Amsterdam-based fintech startup Dyme receives PSD2 licence from Dutch Central Bank

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The Dutch start-up Dyme recently raised โ‚ฌ600k seed funding in a round led by the venture capital firm Peak Capital. Now, the startup has received a PSD2 license from the Dutch Central Bank, which enables the users of Dymeโ€™s services to connect their bank accounts to the application. The platform was founded in 2018 by David Knap, David Schogt, Joran Iedema and Wouter Florijn.

How PSD2 licence affects Dyme customers

Dyme enables users to keep track of their expenses and provides one with a clear overview of their fixed expenses. Additionally, it comes up with actionable insights to help users save money. For example, cancelling an unwanted subscription or switching to a cheaper service provider. With the PSD2 licence, Dyme will let users connect their bank accounts with the app and alongside the aforementioned options, one will get to apply for subsidies, request refunds or demand warranties directly via the app.

With the PSD2 licence, banks are obliged to provide current account access with a userโ€™s explicit permissions. However, to qualify a PSD2 licence third parties will need to go through a lengthy process with the European Central Bank authority. Dyme was guided by Stibbe and EY for obtaining its license from the Dutch Central Bank, which imposes strict requirements regarding privacy, data security, and secure communication.

Co-founder Joran Iedema says, โ€œMost people pay too much for their subscriptions or even forget that they are still paying for something. This can lead to serious financial problems, which could be prevented by serving people more relevant financial insights. The PSD2 licence enables us to do that.โ€

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Akansha Srivastava

Akansha Srivastava previously served as Silicon Canals' Editor in Chief. A typical tech trend follower. Favourite job: analyzing the global tech industry. A true camera geek, gadget lover and travel enthusiast. You can reach her via [email protected].

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