Yapily plans to use the cash to launch in new markets and increase its headcount over the next 12 months.
We’re yet to see open banking’s full potential, but that hasn’t stopped VCs from pumping millions into the sector and this latest fundraise is no different.
Open banking infrastructure provider Yapily, for example, has today closed a $51m Series B, taking its total raised to date to $69m.
The funding round was led by Sapphire Ventures, which has invested in the likes of Currencycloud, LinkedIn and Wise (formerly TransferWise) and existing investor Lakestar, HV Capital and Latitude have also participated in the round.
“We are delighted with this strategic investment, demonstrating Yapily’s position at the heart of disrupting global financial infrastructure. As we got to know Sapphire Ventures, it was clear that they are hugely supportive of our strategic approach and share our vision of open finance,” Stefano Vaccino, CEO and founder of Yapily said.
“Open Banking infrastructure is fundamental to how data and payments move between organisations worldwide, and it will shift the power to consumers for years to come. We are only starting to scratch the surface of what’s possible.”
Throughout the pandemic, Yapily saw its customer growth increase 3.5x as global commerce shifted to online.
“We have been following open finance and the tremendous opportunity it presents in Europe and beyond for some time. Fintech is evolving from a vertical to a horizontal sector as companies in many verticals are moving to embed financial services into their offerings,” Andreas Weiskam, partner and co-founder of Sapphire Ventures, added.
“The decision to invest in Yapily was clear: an infrastructure-first approach to deliver better and fairer financial services for everyone. Europe is a fast mover in embracing an open and API-centric model.”
With the fresh cash, Yapily intends to launch in new markets, including France and Spain, as well as continuing to deepen its involvement in UK, Italy, and Germany, in the process the fintech will also dramatically increase its headcount to cope with higher demand.