London-based fintech Yapily raises €4.8 million for its single API to connect businesses with banks | EU-Startups
Summary
“Yapily offers a frictionless journey that lowers the open banking technical barrier without interfering with a company’s relationship with their consumer. This can speed up loan approvals for small businesses, or even reduce the cost of all e-commerce transactions by 1-2%, a saving which can be passed on to the consumer. There is also a great opportunity here to help people overcome financial exclusion by giving consumers full visibility of their incomings and outgoings, and even warning them if they are embarking on financially risk behaviour.” “We are on the brink of open banking and this is creating a huge opportunity to innovate finance, around the world,” said Remus Brett, investor at LocalGlobe and Barbod Namini, HV Holtzbrinck Ventures partner. The UK’s Financial Conduct Authority has said the use of secure APIs provides significant benefits for consumer protection and market integrity. Governments in Australia, Japan, Canada, Singapore, South Korea, Mexico and several other countries are also committed to delivering open banking.