Fidel API, a global financial infrastructure platform, today announced it has raised $65 million in Series B funding. The round was led by Bain Capital Ventures, with participation from existing investors including NYCA Partners and QED Investors. It brings Fidel API’s total funding to $88 million since inception.
This new financing will allow the company to continue to scale its workforce and product offerings. The company plans to more than double its global headcount to meet growing demand with a particular emphasis on engineering, sales and product hires. The added capital will also accelerate investments into existing products, in addition to newer product capabilities across identity verification, consent management, and payments.
The company enables developers to create programmable experiences that enhance the value of using and accepting payment cards. Fidel’s platform provides identity, data, and payments products that allow developers to capture consent permissions and securely connect payment cards to a service or application. With this infrastructure, developers are able to create highly contextualized and event-driven user experiences at the point of purchase. Its client roster includes Google, Royal Bank of Canada and British Airways.
“Today, thousands of developers are using the Fidel API platform to build real-time, event-driven experiences that deliver utility to consumers and businesses around the world,” said its CEO Dev Subrata. “This financing round will help us meet the ever-increasing demand for developer tools that enable programmable money experiences. Above all, it’s a testament to where the industry is headed. We are fortunate to be at the heart of this transformation, providing a unique set of developer tools that is accelerating the future of programmable money.”
“Fidel API is driving the next wave of financial innovation. We have been exceptionally impressed by Dev, his team and their mission to enable the future of payment experiences through their infrastructure,” said Merritt Hummer, partner at Bain Capital Ventures. “Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”