When we speak about open finance, it’s the same concept, but with a wider scope. So when we say that x player is an open bank, or y is an open banking player, we are saying that they are using the concept of open banking to deliver some service or product, to build some infrastructure. Our definition of it is: open banking positions the user to give founders their own banking data. The first thing to highlight is that open banking is not a product, technology, or infrastructure. I feel like wherever you go around the world, there are still some big uncertainties about what open banking is. How does open finance differ from open banking in LatAm compared to the rest of the world? We quickly realised what we were building was not only useful to us, but also to dLocal and any other company having issues with accessing financial information in a standardised, real-time way, and thus came about Datanomik. When we couldn’t find an external solution, we decided to build our own internally. But secondly, and most importantly for us, open finance and open banking are mostly used in the consumer industry, but rarely used on the business side of things, so there just weren’t that many solutions out there that solved our problems. I started researching and understanding open banking and open finance in Europe, in the US, but I didn’t find much about solutions in Uruguay, mainly because of two things: the first, LatAm was just starting to implement open banking and open finance.
The strain this put on us – dealing with over 400 different types of bank accounts and roughly 60-80 different types of payment integrations, was immense, so I decided we need to find some alternative solution to these internal problems. When we speak about LatAm, we are speaking about a continent, not a country, so there are loads of different markets and banks, that all deal with payments in their own way.
I started working in the payments space in Uruguay in 2017, as a part-time developer at Astropay,the mother company of the first Uruguayan unicorn, dLocal.Īt the time, Astropay was moving millions and millions of dollars per day, throughout LatAm, using extremely old processors. I am the CEO and one of the founders at Datanomik, but I feel like the best way for me to describe the company to you, I should first tell you a bit about myself. Can you tell me a bit about the company and your role within it? Gonzalo Strauss, CEO of Datanomik To further understand how this product could be applicable to businesses throughout the region, we sat down with co-founder and CEO of Datanomik, Gonzalo Strauss. In June 2022, the company launched its Business Gate solution to help organisations in LatAm get access to a financial platform they may not have had before. This week we spoke to Gonzalo Strauss, CEO of Datanomik, who explains the need for open banking in a B2B environment, especially in a crowded market like LatAm’s.ĭatanomik is an open finance B2B Fintech platform that enables easy access to financial data from several financial institutions in Latin America. Em Conversa looks to uncover the secrets in Latin America (LatAm) that have caused the fintech market to boom, from being worth less than $50million in 2016, to $2.1billion in 2022.
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