Yapily welcomes $5.4m for API platform
London fintech Yapily has raised $5.4 million in seed funding from HV Holtzbrinck Ventures and LocalGlobe to help develop its API platform.
The firm’s solution provides a turnkey solution for fintechs and enterprises that want to connect to banks. It was created to address the open banking needs as a technology enabler that helps enterprises of all sizes.
This solution makes it easy to retrieve financial data and initiate payments by providing one single secure API to connect to all retail banks’ open API.
Customers include accountancy firms, payments and crypto companies, digital wealth applications and e-commerce companies
Yapily founder Stefano Vaccino likens it to the revolution in the telecom industry when companies like Skype allowed Voice over IP to displace telecommunication providers introducing a new way of communicating.
Stefano Vaccino, founder and CEO of Yapily, says: “I believe that we can democratise finance by making it possible for consumers to share their information in seconds through APIs. This can speed up loan approvals for small businesses, or even reduce the cost of all e-commerce transactions by 1 – 2%, a saving which can be passed on to the consumer.”
He adds: “There is also a great opportunity here to help people overcome financial exclusion by giving consumers full visibility of their incomings and outgoings, and even warning them if they are embarking on financially risk behaviour.”
Yapily is currently connected via API to 35 of the biggest banks in Europe, both for data retrieval and payments initiation. By year end, Yapily expects to have connected to 536 banks.
