Ozone API

About Ozone API

Ozone API provides a standards-based open finance technology platform for financial institutions. The company was established in London, United Kingdom in 2017. Its foundation is directly linked to the UK's Open Banking initiative, where the founders, Huw Davies, Chris Michael, and Freddi Gyara, were instrumental in developing the country's open banking blueprint. Their experience, which includes leading the development of the UK open banking standard, revealed the significant challenges and complexities banks faced in implementing open APIs. This insight led to the creation of Ozone API, with a mission to simplify this process for financial institutions globally.

The founders bring a wealth of relevant experience. Huw Davies, Co-CEO, has over 25 years in banking and payments, including roles at HSBC and MasterCard, and was the Ecosystem Development Director at the UK's Open Banking Implementation Entity (OBIE). Chris Michael, Co-CEO, has a 30-year background in technology, leading the creation of the UK's open banking standards as CTO of OBIE. Freddi Gyara, CTO, served as the lead technical architect and author of the UK open banking standard, with over 25 years of experience in technology and digital transformation.

The company's business model is centered on providing its API platform primarily through a Software as a Service (SaaS) model. This generates revenue by helping banks and financial institutions comply with open banking regulations while also enabling them to develop new commercial services and revenue streams through monetized, premium APIs. Clients include banks, financial institutions, central banks, and regulators worldwide. For central banks and regulators, Ozone API provides the necessary infrastructure and support to establish and manage entire open finance ecosystems at a national level. The firm also partners with other technology providers, offering its platform as a white-labeled solution that can be embedded into their own offerings.

Ozone API's core product is a comprehensive software platform designed to handle the complexities of open finance. Key features include tools for automated third-party onboarding, consent management, a developer portal, and robust security certified to standards like FAPI, ISO 27001, and SOC 2. The platform supports all major global open banking standards, ensuring that clients remain compliant with evolving regulations in various markets. Beyond regulatory compliance, the platform offers solutions like Variable Recurring Payments (VRPs) and Confirmation of Payee (CoP) to reduce fraud. A significant milestone was achieved in January 2024, when the company secured an £8.5 million Series A funding round led by Gresham House Ventures to accelerate its international expansion.