Fintech companies to launch P2P payments platform across the Euro zone – „it will be hard for purely national solutions to survive”

Berlin-based mobile payments startup Cringle is using the banking license and Sepa Access API of compatriot solarisbank to launch its P2P payments platform across the Euro zone. Founded in 2014, Cringle enables users to send and receive money from any German bank account using just a mobile number.

Piggy-backing off solarisBank, Cringle plans to launch in Austria in the third quarter of 2016 and then to gradually expand to further European countries by the first quarter of 2017.

“While others have seen Sepa as burden, we have always seen it as an opportunity to build great products. It will be hard for purely national solutions to survive in the globalised fintech ecosystem,” comments Joschka Friedag, CEO of Cringle, adding “With solarisBank we have found a partner that shares our ideas and vision of a European wide fintech market.”

SolarisBank received its banking license from German regulator BaFin in March with a mission to provide API-based banking services to fintech startups across Europe.

“Our partnership with Cringle underlines our ambitions to be a European banking platform,” says solarisBank board member Marko Wenthin, “We’ve passported our banking license to several European countries already and are able to expand quickly.”

solarisBank is a tech company with a German banking license from Federal Financial Supervisory Authority (BaFin). The company has built an API-accessible banking platform for the needs of the digital economy. The Solaris-Platform enables startups, fintechs and established digital companies to create custom solutions for their unique financial needs.

Source: www.finextra.com