Yapily raises $51 million in new Series B Funding round

Karthik Subramanian

Yapily, the UK Open Banking company, has announced that it has raised $51 million in its Series B funding round that was led by Sapphire Ventures and had other investors including Lakestar, HV Capital, and others.

Turkey payments system TROY is live

The company has been working on building a single unified banking API that can be used by businesses to connect to third-party bank accounts across the UK and this would help to provide a single API to communicate with a wide variety of banks and accounts in them.

“The core difference between us and most of the players in the space is our focus on the infrastructure,” said founder and CEO Stefano Vaccino.

The company seems to like to be working in the background as it relies solely on the development and usage of APIs. It doesn’t have any user interface anywhere and has been using the official APIs of various banks across Europe. It is likely that all banks in Europe would eventually have to come up with APIs to access their banking services and this could then be used to build a single unifying API all across Europe to bring them all under a single platform that businesses can use.

The company currently supports 1500 banks across 8 countries and this is expected to increase as the company is expected to utilise the funds to grow and expand across Europe. Digital payments are expected to rule the payments industry in the coming years and APIs would be a key part of that. With more and more users preferring to check their balances and make transactions online, within banks, and outside, all these need to be handled by the APIs.

So the use of a unified API would make it very convenient for businesses and users as well to build platforms on them. While some countries have managed to bring all their banks under a single umbrella API, the Eurozone as a block needs to achieve the same. This is going to be a herculean task with the number of countries and banks involved and with many banks still without their own APIs.

So, the business case for what Yapily is doing is certainly well valid which is reflected in the trust that the investors have placed in them and their API product. This is likely to be a big disruptor for the online banking space in the years to come as many platforms are likely to be built on top of this.

Read this next

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<