Yapily, one of a number of fintech start-ups that use an opening banking API to let enterprises, such as financial company and merchants, link to banks, has actually raised $13 million in Series A financing. Leading the round is Lakestar, which is likewise a backer of fintech unicorn Revolut. Existing financiers HV Holtzbrinck Ventures, and LocalGlobe likewise took part. Yapily last revealed $5.4 million in seed financing in May 2019, and counts the likes of Taavet Hinrikus (TransferWise chairman and co-founder), Ott Kaukver (Twilio’s CTO), Roberto Nicastro (UniCredit’s former deputy CEO) and Frank Strauss (Former CEO of Deutsche Postbank) as angel backers.
Founded in mid 2017 by ex-Goldman Sachs worker Stefano Vaccino, Yapily’s open banking platform makes it easier for various service providers to connect to banks. Specifically, it provides a way to recover monetary information and start payments through a “single safe and secure API” that in turn links to each supported bank’s open API.
Consumers are said to consist of Fortune 500 companies and quick development fintechs, consisting of Intuit QuickBooks, where Yapily’s API is used by the accounting software supplier to assist SMEs access insights and monetary details from bank accounts in the U.K., France, and Ireland. Another customer of Yapily is GoCardless, the London fintech that makes it simple to provide customers the choice to pay by direct debit.
More broadly, Yapily’s platform can be used by anything from accountancy firms, companies in the payment space, to crypto currency companies, digital wealth applications and e-commerce companies.
To that end, the open banking fintech says it will utilize the investment to “drive open banking adoption by organisations throughout Europe,” noting that more than 6,000 banks will be impacted by the PSD2 (European open banking) deadline. This indicates that most European nations are set to launch open banking-style APIs openly in 2020, which Yapily hopes to benefit from.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.