Yapily, an open banking infrastructure provider, has raised $51 million in a Series B funding round led by Sapphire Ventures. Existing investors Lakestar, HV Capital, and Latitude participated in the round as well.
Yapily says the investment will enable it to expand its operations across Europe following 3.5x customer growth since the start of Covid-19 as commerce rapidly shifted towards online shopping.
With bank transfers estimated to account for 8% of global e-commerce payments in 2020, account-to-account payments have entered the mainstream creating an opportunity for open banking to underpin digital payments globally. Yapily currently operates in the UK, Germany and Italy with plans to launch in France and Spain.
In 2022, Yapily expects to expand to markets beyond Europe the company says it will also continue to invest heavily in its product and people, with a focus on significantly growing the size of its engineering capabilities over the next 12 months.
Stefano Vaccino, CEO and Founder of Yapily said they are delighted with the strategic investment:
“As we got to know Sapphire Ventures, it was clear that they are hugely supportive of our strategic approach and share our vision of open finance. 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. We are only starting to scratch the surface of what’s possible.”
Andreas Weiskam, Partner and Co-founder of Sapphire Ventures said, that open finance is a tremendous opportunity as Fintech is evolving from a vertical to a horizontal sector as companies in many verticals are moving to embed financial services into their offerings.
“This is a trend we believe is here to stay and relies on the development of a robust financial infrastructure layer.”
Yapily currently works with brands like Intuit QuickBooks, GoCardless, American Express, BUX, Volt, Moneyfarm and Vivid Money. Yapily says it covers more than 90% of accounts in major European countries with deep open banking knowledge and expertise.