Fidel API raised $65m in a Series B funding round led by Bain Capital Ventures

By Joy Dumasia

Fidel API, a global financial infrastructure platform, announced it had raised $65 million in Series B funding. The round was led by Bain Capital Ventures, with participation from existing investors NYCA Partners, QED Investors and more. It brings Fidel API’s total funding to $88 million since inception.

Fidel API enables developers to create programmable experiences that enhance the value of using and accepting payment cards. Its 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 can create highly contextualised and event-driven user experiences at the point of purchase. Start-ups through global enterprises, including Google, Royal Bank of Canada and British Airways, are leveraging Fidel API’s tools to power a range of solutions, including digital receipts, omnichannel attribution, loyalty and rewards, expense management and personal finance management.

Fidel API’s Series B financing will allow the company to continue to scale its workforce and product offerings. The company plans to double its global headcount more to meet growing demand, emphasising Engineering, Sales and Product hires. The added capital will also accelerate investments into existing products and newer product capabilities across identity verification, consent management, and payments.

Dev Subrata, Chief Executive Officer of Fidel API, said: “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. 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.”

Merritt Hummer, Partner at Bain Capital Ventures, said: “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. 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.”

Since launching in 2018, Fidel API has experienced tremendous growth, more than doubling the size of its workforce over the past twelve months and entering markets across North America, Europe, Asia Pacific and the Middle East. Fidel API is currently powering services for millions of cardholders and hundreds of thousands of merchants around the world.