Yapily closes $51m Series B funding to boost European expansion

By Megha Bhattacharya

Yapily, the open banking infrastructure provider, announced the first closing of its $51m Series B funding round (second closing subject to regulatory approvals), taking its total investment to date to $69m. The investment was led by Sapphire Ventures, a venture capital firm along with the participation of existing investors like Lakestar, HV Capital and Latitude.

Stefano Vaccino, CEO and Founder of Yapily said, “We are delighted with this strategic investment, demonstrating Yapily’s position at the heart of disrupting global financial infrastructure. 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.”

Yapily will use the funding to enter new markets including France and Spain, while continuing to invest in existing markets (UK, Italy and Germany) where it has already established a strong presence with an increasing customer base. In 2022, Yapily will expand to markets beyond Europe as open finance regulation is implemented globally and consumers begin to benefit from an open financial ecosystem. The company 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.

Andreas Weiskam, Partner and Co-founder of Sapphire Ventures said, “We have been following open finance and the tremendous opportunity it presents in Europe and beyond for some time. 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.

“The decision to invest in Yapily was clear: an infrastructure-first approach to deliver better and fairer financial services for everyone. Europe is a fast mover in embracing an open and API-centric model, and Yapily is at the epicentre of financial innovation to push the regulatory boundary and shape the future of the open economy.”