Yapily, considered one of various fintech startups that supply a gap banking API to let enterprises, corresponding to monetary service suppliers and retailers, hook up with banks, has raised $13 million in Collection A funding. Main the spherical is Lakestar, which can also be a backer of fintech unicorn Revolut.
Present traders HV Holtzbrinck Ventures, and LocalGlobe additionally participated. Yapily final disclosed $5.4 million in seed funding in Could 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.Based in mid 2017 by ex-Goldman Sachs worker Stefano Vaccino, Yapily’s open banking platform makes it simpler for numerous service suppliers to connect with banks. Particularly, it supplies a method to retrieve monetary knowledge and provoke funds through a “single safe API” that in flip connects to every supported financial institution’s open API.
Prospects are stated to incorporate Fortune 500 firms and quick progress fintechs, together with Intuit QuickBooks, the place Yapily’s API is utilized by the accounting software program supplier to assist SMEs entry insights and monetary data from financial institution accounts within the U.Okay., France, and Eire. One other buyer of Yapily is GoCardless, the London fintech that makes it simple to supply prospects the choice to pay by direct debit.
Extra broadly, Yapily’s platform can be utilized by something from accountancy corporations, firms within the cost area, to crypto forex suppliers, digital wealth purposes and e-commerce firms.
To that finish, the open banking fintech says it'll use the funding to “drive open banking adoption by organisations throughout Europe,” noting that greater than 6,000 banks will likely be affected by the PSD2 (European open banking) deadline. Which means most European nations are set to launch open banking-style APIs publicly in 2020, which Yapily hopes to learn from.
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