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UK FinTech Fidel raises $18 mn in Series A led by Nyca & QED

Subrata Dev, Founder, and CEO at Fidel

UK-based FinTech Fidel has secured $18 million in Series A round led by specialist funds Nyca Partners and QED Investors, with the participation of Citi Ventures, Commerce VC, Elefund, Horizons Ventures, Royal Bank of Canada, 500 Startups and other angel investors such as Cris Conde, former CEO of Sungard, and Taavet Hinrikus, founder of Transferwise.

Subrata Dev, Founder, and CEO at Fidel commented, “Though the card networks have built extremely robust infrastructure, alternative payment methods are evolving and consumer choice will be driven by value. Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem. By making it easy for developers to build on top of the infrastructure, the card networks stay relevant. By removing the barriers to entry for developers, applications can be brought to market more quickly. That drives value back to consumers, who get the same benefits and user experience they are used to receiving with other online services.”

The funding is expected to assist Fidel’s team in the acceleration of product development and expansion of its geographical boundaries across Northern America, the Nordics, and APAC.

Hans Morris, Managing Partner at Nyca Partners and former President of Visa said, “Fidel provides a completely original approach for fintech innovators to create new products by opening up access to the world’s three largest payment networks. This company has seen very impressive traction and customer adoption, and we think is poised to be a breakout fintech success story.”

Established in 2013 in London, Fidel aims to provide access to real-time financial data from Visa, MasterCard, and Amex through a single integration point. It services allow developers to access payments infrastructure and real-time transaction data for efficient building of financial services.

Yusuf Ozdalga, Partner at QED Investors said, “Fidel’s vision to make cards programmable will transform the way financial services are delivered to consumers. Highly personalized experiences can now be delivered in real-time. The company drives value for the card networks, issuers, merchants and most importantly, consumers.”

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