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Scotiabank Digital Banking Lab

Salt Edge


Infrastructure & Services | Toronto, ON | Founded: 2013 | Employees: 65 | www.saltedge.com

PHONE: (437) 886-3969 | LINKEDIN PROFILE

Last updated November 26, 2018 | To download a PDF version, click here

 

Company Overview

Salt Edge specializes in providing secure interoperability channels between providers of capital and the end consumer. Salt Edge can aggregate financial data and records from over 3000 financial institutions across the globe, and offer their API solution to those FinApps, lenders, and banks whose services could benefit from consolidated consumer financial data. Payment records, mortgage records, loan records, credit card balances etc. can all be housed with different institutions; Salt Edge aggregates these records into a user-friendly dashboard giving its clients (banks, FinApps etc.) a cohesive financial profile of the end-user.


Senior Management

Dmitrii Barbasura: Co-founder and CEO, Salt Edge (2013-Present). Previously: Co-Founder & CEO, D&D Limited (2011-2013); CEO Raskon LLC (2007-2011); Senior Java Developer, EST Computers SRL (2004-2005); SEO Manager & Developer, DimiSoft SRL (2003-2009). Education: Bachelors Degree, Information Technology (2007), Technical University; BSc Economics (2003), Modern Humanitarian Academy.

Andrei Shestak: Chief Marketing Officer, Salt Edge (2017-Present). Previously: Digital Marketing Manager, Soft Edge (2016-2017); Digital Marketing Manager, Vicmobile (2015-2016); Operations Manager, Icatex-Pro SRL (2012-2015). Education: Bachelors Degree in Marketing and Logistics (2012), Academia de Studii Economice din Moldova.

Andrei Lisnic: Chief Technology Officer, Salt Edge (2017-Present). Previously: Lead Developer, Fentury (2016-2017 ); JavaScript / Ruby on Rails Developer, FusionWorks (2012-2016); Front End Developer, Salt Edge (2013-2016). Education: Bachelors Degree in Computer Science (2012), Universitatea Tehnică a Moldovei.

Lisa Terziman-Gutu: Business Development Officer and Director of Salt Edge’s London Office (2014-Present). Previously: Co-Founder and COO, Fentury (2015-2017). Education: Bachelors Degree in Computer Science, University Unknown (2014).

History

Salt Edge was founded in 2013 with the aim to create stable and secure interoperability channels between financial providers and end-consumers, bringing benefits to all the involved parties. The company currently works in Europe, Asia and Pacific, as well as Americas, providing its services to banks, FinTech companies, and lenders.[1]

[1] https://www.saltedge.com/pages/about


Funding

No information was available about Salt Edge's funding history.


Key Corporate Developments

Press releases: https://blog.saltedge.com/#press_releases
Sept. 19, 2018: https://blog.saltedge.com/yolt-saltedge-collaboration
May 2, 2018: https://blog.saltedge.com/aisp-flow
Feb. 6, 2018: https://blog.saltedge.com/spectre-api-v4
Nov. 28, 2017: https://blog.saltedge.com/spectre-used-by-societe-generale


Business Highlights

Strategy

  • Banks – Salt Edge’s API network allows banks and FinApps to customize their products or services based to meet the complex financial needs of the end-user.
  • FinApps – FinApps who seek to operate in the P2P lending space require extensive financial data and records from those wishing to raise capital.
  • Lenders – By granting users in the Open Banking market access to ones’ comprehensive financial information, a lender can make an informed decision before investing.


Products/Pricing

  1. Spectre: The Salt Edge API aggregates financial records from over 3000 institutions to and creates a “financial profile” of an end-consumer. This information comes from participating credit card companies, investment accounts, E-wallets, loans, mortgages, Crypto accounts etc. and Salt Edge consolidates it into one intuitive dashboard for their client (for example, a bank). The bank can then do what they wish with this data, such as offer fast, paperless credit checks and make informed decisions on who / how to lend capital.
  2. Fentury: Salt Edge’s “White Label Banking Solution” offers basic banking, financial management, and analytical solutions that third party FinApps or banks can leverage. They help FinApps and banks become a “one-stop shop” for their customers by providing PISP and AISP APIs.
  3. Priora: Salt Edge develops solutions for banks to become compliant with the Revised Payment Service Directive (PDS2).
  4. *Please note that information regarding prices requires one to request a demonstration and speak further with a representative from the company. I tried requesting a demo but was informed that it would take up to 2 business days for an agent to respond.[2]

[2] https://www.saltedge.com/resources#presentations

Technology

Salt Edge leverages APIs that access data and financial records concerning individuals or small businesses. In addition, they have developed technology necessary for banks to become PSD2 compliant and meet Open Banking requirements.

Distribution/Logistics

Salt Edge serves international banks, lenders, FinApp companies and Payment Initiation Service Providers (PISP’s). Their global aggregate API currently has garnered participation from over 3000 leading financial institutions.  


Marketing

Salt Edge markets their products to FinApps, banks and other financial institutions. The solution mutually beneficial for both the lender and person or entity seeking capital. The long and costly process of gathering hundreds of financial records is reduced to seconds with Salt Edge’s solutions.

 

Competitors

Financial data and records aggregation is a problem that many competing FinTech firms have sought out to solve. A couple of Salt Edge’s closest competitors are listed blow:

  1. Yodlee – (Redwood City, CA) Yodlee is an American software company that develops an account aggregation service that allows users to see their credit card, bank, investment, email, travel reward accounts, etc. on one screen.[3]
  2. Quovo – (New York, NY) Quovo is a data platform that provides companies with connectivity and insights for millions of consumer financial accounts across more than 14,000 different institutions.[4]

[3] https://www.yodlee.com
[4] https://www.quovo.com

 

Corporate Profile Created By: Riley Phillipson, Ivey HBA