FinTech Flow can go live with smart household book thanks to PSD2 permit from De Nederlandsche Bank
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FinTech Flow can go live with smart household book thanks to PSD2 permit from De Nederlandsche Bank

Friesland-based startup Flow Your Money received a PSD2 license for account information and payment initiation service provider from De Nederlandsche Bank on July 13. This makes Flow one of the first FinTechs in the Netherlands that can both make payments and view bank transactions on behalf of customers.

No more surprises for VAT returns, no more running short on groceries or forgetting to pad the savings account. Flow manages all your cash flows the way you want on autopilot. A 'pre-accounting method' that recognizes invoices, automatically saves or adds money to the right account, and also has an eye for VAT. Consumers and businesses will soon be able to use the handy app to manage cash flows.

Costly PSD2 license

Last year, the fast-growing startup raised 600,000 euros in investment, and 7 months later the PSD2 license is already a reality. A heavy license from the Dutch Central Bank is required to market this type of financial service. Payment service providers must meet strict requirements for this. Due to DNB's strict supervision, the privacy and security of users is guaranteed.

The licenses granted by DNB until now were often only for accessing bank data (AISP). Flow goes a step further and is also allowed to initiate payments (PISP). "This allows us to provide a more complete product and actively help people with budgeting. Other apps look in the rearview mirror and show what you've spent while your bank account shows a different balance. We look ahead and help you determine what you can spend on groceries or eating out next month by putting the money in separate bank accounts. This way you can see directly from your bank account what you have to spend" said co-founder Daan van Klinken (32).

FinTech Flow can go live with smart household book thanks to PSD2 permit from De Nederlandsche Bank

Solution for consumers and businesses

The fintech has developed an app to get a better grip on your finances by automatically allocating your money to savings goals and budgets. With this, Flow expects to take another important step for consumers and businesses in managing finances. Digital pot creation is already possible with some banks, but automating it, or setting smart rules, is unique and makes for a much better customer experience. For example, a freelancer can set income tax to be automatically set aside after each paid invoice. The app calculates how high this amount should be. Thanks to the payment initiation function, this amount can be automatically transferred to another own account so that pots do not remain merely virtual.

European ambitions

Flow came about during a hackathon by founders Daan van Klinken and Niels Mulder. Daan van Klinken: "The idea for Flow originated a few years ago on an alpaca farm in Drenthe with some programmer friends. The idea was posted on Twitter and soon many enthusiastic responses came in. That we are now standing here and have obtained the permit we could not have imagined then.' From the start, there have been European ambitions and they are already talking to banks from all over Europe that are interested in their technology. Right now the app is working with Bunq and other Dutch banks are being linked. After that, the app will become available for all of Europe.

FinTech Flow can go live with smart household book thanks to PSD2 permit from De Nederlandsche Bank


Investors include Noordelijke Ontwikkelingsmaatschappij (NOM), Runtime Ventures and Enigma Consulting. By the end of this year, Flow expects to raise another investment. The just-granted PSD2 license is an important part of that. Enigma Consulting assisted Flow with the permit application. Director Paul Jans: "We are extremely proud to have achieved this with Flow. The primary reason for PSD2 is to encourage new innovations and Flow fits perfectly into that picture.' Advisor Robert Kraal, who is affiliated with Flow and is known from international payment platform Adyen, brings a lot of relevant experience in this field.

Flow is currently working hard on the latest developments for the app. The app will be available September 1, and you can already sign up for the waiting list on Flow's website.

Source: press release Flow