Fidel API scores $65m in Series B funding

Fidel API, a global financial infrastructure platform, has raised $65m in a Series B funding round led by Bain Capital Ventures.

NYCA Partners and QED Investors also took part in the raise, which brought the company’s total funding to $88m.

Since launching in 2018, Fidel API had more than doubled in size across its office in London, New York and Lisbon, which included expanding its senior leadership team with hires from Visa and Google last October.

In its latest step to expand, the company will use the Series B financing to continue scaling its workforce and product offerings.

Currently powering services for millions of cardholders and thousands of merchants worldwide, the raise will also accelerate investments into existing products as well as newer product capabilities.

This will include identity verification, consent management and payments.

“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,” Fidel API CEO Dev Subrata said.

“This financing round will help us meet the ever-increasing demand for developer tools that enable programmable money experiences. 

This is a testament to where the industry is heading, Subrata explained.

“We are fortunate to be at the heart of this transformation, providing a unique set of developer tools that are accelerating the future of programmable money,” he added.

Merritt Hummer, a partner at Bain, said that Fidel API is “driving the next wave of financial innovation”.

“Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings,” Hummer said.

“We are proud to support the company on this exciting growth trajectory.”