British fintech firm Yapily has received $5.4m in seed investment from venture capital firms HV Holtzbrinck Ventures and LocalGlobe.

The firm intends to use the capital to develop its API platform.

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Yapily counts accountancy, payment, crypto currency, as well as e-commerce firms as clients.

It enables one to connect to all banks through a single API.

At present, the firm is connected to 35 European banks for data retrieval and payments initiation.

By this year end, it expects to increase this figure to 536.

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Yapily founder and CEO Stefano Vaccino said: “I was inspired to build Yapily when I realised how revolutionary open banking would be and its social impact. Yapily offers a frictionless journey that lowers the open banking technical barrier without interfering with a company’s relationship with their consumer.”

“I believe that we can democratise finance by making it possible for consumers to share their information in seconds through APIs. This can speed up loan approvals for small businesses, or even reduce the cost of all e-commerce transactions by 1 – 2%, a saving which can be passed on to the consumer.

“There is also a great opportunity here to help people overcome financial exclusion by giving consumers full visibility of their incomings and outgoings, and even warning them if they are embarking on financially risk behaviour.”