Financial infrastructure platform Fidel API has raised £50 million in Series B funding.

The London firm, launched in 2018, has more than doubled the size of its workforce over the past 12 months and entered markets across North America, Europe, Asia Pacific and the Middle East. 

Fidel API is currently powering services for millions of cardholders and hundreds of thousands of merchants around the world. Its platform provides identity, data, and payments products that allow developers to capture consent permissions and securely connect payment cards to a service or application. 

Startups and global enterprises – including Google, Royal Bank of Canada and British Airways – are leveraging Fidel API’s tools to power a range of solutions including digital receipts, omni-channel attribution, loyalty and rewards, expense management and personal finance management.

The round was led by Bain Capital Ventures, with participation from existing investors NYCA Partners, QED Investors and more. It brings Fidel API’s total funding to $88m.

The company plans to more than double its global headcount to meet growing demand with a particular emphasis on engineering, sales and product hires. The added capital will also accelerate investments into existing products, in addition to newer product capabilities across identity verification, consent management and payments.

“Today, thousands of developers are using the Fidel API platform to build real-time, event-driven experiences that deliver utility to consumers and businesses around the world,” said Dev Subrata, CEO. 

“This financing round will help us meet the ever increasing demand for developer tools that enable programmable money experiences. Above all, it’s a testament to where the industry is headed. 

“We are fortunate to be at the heart of this transformation, providing a unique set of developer tools that is accelerating the future of programmable money.”

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Merritt Hummer, partner at Bain Capital Ventures, added: “Fidel API is driving the next wave of financial innovation. We have been exceptionally impressed by Dev, his team and their mission to enable the future of payment experiences through their infrastructure.

“Fidel API is poised to become a dominant player in the space as it continues to scale its platform and offerings. We are proud to support the company on this exciting growth trajectory.”

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