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The UK FinTech provides open banking API services to banks, financial institutions, central banks, regulators and central market-makers.
European law firm Fieldfisher has advised Open Banking Application Programming Interface (API) technology provider Ozone Financial Technology Limited on its £8.5 million Series A financing from Gresham House Ventures.
Ozone API's platform enables banks and financial institutions to adapt and thrive in the new world of open finance, making it easy for any financial institution to meet both regulatory and commercial requirements for an open API.
The company provides technology that delivers compliant open APIs to monetise open banking globally by maximising the commercial potential of open banking in a compliant way.
Ozone API can deliver compliance "within weeks" of an application, as opposed to the 12 to 18 months that it typically takes banks to go to market with open banking.
Fieldfisher's Emerging Companies and Venture Capital Team advised Ozone API on its series A investment.
The company intends to use the funding to support and accelerate further growth.
The Fieldfisher team advising Ozone was led by Corporate Partner Thomas Colmer, assisted by Associate Joshua Cronin.
Commenting on the Series A round, Fieldfisher Corporate Partner Thomas Colmer said:
"It is reassuring to see innovative UK FinTech businesses like Ozone API secure funding in a difficult market. This is testament to Ozone API's value proposition and thriving business.
This fundraising demonstrates the continued enthusiasm for open banking and the potential of FinTech in general to revolutionise how financial services operate, particularly in a regulatory context where opportunities to streamline services are significant."
Huw Davies, Co-founder and CEO of Ozone API said:
"Thomas, Josh and the team from Fieldfisher provided fantastic support to help us complete our Series A investment round. We had complete confidence in the deep expertise provided and the speed of execution.
"Beyond this they helped make the complex understandable. No small feat in the world of investment documents."