UK-headquartered fintech company Fidel has announced that it has secured an $18M Series A, co-led by US-based fintech specialist funds Nyca Partners and QED Investors.
The round also includes investment from Commerce VC, Elefund, Horizons Ventures, RBC Ventures Inc. (a subsidiary of Royal Bank of Canada), 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.
Fidel makes it easy for developers to build applications that connect directly to consenting users’ debit or credit cards. The API provides easy access to real-time payment data from the three major card networks – Visa, Amex and MasterCard – through a single integration point.
It also takes care of compliance requirements by using technology that anonymises card numbers so developers can avoid handling sensitive card data directly. This reduces the time it takes businesses to access card payment data – from potentially several years to an afternoon – so that they can bring engaging, personalised fintech innovations to market more quickly. Cards are only linked when a user opts in to consent, giving consumers control over their personal data.
Subrata Dev, Founder and CEO at Fidel said: “Though the card networks have built extremely robust infrastructure, alternative payment methods are evolving and consumer choice will be driven by value. Our goal at Fidel is to supercharge innovation by empowering everyone in the ecosystem.
“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.”
Hans Morris, Managing Partner at Nyca Partners and former President of Visa, said: “Fidel provides a completely original approach for fintech innovators to create new products by opening up access to the world’s three largest payment networks. This company has seen very impressive traction and customer adoption, and we think is poised to be a breakout fintech success story.”
“We see countless companies struggle to break down the silos in banking and payments. Fidel has figured out how to do that and offer it as a convenient service for developers. It is well on the way to enabling a new era of Open Finance,” commented Yusuf Ozdalga, Partner at QED Investors.
He continued, “Fidel’s vision to make cards programmable will transform the way financial services are delivered to consumers.”