FinTech startup Yapily raises £4.3m in seed funding
London FinTech Yapily has raised £4.3m in seed funding from HV Holtzbrinck Ventures and LocalGlobe to help develop its API platform.
The platform intends to become a solution that FinTechs and enterprises can make use of in order to seamlessly connect to banks.
The business offers service providers an easy way to retrieve financial data and initiate payments by providing one single secure API to connect to all retail banks’ open API.
Customers include accountancy firms, companies in the payment space, cryptocurrency providers, digital wealth applications and e-commerce companies.
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," according to UKTN.
"Yapily offers a frictionless journey that lowers the open banking technical barrier without interfering with a company’s relationship with its consumers.”
“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.
Yapily is currently connected to 250 million bank accounts across 35 of the biggest banks in Europe for data retrieval and payments initiation purposes.
The FinTech company expects to have connected to 536 banks by the year-end.
The funds raised in this round will help the company to expand its tech team, build a sales team and respond to the huge demand from potential customers who want to work with Yapily.