FinTech Yapily raises $13m in Series A funding round
Enterprise connectivity platform Yapily has announced that it successfully raised $13m in a Series A funding round, which was led by Lakestar.
Yapily enables companies to seamlessly access users’ financial data, leading the adoption of open finance and open banking. It aims to empower people around the world to receive faster, affordable and personalised financial products.
Lakestar - the VC firm which also invested in FinTech challenger Revolut as well as Skype and Spotify - led the investment, and was joined by existing investors HV Holtzbrinck Ventures and LocalGlobe, as well as angel investors Taavet Hinrikus, TransferWise Co-founder; Ott Kaukver, Twilio CTO; Roberto Nicastro, UniCredit’s former deputy CEO; and Frank Strauss, former CEO of Deutsche Postbank.
The FinTech startup, which was founded in 2017 by Stefano Vaccino (above), will use the investment to drive open banking adoption by organisations across Europe, providing a strong, secure and powerful connectivity layer that enriches customer experiences and creates financial opportunity.
Yapily works with financial services providers and high-profile companies, as well as rapidly growing FinTechs. Its platform can be used by a wide range of financial specialists including banks and accountants, and it is relied upon by Intuit QuickBooks, which uses Yapily’s API to help thousands of SME customers. Other Yapily partners include IBM and GoCardless.
Stefano Vaccino, Founder and CEO of Yapily, said: “We believe open banking is a force for good. Using our API and infrastructure, we’re not only providing our partners with strong and powerful connectivity to boost their user experiences. But 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.
"The UK is at the epicentre of the world’s open finance movement, with the industry setting the rules as the world begins to embrace their own open banking positions. We’re pleased to be at the centre of this growth - we’re backed by experienced investors, and we're the only technical provider trusted and chosen by regulators and technical committees. With this funding we intend to drive open banking adoption and its benefits, ensuring benefits are far reaching within the likes of payments, accounting, lending and beyond.
Stephen Nundy, Partner at Lakestar, 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, and Yapily’s infrastructure is best placed to enable and encourage this across the financial ecosystem.”
"Stefano and his growing team have deep technical and regulatory expertise, they’re very ambitious, and we look forward to accelerating Yapily’s business growth.”
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.”