The fresh infusion is said to support the growth of Yoello’s mobile payments and banking platform. Credit: Nattanan Kanchanaprat from Pixabay

Welsh bank Hodge has invested in fintech firm Yoello, which enables businesses to accept mobile payments.

The investment amount was not revealed.

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Yoello, Welsh firm, is said to help businesses save thousands in fees and grow their revenues through its Open Banking mobile payment technology.

The fresh infusion is said to support the growth of Yoello’s mobile payments and banking platform, to help it make inroads in the UK and abroad.

Together, the two businesses aim to innovate to revolutionise the finance sector.

Commenting on the invetsment, Yoello founder and CEO Sina Yamani said: “This partnership will accelerate Yoello’s international expansion whilst enabling disruptive financial products for our customers.

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“Both companies share the same vision of innovating in the finance sector through technology and I am really looking forward to some of the cutting-edge projects that we will be developing together over the coming years.”

In 2020, Yoello rolled out its mobile payments platform into the UK hospitality and retail space.

Currently, the platform also supports businesses in Australia, the US and Ireland.

Hodge CEO David Landen said: “We hope this is the first of many investments Hodge will make to help support tech start-ups and cement our reputation for developing financial services businesses in Wales for the good of the economy and our customers.”

Recently, UK-based open banking platform TrueLayer received $70m in fresh funding through a Series D investment round.

The round was led by new investor Addition. Existing investors including Anthemis Group, Connect Ventures, Mouro Capital, Northzone and Temasek, also joined the round.

British digital consumer lender Fintern also secured $44.1m (£32m) recently in equity and debt financing to improve access to affordable loans.