The global financial infrastructural platform, FIDEL API entraps a series B round funding of $65 million. The round was laddered by Brain Capital Ventures. Some of the other companies who also participated in this round are NYCA Partners, QED Investors, Citi Ventures, RBC Capital and Commerce Ventures and others. A total of $88 million has been raised by Fidel API since its foundation, following this round but the valuation was not disclosed by the company.
Fidel API solidifies its roots in the market of financial infrastructure in 2018. Andre Elias, Dev Subrata and Thomas Bossee established this London headquartered company, however the company also has its offices in Lisbon, New York and Portugal. It has a global headcount of 130, presently. Fidel API specially designed for the developers to enable them to create a better programmable experience that emphasizes the value of using and acknowledging payment cards. The company claims that with this infrastructure, provided by Fidel, highly contextualized and event driven customer experience can be created by the developer, at the time of purchase.
Being an industry agnostic, Fidel API has customers which range to hundreds from startups to highly developed giants like Royal Bank of Canada, Google and British Airways. The tools of the company are used by the developers which horsepower a range of features like loyalty and rewards, digital receipts, omnichannel attribution, personal finance management and expense management. The company also states that the growth metrics has been tripled and its card base has been increased to 4 times since its inception and also revealed that the company is powering its services to hundreds of thousands of merchants and tens of millions of cardholders globally.
Plans Regarding the Fresh Funding
The financial infrastructure company plans to deploy its current funding in scaling the product offerings and workforce. Also in doubling down their headcount globally with a special emphasis on sales, engineering and product hires along with spending on the capabilities of newer as well as existing products, across identity verification, payment and consent management.
CEO Dev Subrata told in an interview that they are in a mode of hypergrowth and this new capital will help them in the continuous acceleration at their desired path. He regarded the future path as crystal clear, which is just execution.
The new raise is an example for the companies of how the infrastructure firms of the fintech world continue to be adaptable instead of the slowdown of the overall global funding. Investors are being attractive and lucrative towards the ability to empower other organizations in the financial service world.
Subrata says that Fidel API has built the infrastructure that can surely help the developers to create programmable money.
The partner of Brain Capital Ventures, Merritt Hummer said that she views Fidel API as an enabler to expense management players and not a competitor.
She further told techcrunch that Fidel API can aggravate the businesses’ platform of expense management by allowing them to track spend on any 3rd party card and not just the expense management company issued branded cards. And for those platforms of expense management that don;t want to rig out cards, Fidel API makes them competent to issue their own cards.
She also said that there is no other platform that gives the ability to leverage actual and real card transaction data for the enterprises and startups. There is a vast application of granular, real-time data of card transactions.
Conclusion
Fidel API, the enabler of expense management has lands the a $65 million series B funding round headed by Brain Capital Ventures and other investors also showed their support by taking part in this round, NYCA Partners, QED Investors, Citi Ventures, RBC Capital and Commerce Ventures have also gave their support in this round along with others as well. With this following round’s capital, $88 million is the total raised amount of Fidel API till now but the valuation was still unknown. Scaling the product offerings and workforce, doubling the headcount of company globally with the emphasis on sales, engineering and product hires along with spending on the capabilities of newer as well as existing products, across identity verification, payment and consent management were the major reasons behind this fundraising, as said by the company’s head.
Also Read: Ernst & Young: US Venture Funding Reached $64 Billion in the First Quarter
The round was headed by Brain Capital Ventures and other investors also showed their support by taking part in this round, NYCA Partners, QED Investors, Citi Ventures, RBC Capital and Commerce Ventures.
The valuation was not revealed by Fidel API.
The company wants to scale the product offerings and workforce, doubling the headcount of the company globally and also wants to invest in new and older products of the company.
It is a financial infrastructural platform that is designed for the developers to enable them to create a better programmable experience that emphasizes the value of using and acknowledging payment cards.
Dev Subrata.
