London headquartered Yapily, an API powered financial application, has raised USD 13 million (approximately EUR 12 million) in Series A funding led by Lakestar.

Established in 2017, Yapily helps companies of all sizes communicate with retail banks through its single API, which allows businesses to connect to the open APIs of all retail banks to access financial data and initiate payments. The areas they serve include accountancy firms, payment space companies, cryptocurrency providers, digital wealth applications, and e-commerce companies.

“We believe open banking is a force for good. Using our API and infrastructure, we’re not only providing our partners with strong and powerful connectivity to boost their user experiences. With this funding, we intend to drive open banking adoption and its benefits, ensuring benefits are far-reaching within the likes of payments, accounting, lending, and beyond,” stated Stefano Vaccino, Founder and CEO of Yapily.

Open banking regulations mandate that all banks, through application programming interfaces (APIs), allow their customers to share their transaction data with third parties if they wish to. These APIs allow machines to communicate, process, and exchange information with each other and could also be used to initiate cheap and fast payments. With Yapily, an organization can access all banks that provide open banking services through a single API, rather than creating and maintaining hundreds of their APIs.

Stephen Nundy, Partner at Lakestar, said, “With pressure placed on the world’s economy due to the COVID-19 outbreak, we believe investors have an important role to play in continuing to support innovation to fuel business growth. Now has never been a more important time to drive financial wellbeing and goodwill, and Yapily’s infrastructure is best placed to enable and encourage this across the financial ecosystem.”