London-based fintech startup Yapily has announced plans to open its third European office in Vilnius. Yapily joins a growing number of UK fintech companies, including Revolut, Curve, which have chosen Lithuania as their European hub.
Yapily was founded in 2017, shortly after the EU’s Second Payment Services Directive (PSD2) gave third parties access to financial institutions’ customer data. Legislation aimed at promoting competition in the financial services market has forced financial service providers to innovate in their APIs and open banking. Stefano Vaccino, founder and CEO of Yapily, has used his extensive experience in fintech and commercial banking to create Yapily, a platform that enables businesses to take advantage of open banking.
Yapily connects businesses with banks and financial institutions using a single open API. Using the platform, companies can access their customers’ account information and get a complete financial picture without having to build and maintain hundreds of their own APIs. Through a secure and regulated service, Yapily manages and facilitates communication to receive information and initiate payments while ensuring compliance with PSD2.
“Yapily makes it easier to connect to banks by sharing financial data and payment infrastructure,” explains Stefano Vaccino. “We connect you to thousands of banks using an open banking API, taking care of the complexity behind the scenes.”
Yapily’s vision of open banking has attracted significant investment. Since its inception, the company has raised 18.4 million in VC funding. Yapily’s investors include Holtzbrinck Ventures, LocalGlobe and Lakestar, early investors in Skype, Spotify, Airbnb and Facebook, as well as some of Europe’s biggest fintech companies – Klarna and Revolut.
Yapily now enables businesses to connect to over 600 banks and provides 80% of accounts in 15 European countries. The company boasts clients ranging from fintech innovators to Fortune 500 companies, including American Express, IBM, Intuit Quickbooks, GoCardless and BUX. Yapily has tripled its headcount in the past 12 months and currently has 72 people across its UK and German offices.
According to Stefano Vaccino, Yapily’s current goal is to penetrate the European market. “This includes building a scalable platform while accelerating our European user testing capabilities,” he says.
Comments are closed.