Aiia gets acquired by Mastercard.

Spiir, an Aarhus, Denmark-based financial services company, announced that it enetered into an agreement for selling the company to Mastercard.

Financial details were not disclosed.

The deal was made for the acquisition of Aiia, an asset using European open banking technology directly connecting to banks through a single API, allowing its customers to develop and launch new digital solutions that meet the needs of everyday life, work and play.

Aiia, initially named Nordic API Gateway, was developed by Spiir, a company founded in 2011 by CEO Rune Mai and Gudmundur Hreidarsson.

It was an API aggregator, using an open banking platform that enables frictionless financial access via an AP to aggregated financial data with the extensive coverage of both personal and business bank accounts in the Nordics. The platform is in use by players including Danske Bank, DNB, Jyske Bank, OP Financial Group, and Pleo.

Aiia is a licensed Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) and operates under the supervision of the Danish Financial Supervisory Authority (FSA).

The company previously raised €4.6 million from Danske Bank and DNB in 2020 and a total of roughly $15 million since launch.