The Dutch start-up Dyme recently raised €600k 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 Dyme’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 user’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, “Most 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.”