UK Open Banking outfit Yapily completes first close of $51 million Series B round
London-based Open Banking infrastructure supplier Yapily has completed the first close of a $51 million series B funding round, taking its total investment funding to date to $69 million.
The company – which provides a unified API from which customers can interact with third-party bank accounts directly from their own products – says it will use the funding to enter new markets including France and Spain, while continuing to invest in existing markets – UK, Italy and Germany.
The firm has also set its sights on expanding beyond Europe to Latin America in 2022, and on investing in its products and people, with a focus on significantly growing the size of its engineering capabilities over the next 12 months.
Stefano Vaccino, CEO and Founder of Yapily says: “Europe is leading the world in open finance, and consumers and businesses will start to see more innovation from industries such as mortgages, pensions and insurance, with easier access to financial data and payments infrastructure. With more frameworks coming into effect around the globe, the time is right to double down on our growth plans by entering regulatory-led markets and enabling companies to build better and fairer financial products and services.”
Yapily’s 100-strong customer roster currently includes Intuit QuickBooks, GoCardless, American Express, BUX, Volt, Moneyfarm and Vivid Money.