The company plans to use the funding to grow its engineering capabilities and extend across Europe, with plans to cover 95% of the continent by the end of the year, while continuing investment in its open banking infrastructure.
Yapily aims to enter France and Spain and strengthen its base in the UK, Italy and Germany through 2021, with expansion beyond Europe planned for 2022.
“At the beginning of next year, we’re going to look at Latin America and especially Brazil,” founder and CEO Stefano Vaccino told TechCrunch.
Founded in 2017, the open banking API allows customers to access financial data and initiate payments and has experienced a 3.5x customer growth during COVID-19 due to a shift towards online shopping.
The Series B brings Yapily’s total investment to date at $69.4 million, following a $13 million Series A led by Lakestar in 2020 and a $5.4 million seed round co-led by HV Capital and LocalGlobe in 2019.
The platform currently supports more than 1,500 banks across eight countries, and claims between 90 and 99% coverage in the UK, France, Spain, Germany, Ireland, Austria, Italy and the Netherlands.
Yapily has approximately 100 customers currently, including American Express, Quickbooks, Bux, Vivid Money, Volt and Moneyfarm. The company’s API is designed to work in the background and integrate seamlessly with official APIs now being offered due to Europe’s new open banking policies.
In other recent fintech news, online investing platform Vincent raised a $6 million Series A, with plans to expand its alternative assets business model. Payveris also released a new P2P money movement platform, “MoveMoney,” which allows customers to send money to anyone with a U.S. bank or credit union account, and is aimed at helping legacy financial institutions to challenge the likes of Venmo, CashApp and PayPal.