Ininal is a digital banking service where we’re investors. In a post from October 2016, I shared how Ininal launched its API for developers to build apps that leverage Ininal’s technical banking infrastructure. This includes the ability to create accounts and prepaid cards, deposit money, and perform money transfers.
At the time, several companies including Bitaksi and Sinemia from our portfolio began to leverage Ininal’s API. However, Ininal offered its API privately to developers working on specific projects on a case by case basis. It wasn’t public.
Now, Ininal has officially launched its public API. This means that Ininal’s API is now accessible to all developers. As a result, the pace at which we’re going to see new projects being built using Ininal’s banking infrastructure is going to increase. That means more financial services innovation, which is a great thing.
You can check out Ininal’s public API here.
Ininal, a digital banking service where we’re investors, launched its mobile apps around this time last year.
Following the release of its mobile apps, Ininal started working on its API. When a company releases an API, which stands for application programming interface, it lets developers outside the company access and use some of the proprietary software that the company has built with the goal of developing or improving their own applications. For example, in the case of Ininal, an outside developer can build an app that leverages Ininal’s underlying prepaid card creation, account monitoring, and money transfer tools for its own use.
Being able to access a company’s API is not only beneficial for outside developers, but it can also be advantageous for the company opening its API. The new services that are built on top of the company’s API bring the company additional users and transaction volume at worst, and at best can produce innovative applications that the company hadn’t thought of or hadn’t dedicated the resources to build internally.
Examples of companies that use Ininal’s API include two of our portfolio companies. The first is Sinemia which transfers the money necessary for its members to purchase movie tickets over Ininal cards. The second is Bitaksi which transfers the non-cash payments made by passengers over the Bitaksi app to drivers over Ininal.
Several other developers are currently working on new applications which leverage Ininal’s API. I’m excited to see the outcomes.