API lands $65M in Series B funding, London-Based Fideling Fintech Infrastructure Is Hotter Than Ever

Share This Post

Fidel API, a financial infrastructure firm, has raised $65 million in a Series B financing led by Bain Capital Ventures.

The London-based firm offers identity, data, and payments tools that, according to the company, allow developers to obtain consent permissions and “securely” connect payment cards to a service or application.

“With this architecture,” it boasts, “developers can construct highly contextualized and event-driven user experiences at the moment of purchase.” Fidel API is industry agnostic, with users ranging from startups to behemoths like Google, Royal Bank of Canada, and British Airways. Developers use the company’s solutions to provide various features such as digital receipts, omnichannel attribution, loyalty and rewards, cost management, and personal financial management.

According to CEO and co-founder Dev Subrata, who refuses to share actual revenue data, Fidel API has tripled its growth metrics and quadrupled its card base year over year since its introduction in 2018. It currently serves “tens of millions” cardholders and “hundreds of thousands” shops worldwide.

Existing investors NYCA Partners, QED Investors, and other unnamed investors joined the Series B fundraising, bringing the company’s total raised to $88 million since its creation. Citi Ventures, RBC Capital, and Commerce Ventures are other investors. The company’s valuation was not disclosed.

The funding is another indication of how infrastructure companies in the fintech realm are robust in the face of a worldwide funding slowdown. The opportunity to empower other organizations in the financial services industry is proving to be profitable as well as appealing to investors. Cross River Bank just received a $620 million investment, increasing its valuation to more than $3 billion. Alchemy, a blockchain infrastructure startup, reported in February that it had raised a $200 million Series C1 financing round, valuing the company at $10.2 billion.

Subrata claims that Fidel API has developed the framework to assist developers in creating “programmable money.”

Its technology, he adds, removes “a lot of” complexity as well as regulatory requirements from the process.

He said that the company’s data offering could record whenever a cardholder transacts with their cards in any location. Its identity offering allows a cardholder’s identity to be verified. Furthermore, its payment offering will enable businesses to reload funds into an employee’s card.

“Once authorization is obtained from customers, developers may collect payment information in real-time and then use that payment event to make real-time programmatic decisions on each purchase and trigger events,” Subrata explained.

Fidel API has offices in London, Lisbon, Portugal, and New York, in addition to its headquarters in London. It currently has 130 employees spread over the globe. It intends to double its personnel, focusing on engineering, sales, and product recruits, as well as invest in existing products and additional product capabilities in identity verification, consent management, and payments.

Subrata told TechCrunch, “We’re in hypergrowth mode.” “And this funding will allow us to keep moving forward.” The vision and road forward are evident. Today, it truly comes down to execution.”

Fidel API claims to have reached markets in North America, Europe, Asia Pacific, and the Middle East since debuting its offering in 2018.

Expense management solutions

Ramp, Airbase, Brex, and TripActions are among the many US-based businesses in the congested expense and spend management space. For the time being, they are primarily focused on North America.

Merritt Hummer, the partner at Bain Capital Ventures, believes Fidel API is an enabler of cost management players rather than a competition.

She feels Fidel API distinguishes itself from other infrastructure competitors by providing real-time connectivity to the major card networks.

“There is no other platform that allows startups and companies to access real-time card transaction data.”

She said that the uses for real-time, granular card transaction data are numerous.

“Startups are springing up worldwide to address the universal problem of controlling staff spending,” Hummer explained. 

Along the same lines, Ramp stated earlier this year that it was moving into the travel industry and that it could now provide organizations with the option to develop travel rules with air travel, accommodation, and per diem limitations that would “automatically get enforced.” Managers, for example, would receive real-time alerts when staff spent money outside of regulation.

Meanwhile, Hummer stated that the financial services business is “usually advancing toward a speedier, more digitized, and less expensive phase,” with automation replacing manual procedures across the board.

RESULT

C:\Users\SHREYA\Pictures\Screenshots\Screenshot (917).png
C:\Users\SHREYA\Pictures\Screenshots\Screenshot (918).png
spot_img

Related Posts

What Everyone Must Know About LTK COFOUNDER AMBER VENZ BOX NOW

LTK Cofounder Amber Venz Box Now One Of America's...

IONOS 1&1 Email: Know IONOS Webmail login and Access E mail Services

Therefore, when you select a mail server from ionos webmail, you choose a strong and reliable solution designed by professionals.

Pikashow Apk: Know how to Download The Pikashow V60 Apk?

Pikashow apk is a fantastic Android app that gathers...

Former First Lady Melania Trump Launches Her Own NFT Platform

The only way to join this exclusive club is...

Christie’s & OpenSea’s On-Chain Auction Sale Closes at $3.6 Million

The only way to join this exclusive club is...
- Advertisement -spot_img