Did you know that infrastructure providers only make up around 30% of open banking license holders in the UK?

These licensed third-party providers (TPPs) - like Klarna Kosma – provide the engine through which other companies, such as fintechs and banks, can offer digital financial solutions without building everything themselves.

While customer-facing propositions continue to make up the bulk of the fintech effort (70%), behind the scenes, this small proportion of TPPs are providing the all-important fuel for growth

By making it easy for others to launch and offer new products and services more quickly, these companies have had a ‘multiplying effect’ on market innovation, says McKinsey & Company in their report "Financial services unchained: The ongoing rise of open financial data".