is the London-based fintech startup offering an Open Banking-based API platform, enabling financial services providers and other kinds of enterprises, like merchants, to connect to banks. In its seed funding the startup recently raised $5.4 million.
The round was led by HV Holtzbrinck Ventures and LocalGlobe. Other investors include Taavet Hinrikus (TransferWise chairman and co-founder), Ott Kaukver (Twillio鈥檚 CTO) and Roberto Nicastro (UniCredit鈥檚 former deputy CEO).
Yapily will use this seed round to expand the company鈥檚 tech team and further develop the platform, alongside building out a sales team to respond to demand for Open Banking.
Stefano Vaccino, an ex-Goldman Sachs employee, founded the company in 2017. The company aims to grasp the opportunity of Open Banking and let various service providers to connect to banks more easily. The platform provides a way to make payments retrieve financial data through a 鈥渟ingle secure API鈥� that then connects to each supported bank鈥檚 open API.
鈥淔or a service provider that wants to benefit from [Open Banking], the technical barriers to integrating with hundreds or thousands of banks are very high鈥� says Vaccino. With this in mind, Yapily鈥檚 mission is to enable service providers to connect to all banks, via one single API.
“We manage the upfront integrations and the ongoing maintenance of these connections,鈥� he says, thus removing the technical obstacle for companies that want to benefit from 鈥渢he Open Banking revolution.鈥�
Yapily is positioning itself as a pure technology enabler, like cloud providers. 鈥淥ur objective is to offer all the tools that an enterprise will need to manage this connectivity layer easily,鈥� adds Vaccino.
Today, the Yapily API supports 35 of the biggest banks in Europe; that鈥檚 250 million bank accounts, the startup says.
