Netherlands-based EnableNow, a startup that helps gain smart insights and provide solutions for complex issues related to finance and consumer behaviour, announced that it has raised fresh funding in a follow-up round. The funding amount has not been disclosed.
EnableNow wants to expand the applications of its SaaS solution in the near future. In a statement, the startup mentions, “Our focus is initially on the Dutch market and in particular on SMEs. We also see opportunities in retail. By analysing historical and current account info, retailers get to know their customers better. As a result, they will be better able to time their offers and customer communications. That leads to more loyalty and a higher quality relationship with their customers.”
EnableNow: Everything you need to know
Up until recently, internet applications for accountants, lease firms, banks, and insurers required manual data collection and analysis. Additionally, consumers had to make every effort to finish the data overview. That is no longer an issue thanks to EnableNow’s solution.
Founded in 2020 by Joris Verboven and Jeffrey Joosten, EnableNow has created a Payment Service Directive2 (PSD2) platform that generates real-time insight into financial customer data.
PSD2 is the European directive for payment services. Legal entities can provide financial service providers immediate access to information on their payment accounts according to PSD2, among other things. In March 2022, EnableNow got the necessary banking licence from DNB. This confirms that the software developed by EnableNow conforms to stringent privacy and security standards.
The EnableNow application is intended for (financial) service providers within SMEs who want to get to know their customers better so that they can offer appropriate products and services.
If account holders agree to this, EnableNow’s PSD2 licence allows service providers to access account holders’ payment information. Using EnableNow’s AI platform, this payment data can be processed, analysed, and utilised to enhance the effectiveness of financial services, provide better service, and establish new business models and services.
CEO Joris Verboven says, “Payment data can be very interesting for all kinds of analyses. The European PSD2 directive makes this possible. The application for a PSD2 permit required for the development of these types of services is too expensive, too complex and labour-intensive for many companies. We use our licence to collect data for our customers. PSD2 as-a-service, that is. By processing and enriching that data on our AI platform, new insights and opportunities arise. We primarily focus on financial service providers and providers of loyalty programmes.”
Investors supporting EnableNow
The investment was made by the Brabant Development Company (BOM), De Bossche Investeringsmaatschappij (BIM), and EMM Holding. BIM invested from the municipal Data and ICT starters fund.
Remie Bastiaansen, investment manager at BOM, says, “We think that the introduction of AI applications is of great importance for the competitive position of small and medium-sized businesses in Brabant. In addition, the positioning of EnableNow is unique in the Netherlands. That is why we are happy to support the team in the further development of the AI platform. We are convinced that EnableNow enriches the AI community in Brabant.”
Alderman Ralph Geers of the Municipality of ‘s-Hertogenbosch adds, “As a data city in the Netherlands, we as a municipality like to invest in the startup climate for IT and Data companies. EnableNow’s funding is a good example of this. Thematic accommodation is offered via the BIM and the Data and IT starters fund helps to finance the growth of companies.”
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