Open banking platform for Fortune 500 companies like IBM, Yapily has picked up $13 million (€12 million) in Series A funding. The round was led by Lakestar and takes the company’s total capital to $18 million. Also participating in the funding were existing investors HV Holtzbrinck Ventures and LocalGlobe, as well as angel investors including TransferWise’s Taavet Hinrikus and Twilio’s Ott Kaukve.
This week’s funding comes a year after the company’s last capital infusion – a seed investment of $5.4 million. Yapily will use the new funds to help support adoption of open banking by institutions across Europe.
Based in London and founded in 2017 by former Goldman Sachs executive Stefano Vaccino, Yapily helps drive open banking adoption by connecting banks to fintechs and other financial services providers. The company notes that its recurring revenues have grown by more than 5x over the past six months. Yapily also has increased the size of its London office to 45 employees, and expanded into Italy, Ireland, and France.
“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,” Vaccino said. “But we’re also giving their customers, whether they be customers or businesses, greater control of their finances, through the creation of products and services which can fuel greater financial management and accessibility.”
Vaccino added that this flexibility for institutions and developers was especially valuable “during this period of uncertainy.” This point was echoed by Lakestar partner Stephen Nundy who cited the COVID-19 outbreak in crediting Yapily’s technology as being “best placed” to support financial innovation that drives business growth “across the financial ecosystem.”
In addition to IBM, Yapily includes GoCardless and Intuit Quickbooks among its customers.