A UK ‘RegTech’ has closed a multi-million-pound funding round led by Mastercard.

Founded in 2018 and based just outside London, Konsentus provides part of the tech required to make ‘open banking’ possible.

The company was founded by Brendan Jones, Mike Woods and David Parker, three financial service industry veterans seeking to deliver a way to comply with the new 'PSD2' regulations and open banking.

The company does so with its services – enabling both consumers and businesses to use third-party providers to manage their finances.

The company has not disclosed the exact financial details of the round.

The pair had previously worked together prior to the investment. In January Mastercard asked the start-up to share its identity and regulatory checking solutions as it set up new new open banking services and products.

“The regtech market is growing at 45%+ per annum and with 9,000+ financial institutions in Europe that must deliver PSD2 open banking, the demand for the Konsentus service is significant and this investment will support an accelerated growth plan across Europe,” said Konsentus CEO Mike Woods.

“With plans to launch new related services later in 2019 and international expansion in due course, we will be pursuing a Series A financing round in late 2019.”

Jim Wadsworth, Mastercard’s SVP of open banking, said the company sees “significant potential” in the Konsentus service.