Fintech Yapily has raised $13m in a Series A funding round to drive open banking adoption by organisations across Europe.
The investment was led by Lakestar, an early investor in Skype, Spotify, Airbnb, Facebook and Revolut. Existing investors, HV Holtzbrink ventures and LocalGlobe also participated in the round.
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Yapily will use the funding to expand its global footprint and encourage organisations in Europe to adopt open banking services.
Stefano Vaccino, Yapily founder and CEO, said: “We believe open banking is a force for good. Using our API and infrastructure, we’re providing our partners with strong and powerful connectivity to boost their user experiences.
“We’re also giving their customers, whether they be consumers or businesses, greater control of their finances, through the creation of products and services which can fuel greater financial management and accessibility. Something that’s more essential than ever during this period of uncertainty.”
Vaccino also said the UK is at the epicentre of the world’s finance movement, with open banking the focus.
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By GlobalDataYapily’s open API has enabled companies to access necessary financial information to help meet rising customer expectations in banking, lending, payments, accounting and money management.
COVID-19 pressure
The announcement comes as COVID-19 is threatening to stunt business growth globally.
Stephen Nundy, Lakestar partner, said: “With pressure placed on the world’s economy due to the Covid-19 outbreak, we believe investors have an important role to play in continuing to support innovation to fuel business growth. Now has never been a more important time to drive financial wellbeing and goodwill. Yapily’s infrastructure is best placed to enable and encourage this across the financial ecosystem.
“With Yapily, we’re investing in market leading technology that is ahead of the competition. Their “Open API first” approach, with no screen scraping or reverse engineering of functionality, ensures all parties are getting the performance, scale, and security expected of such a critical piece of API infrastructure.”
Customers and clients
To date, Yapily’s clients include QuickBooks, IBM and GoCardless. Additionally, Yapily has collaborated with technical design regulators, such as Open Banking Implementation Entity in the UK and Berlin Group.
Furthermore, in the last six months, Yapily’s recurring revenue has grown by over 500%. It has also expanded into Italy, Ireland and France.
Ola Malomo, head of bank partnerships at Intuit QuickBooks, said: “By plugging Yapily’s API directly into our platform, we’re able to offer our SME customers a smooth and simple way to access their financial information, unlocking real-time insights into their cashflow. We look forward to working with Yapily as the company continues to thrive.”
