London-based Fidel API, a fintech platform that provides tools to build real-time products on top of payment cards, announced that it has raised $65M (approximately €59.74M) in its Series B round of funding. The company has now raised total funding of $88M, to date.
Investors in this round
The round was led by Bain Capital Ventures, with participation from existing investors NYCA Partners, QED Investors and more.
Lead investor Bain Capital Ventures partners with ‘disruptive’ founders to accelerate their ideas to market. The firm invests from Seed to growth stage in startups driving transformation across industries from SaaS, infrastructure software and security to fintech, healthcare, commerce and consumer tech. BCV has backed more than 395 companies and has $10B in AUM with offices in San Francisco, New York, Boston, and Palo Alto.
Merritt Hummer, Partner at Bain Capital Ventures, says, “Fidel API is driving the next wave of financial innovation. We have been impressed by the team and their mission to enable the future of payment experiences through their infrastructure. Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”
Aims to unlock the full potential of payment cards
Launched in 2018 by Dev Subrata and Andre Elias, Fidel API is a financial infrastructure platform that enables developers to create programmable experiences that enhance the value of using and accepting payment cards.
The platform provides identity, data, and payments products that allow developers to capture consent and connect payment cards to a service or application. With this infrastructure, developers are able to create contextualised and event-driven user experiences at the point of purchase.
Startups through global enterprises, including Google, Royal Bank of Canada and British Airways, are leveraging Fidel API’s tools to power a range of solutions, including digital receipts, omnichannel attribution, loyalty and rewards, expense management, and personal finance management.
Since launching in 2018, Fidel API claims to have witnessed ‘tremendous’ growth, more than doubling the size of its workforce over the past twelve months and entering markets across North America, Europe, Asia Pacific, and the Middle East. Currently, the company is headquartered in London, with offices in Lisbon, New York, and remote employees globally.
Fidel API says that the funds will help it scale its workforce and product offerings. The company plans to more than double its global headcount to meet growing demand with a particular emphasis on engineering, sales and product hires.
The capital will also be invested into existing products, in addition to newer product capabilities across identity verification, consent management and payments.
Dev Subrata, CEO of Fidel API, says, “Today, thousands of developers are using the Fidel API platform to build real-time, event-driven experiences that deliver utility to consumers and businesses around the world. This financing round will help us meet the increasing demand for developer tools that enable programmable money experiences. Above all, it’s a testament to where the industry is headed. We are fortunate to be at the heart of this transformation, providing a set of developer tools that is accelerating the future of programmable money.”