London fintech raises $51m to ‘revolutionise’ financial services and inclusion for all
A London open banking infrastructure provider has announced the first closing of its $51m Series B funding round.
Yapily, which raised the funding through a round led by Sapphire Ventures, will use the funding to expand across Europe, extending open banking to cover 95 per cent of the continent by the end of the year; and will continue to invest in its infrastructure to pave the way for open finance, creating financial inclusion for all.
The fintech business is reimagining the infrastructure that fuels financial services - disrupting how data and payments move between organisations worldwide and reshaping how society interacts with financial services.
The strategic investment will see Yapily expand its operations across Europe and continue to invest in its open banking infrastructure, following 3.5 x customer growth since the start of Covid-19.
In 2022, Yapily will expand to markets beyond Europe as open finance regulation is implemented globally and consumers begin to benefit from an open financial ecosystem.
The company will also continue to invest heavily in its product and people, with a focus on significantly growing the size of its engineering capabilities over the next 12 months.
Stefano Vaccino, CEO and founder of Yapily said, “We are delighted with this strategic investment, demonstrating Yapily’s position at the heart of disrupting global financial infrastructure.
“As we got to know Sapphire Ventures, it was clear that they are hugely supportive of our strategic approach and share our vision of open finance.
“Open Banking infrastructure is fundamental to how data and payments move between organisations worldwide, and it will shift the power to consumers for years to come. We are only starting to scratch the surface of what’s possible.”
Andreas Weiskam, partner and co-founder of Sapphire Ventures commented: “FinTech is evolving from a vertical to a horizontal sector as companies in many verticals are moving to embed financial services into their offerings.
“The decision to invest in Yapily was clear: an infrastructure-first approach to deliver better and fairer financial services for everyone.
“Europe is a fast mover in embracing an open and API-centric model, and Yapily is at the epicentre of financial innovation to push the regulatory boundary and shape the future of the open economy.”
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