The open banking revolution has begun! It promises to help customers through personalised experience, data transparency, and flexibility. In the case of financial institutions, open banking is poised to encourage innovation and competition.
Yapily launching in Germany
Stefano Vaccino, Founder and CEO of Yapily, said: “Germany is a source of innovation and has always been a key hub for banking and financial services. We are looking forward to starting operations in this market, bringing our first-class API infrastructure to the region. With this strategic market entry, we will further drive open banking adoption and its benefits to financial sectors including payments, lending, and accounting software”.
Deploying local team
As part of the German market expansion, Yapily is deploying a local team and API platform that will strengthen the capabilities of domestic players in Open Banking.
The German office will be led by Chris Scheuermann, the newly appointed Commercial Lead for the region. Scheuermann has long-standing experience in the sector, having worked for PayPal and finleap. Going forward, Yapily plans to expand its presence in the region and grow its local team.
Chris Scheuermann, Commercial Lead DACH at Yapily, added: “Yapily offers market-leading technology that is ahead of the competition, due to its “Open API first” approach. With no screen scraping or reverse engineering, this ensures all parties are getting the performance, scale, and security expected of such a critical piece of API infrastructure. We are pleased to bring this innovation to the German marketplace and I’m looking forward to building a local team of leading experts”.
Based out of the UK, Yapily will provide its API-only platform for companies to reap the benefits of open banking, unlocking new revenue streams and product innovation. As the world moves towards an open economy, the company will enable customers to seamlessly connect; securely access financial information and payment infrastructure, accelerating local fintech players.
Using a single open API, Yapily’s clients in Germany can now access the financial data they need to enrich the end-user experience. From aggregating, categorising, and enriching account information, to initiating payments and transactions, businesses gain the visibility to offer personalised financial products and services.
Boasts Fortune 500 companies
Yapily enables companies to connect and access financial information in payments, lending, and accounting software. It boasts Fortune 500 companies and fast growth fintechs across Europe including American Express, IBM, BUX, and GoCardless.
Raised £14M to date
To date, the company has raised $18.4 million (approx £14 million) from various investors including Holtzbrinck Ventures, LocalGlobe and leading European VC firm Lakestar, an early investor in Skype, Spotify, Airbnb, and Facebook as well as some of Europe’s biggest fintechs – Klarna and Revolut.