Fintech platform Ockto acquires iWize
Naarden, December 20, 2023 – Today, Ockto announces the acquisition of iWize. Within the domain of secure sharing of personal data, iWize, following Ockto, stands as a robust number two in the Netherlands. With the acquisition of iWize, Ockto adds substantial expertise, a significant volume, and dozens of valuable clients to its portfolio. iWize operates in various sectors, including the government market, consumer credit domain, and the mortgage sector. The Ockto/iWize combination is strategically positioned to play a key role in the European ID-Wallet landscape.
The acquisition will not impact the services provided by iWize. The management and employees of iWize will seamlessly transition to Ockto.
Pooling strengths to stay ahead
Ockto and iWize operate in an innovative and rapidly growing domain where significant changes are expected in the coming years. The introduction of new European legislation overseeing digital identification and the sharing of personal data via so-called ID wallets accelerates these changes. Roel ter Brugge, Director of Ockto, states: “By combining the strengths and expertise of Ockto and iWize, we create the space to make necessary investments to stay ahead.”
Best of both worlds
Joris de Bruijne, Director of iWize, is also pleased with the acquisition: “We see many opportunities to offer our mutual clients broader functionality than we currently do. It will be the best of both worlds. The iWize team is excited to collaborate with Ockto's specialists to develop an innovative platform that allows consumers and citizens to identify themselves securely and easily, share data, and sign documents.”
Accelerating the use of source data in the mortgage sector
The Dutch mortgage sector is one of the industries seriously committed to using digitally shared personal data. The 40 major mortgage advisory chains and lenders have signed a source data agreement, committing to accepting a moderately complex mortgage application entirely based on source data by the end of 2024.
Through the Ockto and iWize applications, hundreds of thousands of consumers already shared their personal data when applying for a mortgage. The consolidation of Ockto and iWize makes it easier for lenders to comply with the source data agreement, as connecting technically to either data sharing platform is sufficient to retrieve data from both.
Advancing the development of customer verification processes
Ockto supports its clients in fully digitizing customer verification processes, going beyond the one-on-one sharing of personal data through the Ockto apps. Earlier this year, Ockto acquired the open banking platform Bittiq, allowing consumers to share categorized bank transaction information via Ockto.
The business intelligence components of Bittiq are now integrated into the Ockto platform and will be further developed in the coming years. This will lead to significant cost savings for clients due to process optimizations in onboarding, customer management, and KYC processes. It is emphasized that, through Ockto, consumers only share necessary personal data and only after giving consent.
“Consumer trust in our data sharing solutions remains paramount in the development of the platforms. To achieve this, we will pool our strengths and further expand our leading role in user-friendliness and security,” says Ter Brugge.
Ockto is a leader in digitally exchanging verified personal data between consumers and service providers. With Ockto, a consumer can easily identify themselves and securely share all the personal data needed, for example, when applying for a mortgage, renting a home, applying for a government scheme, or signing up for a private lease agreement.