Yapily, a London-based open banking infrastructure provider, announced the first closing of its US$51 million Series B funding round led by Sapphire Ventures.

Existing investors Lakestar, HV Capital and Latitude also participated in the round. With this new round of investment, Yapily’s total funding reached $69 million.

The startup will use the fresh funds to expand across Europe, extending open banking to cover 95% of the continent by the end of 2021.

Yapily will expand to France and Spain and continue to invest in existing markets this year while it is aiming for expansion beyond Europe in 2022.

It will also continue to invest in infrastructure development and aims to significantly grow its engineering capabilities over the next 12 months.

Founded in 2017, Yapily helps companies seamlessly access financial data and initiate payments. Using Yapily’s infrastructure, companies can improve customers’ payment experiences while cutting down payment fees, enable them to securely access their balance, identity and transaction data, and streamline account and digital wallet top-ups with instant payments, the startup claims.

Yapily currently has a presence in UK, Italy and Germany and offers its infrastructure to clients like American Express, Intuit Quickbooks, GoCardless, Moneyfarm, Volt, Vivid Money and BUX.

The startup had also announced plans to set up in Vilnius, Lithuania which has a flourishing fintech scene.

Stefano Vaccino, CEO and Founder of Yapily said,

“We are delighted with this strategic investment, demonstrating Yapily’s position at the heart of disrupting global financial infrastructure.

 

Open Banking infrastructure is fundamental to how data and payments move between organisations worldwide, and it will shift the power to consumers for years to come.”

Featured image: Stefano Vaccino, CEO and Founder of Yapily