Posted on September 26, 2019 by staff

London FinTech Fidel secures $18m in US investment


UK-headquartered FinTech firm Fidel has secured $18m in a Series A funding round.

The round was co-led by US-based FinTech specialist funds Nyca Partners and QED Investors.

The firm said the new funding will be used to build the Fidel team and support the company’s growth, product development and international expansion in North America, the Nordics and APAC.

Founded in 2013 in London, the firm offers access to real-time financial data from Visa, MasterCard and Amex through a single integration point.

The firm says it aims to “democratise access to consumer financial data”.

It also offers compliance requirements by using technology that anonymises card numbers, allowing developers to avoid handling sensitive card data directly.

The oversubscribed funding round also includes investment from Commerce VC, Elefund, Horizons Ventures, 500 Startups and several high-profile angel investors such as Cris Conde, former CEO of Sungard, and Taavet Hinrikus, founder of Transferwise.

Industry leaders Hans Morris, former president of Visa and managing partner of Nyca Partners, and Yusuf Ozdalga, partner at QED Investors, will join Fidel’s board of directors.

Subrata Dev, founder and CEO, said expanding financial options for consumers will be driven by value.

“Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem,” he said.

“By making it easy for developers to build on top of the infrastructure, the card networks stay relevant. By removing the barriers to entry for developers, applications can be brought to market more quickly.

“That drives value back to consumers, who get the same benefits and user experience they are used to receiving with other online services.”

The firm boasts major clients including British Airways and Klarna, powering loyalty, rewards and money management services across multiple markets.

Hans Morris, managing partner at Nyca Partners and former president of Visa, said Fidel provided a completely original approach for FinTech innovators.

“This company has seen very impressive traction and customer adoption, and we think is poised to be a breakout FinTech success story,” said Morris.

Sumeet Singh, Senior Associate at Nyca Partners, added: “The team’s goal to be the unifying layer that connects legacy infrastructure through a single integration point has tremendous value, evidenced by the fantastic customer feedback they have received.

“Dev and Andre have assembled a top-tier team to pursue their mission of democratizing payment data, and we are excited to join them on their journey. ”