London fintech Yapily raises $5.4M to offer a single API to connect to banks
Yapily, a London fintech startup that offers an Open Banking-based API platform to enable financial services providers and other types of enterprises, such as merchants, to connect to banks, has raised $5.4 million in seed funding.
Leading the round is HV Holtzbrinck Ventures and LocalGlobe. Investors also include Taavet Hinrikus (TransferWise Chairman and co-founder), Ott Kaukver (Twillio’s CTO) and Roberto Nicastro (UniCredit’s former deputy CEO).
Founded in mid 2017 by ex-Goldman Sachs employee Stefano Vaccino, Yapily is another platform play aiming to grasp the opportunity of Open Banking by making it easier for various service providers to connect to banks. The platform provides a way to retrieve financial data and initiate payments via a “single secure API” that in turn connects to each supported bank’s open API.
Customers include accountancy firms, companies in the payment space, crypto currency providers, digital wealth applications and e-commerce companies.
“Yapily removes the technical barriers for enterprises that want to benefit from Open Banking, helping them to innovate and bring new products to life faster,” Vaccino tells TechCrunch. “Legislators have been implementing Open Banking differently in various countries and even within the same jurisdiction banks all have disparate technical implementations. For a service provider that