banking data is prohibitively expensive and with more than 380 AISPs in Europe, it's also difficult to navigate. Nordigen's free, pan-European model removes the financial concern of fintechs while simultaneously simplifying the process of choosing and integrating to an open banking platform.

"In Europe, the business model of charging for open banking data, as Tink and Plaid do, will soon be history. Nordigen is the first to launch a free open banking data service, but we certainly won't be the last. We believe the future of open banking is in the freemium model and that the rest of the industry will soon follow," Rolands Mesters, CEO and co-founder of Nordigen said in the release.

In addition to offering free open banking connectivity, Nordigen will continue to provide data analytics and insights to more than 50 global fintechs, banks and lenders operating across 19 countries. Nordigen's new platform provides connectivity to 29 countries in the European Economic Area, including the U.K.