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.
Originally published at Thoughts of a VC.