Yapily, an ‘API Only’ technology provider based out of London, has raised $13 million (approx €12 million) in Series A funding led by Lakestar.
Also, existing investors – Holtzbrinck Ventures and LocalGlobe, and angel investors – TransferWise’s Taavet Hinrikus, Twilio CTO Ott Kaukver, former UniCredit deputy CEO Roberto Nicastro, and Frank Strauss, former CEO of Deutsche Postbank also participated.
Yapily said it would use the funding to improve customer experience to drive the use of open banking across Europe. Till now, the company has collected somewhere around €16.6 million.
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. 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.
This UK startup is on a mission to enable innovative products to connect to banks, empowering a new generation of financial services. Founded in 2017 by ex-Goldman Sachs employee Stefano Vaccino, the company’s open banking platform makes it easy for numerous service providers to connect to banks.
Yapily works with Fortune 500 companies and fast growth fintechs, including Intuit QuickBooks, IBM, and GoCardless. This platform can be used by anyone from accounting firms, companies in payment space, cryptocurrency providers, e-commerce companies, and more.
In the last six months, the company has witnessed 500% in monthly recurring revenue growth with quadrupling its headcount in London to 45 people and expanding to Italy, Ireland, and France.
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.”
Main image credits: Yapily
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