The drive towards Open banking in Europe is creating an attractive environment for fintech fund raising, with London-based Yapily the latest to benefit, securing a £4.3 million seed round from King’s Cross-based venture capital firm Localglobe and HZ Holtzbrinck Ventures.
Other investors included Transferwise co-founders Taavet Hinrikus and Ott Kaukver, and C-suite executives from Twilio and Unicredit.
Established by former Goldman Sachs employee Stefano Vaccino, Yapily provides a single API for third party firms to connect to bank developer and customer data portals.
Yapily is currently integrated 35 of the biggest banks in Europe, and hopes to reach more than 500 banks by the end of this year as banks across the continent conform to new European regulations under PSD2.
Localglobe investor Remus Brett and HV Holtzbrinck Ventures partner Barbod Namini say: “We are on the brink of open banking and this is creating a huge opportunity to innovate finance, around the world. We are incredibly excited about the scale of what Yapily offers and think that its focus on API technology can deliver a game-changing solution for enterprises and ultimately for the end consumer.”